Single Parent College Loans Kentucky

The State of Kentucky seems to have focused more on establishing alternative loans for students rather than other alternative funding, leaving private loans as the secondary source of funding they recommend after federal loans. Any type of private student loan is going to be an extra burden on single parents intent on beginning a college education, as they are always more costly than federal loans, and are reliant on credit check approval or co-signers.

The Kentucky Higher Education Assistance Authority has been intent on attempting to help students and was instrumental in establishing the alternate student loan lender in Kentucky, the Student Loan People. Students were advised in state to make up the shortfall between their federal loans with a Student Loan’s People Advantage Loan, and to have their federal student loans managed by the same organization. However it is always best to shop around and compare all the details of any private loan as there are so many variables.

The Student Loan People agency has now been part of a state wide fiasco by terminating the student loan forgiveness program which it had established for teachers, and which had drawn many into the teaching profession because of the promise of having their student loans forgiven.

It is always best to take independent advice and do your own research when the subject of private student loans rears its head, and single parent students are well advised to explore every other option of financing their studies first.

Many single parents find the cost of returning to education the biggest obstacle in signing up for a college course. They often need to manage jobs, a household, child care, alongside studying, and cannot afford to risk taking on too much debt. Scholarships and grants are the most attractive forms of finance if you are eligible, alongside the federal state loans which are government subsidized for those on low incomes.

To obtain any kind of grant the student must first submit the standard FAFSA application, and may then start to make application for the federal Pell grant and the Perkins. Individual colleges and universities should also be approached to see if they have any grants or financial assistance available. The University of Williamsburg, Kentucky, has been awarded a huge foundation grant to be used to offer interest free loans to students under 25.

The Federal Stafford loan is the most usual way of financing college, and Kentucky students can sign up to the federal program without having to have their funds state managed through the Loan People. There are long term benefits to keeping federal loans separate from private loans as some of the advantages of federal loans are lost if these loans are later consolidated with private loans, which private loan companies will encourage if already managing your federal loans.

If a private loan is the only way to finance a shortfall then be sure to look at other issuers rather than just the one which works in conjunction with the Kentucky Higher Education Assistance Authority. Be sure to check with the colleges direct to see if additional financial assistance is available, as single parent loans and grants are not as highly featured in Kentucky as in some other states.