How Single Moms Get Money for College If Student Loans Are Garnished
College is one of the best ways to improve household income for single mothers. However, higher education is expensive and can be difficult to finance if your loans are garnished. However, there are many ways to finance a college education even while balancing life as a mother and a student.
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Institutional Financial Aid
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Most colleges offer both need-based and merit-based aid to students from their own financial aid office. These come in the form of grants and loans. Unlike loans, you never have to repay grants.
To qualify for need-based aid from your institution, you need to fill out the Free Application for Federal Student Aid (FAFSA) at most schools. Some schools, especially private schools, may require additional information as well, such as a copy of your tax return.
Institutions often award merit-based grants and scholarships to incoming students based on grades, SAT / ACT scores, and extracurricular activities. However, many schools offer scholarships to current students based on department or academic performance.
Outside Scholarship
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There are lots of outside scholarships available to qualified students every year. National scholarships tend to be very competitive, but there are also many scholarships that limit eligibility based on race, geographic location, or field of study. Because fewer students qualify, these can be less selective.
Fastweb provides an excellent database of scholarship resources for college students. You can search for scholarships you might be eligible for based on your personal circumstances.
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Additional Loan Options
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There are many types of loans out there, and you may not be considering all your options for loans. The most common type are federal loans, which come in the form of Perkins loans and Stafford loans, as well as PLUS loans for your parents. Make sure you check with your financial aid office to see if you qualify for these.
You can also take out private loans. Private loans may appear to have better interest rates than the federal loans, but the government does not guarantee them and they do not qualify for federal loan consolidation programs such as Income Based Repayment plans. They are also likely to have variable interest rates, which can greatly increase the long term cost of the loan.
Since private loans are based on your credit history, you may need a co-signer such as a parent to guarantee your loan.
Find Part-Time Employment
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If all else fails, you can find part-time employment to make up the difference in cost. This is especially possible if you are pursuing a part-time college program or a distance-learning degree, which typically allow much more freedom in scheduling courses.
If you qualify for need-based aid, you might qualify for a federal work-study job, which typically allows you plenty of downtime for homework during your shift.
You could also consider work at an on-campus shop or restaurant to minimize transit time.
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