One of the most common challenges of being a single mom is planning for your future when you want to have access to more opportunities but feel limited. As a parent, your education is likely one of your top priorities if you’re looking to further your career and succeed. If you’re struggling to afford college, there are a few tips to follow to make it easier.
Borrow From Your Retirement Fund
According to studentloanplanner.com, you can borrow from your retirement fund if you’re looking for ways to afford college without taking out a loan. Tapping into your retirement savings is a way of using money that you’ve already acquired. Keep in mind that there are different tax implications to taking out money from the retirement fund early, especially if you’re under the age of 59. Factor in how much you’ll owe in taxes to ensure it’s the right option for your financial situation. You can always plan to contribute a lot more to your retirement fund once you start your new career after earning your degree.
Obtain a Home Equity Loan
If you’re not sure how to fund your college education, consider obtaining a home equity loan. This is a great option because it can allow you to obtain a lower interest rate compared to student loans to avoid paying as much to attend college while borrowing money.
Apply for Scholarships
There are many different scholarships available for single moms that you may be eligible for before attending college. Consider the Nancy Etz Scholarship, which empowers female students in all types of fields of study. You can apply to the Nancy Etz scholarship to receive $1,000 after submitting a 500-word essay.
The Lehner Women Empowering Women Scholarship is also an option for residents of Dearborn County, Indiana. It’s a $500 scholarship that is available to women who haven’t had the chance to pursue their education.
You can even consider applying for the Young Women’s Empowerment Scholarship if you feel you’ve been a victim of discrimination due to unequal pay or treatment to ensure you can obtain more funds to put towards your education and further your success. You must have a GPA of 3.0 and submit a 1,000-word essay discussing the efforts you’ve made to empower other types of women within your local community.
Apply for Grants
According to studentloanhero.com, grants are also an option that are specifically available for single parents who are divorced or have a spouse who is incarcerated.
Research the aid that is available in your specific state to ensure you have additional assistance aside from FASFA.
Obtain a Student Loan
The most common aid to afford college for single parents is by applying for a student loan to borrow the money you need to attend school. This is an ideal option if the grants and scholarships you apply for don’t cover the full cost of your tuition. Direct Subsidized Loans are distributed based on need, and Direct Unsubsidized Loans are offered to those who are seeking additional money to further their education.
You can also consider a Direct PLUS Loan, which is created for graduate students and parents of undergraduates. You’ll also discover that there are lower interest rates with federal loans and the most flexible repayment loans.
Discovering the different options available when it comes to obtaining the necessary funding for your college education can allow you to cover the cost to go back to school. This can offer peace of mind and allow you to have a plan in place to ensure you can become more accomplished.