Many single mother have the big responsibility of rearing a child at an early age, and oftentimes they take their education for granted. But for moms who want to continue with their education and pursue a degree in order to get a better living, it’s good to know that there are student loans for single mothers available that provide some financial assistance.
Why single mothers need student loans
With the competitive world today, having a degree also means having a bigger chance to land a job with a good compensation. With single moms moving out of school to handle the responsibilities of being a mother, there is just a slim chance of finding a good job.
As your child grows, so do his or her needs, and going to school isn’t exactly cheap neither. If your salary can’t keep up with these growing needs, you might find yourself under huge debt.
Applying for a student loan is what a lot of professionals recommend out of all the available loans that a single parent can avail. With student loans for single mothers, you are investing on your future while the quick cash you can obtain with other loans is just quick cash that’s also quick to spend.
Types of student loans for single mothers
There are two types of student loans for single mothers. Knowing and understanding each type will help you make a wise and informed decision.
- Federal Student Loan – this loan is being backed up by the government and is available in the US and Canada. A federal student loan is very affordable and has flexible payment terms. US federal loans do not require good credit rating, and application is done by filling out the FAFSA application form.
If you are from Canada, application can be done by visiting the Canada Student Loan Program. Although federal student loans for single mothers are affordable and flexible, the sum being lent to you isn’t that big and may not be enough for your entire schooling.
- Private Student Loan – unlike federal student loan, this one is not backed up by the government. Lending companies require good credit rating and have higher interest but the sum you can borrow is more substantial. If you avail this loan, make sure to strictly adhere to your payment plan. Delays can quickly result in a higher interest which you might find hard to pay back.
As the saying goes, education is the key to success. It’s never too late to go back to school especially if student loans for single mothers are there to provide financial assistance. Remember that earning a degree will not only benefit you, but the future of your child as well.