If you have a child who’s years from leaving the nest, you have time to save up for their college costs.
But paying for your own college tuition might feel more last-minute — or even impossible.
Fortunately, there are ways to finance your path back to campus that don’t require a long-term savings plan.
How to pay for college as a single mom
Whether you’re returning to school or stepping onto campus for the first time, paying for college will start with the FAFSA. As a student with dependents, you’ll meet the Department of Education’s (DOE) definition of an independent student. That means your FAFSA results could be based on your income, not your own parents’ tax returns.
Your status as an independent undergraduate could help you qualify for need-based aid from the federal government, your state, and your school.
In fact, you’re 50 percent more likely than independent students who don’t have kids to score an Expected Family Contribution (EFC) of $0, according to the Institute for Women’s Policy Research.
Your EFC is how much the FAFSA determines you can pay out of pocket for college. The lower your EFC, the greater your chance at securing aid like a Federal Pell Grant, state-based grants, and Direct Subsidized Loans.
3 ways to pay for college as a single mom
If you’re already learning how to deal with debt as a single parent, you might be hesitant to consider student loans. Racking up as many grants and scholarships as possible might lessen your need to rely on loans.
Here are three ways that explain how to pay for college as a single mom.
1. Government grants for single mothers
Like scholarships, government grants for single mothers don’t need to be repaid. Unlike scholarships, grants are almost always based on financial need, not merit.
Having a low income and another mouth to feed might qualify you for a need-based grant that’s available to anyone and everyone, not just parents. Don’t overlook those opportunities as you hone in on single-mother grants for college.
That said, there are grant opportunities that are specific to single moms even if they aren’t specific to college expenses. The publicly funded Oregon Student Child Care Grant, for example, helps resident students pay for child care.
Find your state’s appropriate education-related agency via the DOE’s handy map.
Beyond grants available in your state, consider federal grants that are available to all students who can demonstrate financial need. They include:
- Pell Grants: As much as $5,920 for the 2017-2018 award year
- Supplemental Educational Opportunity Grants: Between $100 and $4,000 per year and awarded by your school
- Teacher Education Assistance for College and Higher Education (TEACH) Grants: Up to $4,000 per year for aspiring teachers
- Iraq and Afghanistan Service Grants: Equal in value to Pell Grants but restricted to children of fallen veterans
2. Scholarship opportunities for single moms
A big difference between single-mother grants for college and scholarships is that the latter can be found in more places, online and off. In fact, you might find scholarships serving single parents from any of the following organizations:
- Your school
- Your state government
- Federal agencies
- Charitable foundations
- Professional associations
If you’re already enrolled in college, or at least know where you’ll be attending, contact your school’s financial aid office. Explain your situation as a single mom, and your campus representative should point you in the right direction. They might even tell you about a school scholarship for single moms, such as the one offered at Minnesota State University.
Although your college can give you a headstart, you should take charge of your scholarship search. Scholarship search tools like Scholarships.com host long lists of opportunities specific to single moms.
Scholarship search engines won’t be 100 percent exhaustive in their results. So check in with your school or state education agency to find privately run organizations like Capture the Dream (California), Emerge (Georgia), and the Arkansas Single Parent Scholarship Fund. Also be on the lookout for national organizations like Soroptimist.
3. Student loans for single moms
Student loans for single moms might be the least desirable of your three options to pay for college, but they could be an option you end up needing. For one, you can’t use a federal loan to cover a non-academic expense like your son or daughter’s child care.
But a loan just might mean the difference between going to class and staying at home.
You’re likely better off prioritizing federal loans over private loans. With Direct Subsidized and Unsubsidized Loans, you’ll probably score a lower interest rate as well as more favorable repayment options.
There are some cases when you might prioritize private loans over federal loans. If you have an extremely creditworthy cosigner, for example, a private lender might beat the federal government’s rates even if it can’t offer the same level of repayment protection.
Unfortunately, there are no reputable lenders offering discounts or perks in the form of single-mom loans.
Be wary of “single parent loans” you might see advertised by personal loan companies. Personal loans often come with higher interest rates and shorter terms, making them harder to repay than student loans.
During your search for student loans for single moms, you might also see the federal government’s Parent PLUS Loan and private lenders’ “parent loan” options. To clarify, these loans are for the parents of college students, not for parents paying for their own educations.
Although private lenders might not cater directly to you as a single mom, they might have a loan product that fits your needs in another way. Sallie Mae, for example, offers loans for career training at non-degree-granting schools. If you’re a single mom attending a trade school, ensure you compare that type of loan with a traditional private student loan.
Find the funding you need for college
If you’ve been wondering about how to pay for college, now you know that gift aid can help you get there. And fortunately, you can find opportunities that are designed for single moms, such as single-mother grants for college.
Before resorting to student loans, don’t forget to apply for grants and scholarships. You might apply for first-generation student scholarships, for example, if you’re the first in your family to seek a degree.
When applying for gift aid, find ways you can differentiate yourself on applications. After all, you’re more than a single mom. You’re a future college student, too.
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1 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
2 Important Disclosures for College Ave.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1)All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
(2)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Information advertised valid as of 11/4/2019. Variable interest rates may increase after consummation.
3 Important Disclosures for Discover.
Discover's lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.
4 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restrictions. Loans are offered through CommonBond Lending, LLC (NMLS #1175900).
5 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicant’s ability to supply the necessary information for submission.
5 Important Disclosures for Citizens.
Undergraduate Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As March 1, 2020, the one-month LIBOR rate is 1.62%. Variable interest rates range from 2.72% – 10.98% (2.72% – 10.83% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.72% – 12.19% (4.72% – 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens One is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.
Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensone.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
Citizens One Student Loan Eligibility: Borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Borrowers must be a U.S. citizen or permanent resident or an international borrower/eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For borrowers who have not attained the age of majority in their state of residence, a co-signer is required. Citizens One reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens One Student Loans private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens One Student Loans-participating school.
Please Note: International Students are not eligible for the multi-year approval feature.
Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
|2.75% – 10.65%*,1||Undergraduate and Graduate|
|2.84% – 10.97%2||Undergraduate, Graduate, and Parents|
|2.80% – 11.37%3||Undergraduate and Graduate|
|3.52% – 9.50%4||Undergraduate and Graduate|
|3.14% – 11.88%5||Undergraduate and Graduate|
|2.72% – 10.98%6||Undergraduate and Graduate|