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. You might be able to avoid student loans for single moms and dads, too, if grants and scholarships are your saving grace.
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 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% more likely than independent students who don’t have kids to score an Expected Family Contribution (EFC) of $0, according to a 2017 report by 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.
If you’re already dealing with debt as a single parent, you might be hesitant to consider student loans for single mothers and fathers. 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 or dad.
Like scholarships, government grants for single mothers and fathers 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-parent grants for college.
That said, there are grant opportunities that are specific to single moms and dads even if they aren’t specific to college expenses. The publicly funded Oregon Student Child Care Grant, for example, helps resident students afford 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 $6,345 for the 2020-2021 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 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|
A big difference between single-parent grants for college and scholarships is that the latter can be found in more places, online and off. In fact, you might find scholarships for 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 mother or father, and your campus representative should point you in the right direction.
Although your college can give you a headstart, you should take charge of your scholarship search. Scholarship search tools host long lists of opportunities specific to single moms and dads.
Scholarship search engines won’t be 100% exhaustive in their results, however. 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.
Student loans for single mothers and fathers might be the least desirable of your three options to pay for college, but they could be an option you end up needing if grants and scholarships aren’t enough.
A loan 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, such as income-driven repayment plans.
Plus, if you’re a single parent heading a household with one income (instead of two), you might be more likely to qualify for need-based subsidized loans, which don’t accrue interest while you’re enrolled and in deferment.
|If you’re seeking student loans for single parents with bad credit …|
|Keep in mind that federal loans for student borrowers don’t require a credit history review of any kind (although you must not have “adverse credit history” if you’re a graduate student or parent borrowing on behalf of your child). Be wary of private lenders advertising bad-credit student loans, though, as they could be bad actors looking to make a buck.|
There are some cases when you might prioritize private student 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.
In almost all cases, though, a private loan would supplement your federal loan borrowing, not replace it.
More on private student loans for single mothers, fathers
Unfortunately, there are no reputable private lenders offering discounts or perks for single-mom loans or single-dad debt.
Be skeptical 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.
Although private lenders may not cater directly to you as a single mother or father, they may 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, for example, ensure you compare that type of loan with a traditional private student loan.
|Clearing up potential confusion around single-parent borrowing …|
|During your search for student loans for single moms and dads, 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 education.|
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 designed for single mothers and fathers, such as scholarships for adults returning to school after starting a family.
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 or dad. You’re a future college student, too.
Need a student loan?Here are our top student loan lenders of 2021!
|1.04% – 11.98%1||Undergraduate, Graduate, and Parents|
|1.25% – 11.35%*,2||Undergraduate, Graduate, and Parents|
|1.24% – 11.99%3||Undergraduate and Graduate|
|1.78% – 11.89%4||Undergraduate and Graduate|
|1.05% – 11.44%5||Undergraduate and Graduate|
|1.19% – 11.51%6||Undergraduate and Graduate|
|2.46% – 12.98%7||Undergraduate and Graduate|
|* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers. |
1 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.
Rates shown are for the College Ave Undergraduate Loan product and include autopay 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.
Information advertised valid as of 1/27/2021. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.
2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
3 Important Disclosures for Discover.
Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.
4 Important Disclosures for SoFi.
UNDERGRADUATE LOANS: Fixed rates from 4.23% to 11.26% annual percentage rate (“APR”) (with autopay), variable rates from 1.88% to 11.66% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 11.37% APR (with autopay), variable rates from 1.78% to 11.73% APR (with autopay). MBA AND LAW SCHOOL LOANS: Fixed rates from 4.30% to 11.52% APR (with autopay), variable rates from 1.95% to 11.89% APR (with autopay). PARENT LOANS: Fixed rates from 4.60% to 10.76% APR (with autopay), variable rates from 1.88% to 11.16% APR (with autopay). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin and your APR may increase after origination if the LIBOR increases. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 11/04/2020. Enrolling in autopay is not required to receive a loan from SoFi. SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).
5 Important Disclosures for Earnest.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
Undergraduate Rate Disclosure: Variable interest rates range from 1.19% – 11.51% (1.19% – 10.67% APR). Fixed interest rates range from 3.99% – 11.80% (3.99% – 10.92% APR).
Graduate Rate Disclosure: Variable interest rates range from 1.37% – 11.41% (1.37% – 11.12% APR). Fixed interest rates range from 4.39% – 11.70% (4.39%-11.39% APR).
Business/Law Rate Disclosure: Variable interest rates range from 1.37% – 9.55% (1.37% – 8.83% APR). Fixed interest rates range from 4.13% – 9.84% (4.13% – 9.12% APR).
Medical/Dental Rate Disclosure: Variable interest rates range from 1.37% – 8.35% (1.37% – 8.05% APR). Fixed interest rates range from 4.03% – 8.64% (4.03% – 8.34% APR).
Parent Loan Rate Disclosure: Variable interest rates range from 2.11% – 7.42% (2.11%-7.42% APR). Fixed interest rates range from 4.69% – 7.83% (4.69% – 7.83% APR).
Bar Study Rate Disclosure: Variable interest rates range from 4.47% – 9.61% (4.47% – 9.54% APR). Fixed interest rates range from 7.39% – 12.94% (7.38% – 12.81% APR).
Medical Residency Rate Disclosure: Variable interest rates range from 3.56% – 7.06% (3.56% – 6.78% APR). Fixed interest rates range from 6.99% – 10.49% (6.97% – 10.08% APR).
Variable Rate Disclosure: Variable Rates are 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
Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
Lowest Rate Disclosure: Lowest rates require a 5-year repayment term, immediate repayment, a graduate degree (where applicable), 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. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
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. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, 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. 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 on our website 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.
Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school.
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.
7 Important Disclosures for Ascent.
Ascent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products December not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions December apply. For Ascent Terms and Conditions please visit: www.AscentStudentLoans.com/Ts&Cs
Rates are effective as of 12/01/2020 and reflect an automatic payment discount of 0.25% on the lowest offered rate and a 2.00% discount on the highest offered rate. Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentStudentLoans.com/Rates
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