10 Incredible Student Loans For Single Mothers
Did you know that 11% of all undergraduates in the United States are single mothers?
What’s more alarming is that single mothers are less likely to complete college! In 2015, 31% of single mothers who are over 25 years old have a bachelor’s degree or higher.
One of the reasons why these young women don’t complete their higher education is because the cost of education is so high. When a woman receives funding from something other than these student loans for single mothers, she can expect to have almost $30,000 worth of student debt just one year after graduation!
10 Financing Options and Student Loans for Single Mothers
Just because you have a child doesn’t mean you cannot and/or should not enroll in college.
If you’re reluctant to go back because you don’t want massive student loan debt, we’ve got you covered.
Here are 10 of the best school loans for single moms that we think will help you achieve your goals.
1. Stafford Loans
A Stafford Loan isn’t necessarily geared toward single moms going back to school, as anyone can apply for one. With that said, many single parents apply for this loan because it doesn’t have high-interest rates and it is federally subsidized according to your income.
2. Perkins Loans
A Perkins Loan is a need-based loan for students who have an “exceptional financial need.” Furthermore, this particular loan doesn’t go by income level or credit history. However, it does have a fixed interest rate of 5% over the 10-year repayment period.
Although a Perkins Loan is one of the best options for financial help for single mothers, not all schools take part in the program.
3. Direct Plus Loans
A Direct Plus loan is going to independent students at the graduate level (or if they are professional students) with extra funding options with a fixed interest rate. The stipulation is that the student has to pay 4.264% of the borrowed amount, up front. Also, students have to start paying on the loan as soon as the money is in your account.
4. Private Student Loans
Private student loans can give single moms going back to school a bit of wiggle room between the real cost of your education and the small amount of money the government will actually let you borrow. Keep in mind, these types of loans will go by your credit score.
5. Women’s Independence Scholarship Program
The Women’s Independence Scholarship Program is financial aid for single moms who survived partner abuse. The primary goal of the program is to help these women to become financially self-sufficient for her children and herself.
The program is available in 43 states across the nation and to be eligible, you have to meet all criteria as listed on the WISP website.
6. PEO International
PEO stands for Philanthropic Educational Organization and they offer a one-time-only grant for women whose education stopped for one reason or another.
There are several scholarships and grants available for low-income women, women who are nearing the completion of a master’s or doctoral program. The maximum amount for some of these programs can amount to as much as $20,000 (for a doctoral degree).
7. Patsy Takemoto Mink Education Foundation
The foundation’s namesake, Patsy Takemoto Mink served in the US Congress. In fact, she was the first woman of color elected into the House of Representatives. She was a staunch fighter for civil and women’s rights, economic justice, and civil liberties.
The Patsy Takemoto Mink Education Foundation provides financial aid for single mothers. As of 2018, the award can be as much as $5,000 for each recipient and the money is to give low-income women with children the opportunity to receive post-secondary education.
8. Charlotte W. Newcombe Foundation
The Charlotte W. Newcombe Foundation dedicates themselves to helping women go back to school, or who want to change careers. It is an independent foundation that started in 1979 at the request of the Philadelphia philanthropist, Mrs. Newcombe.
The foundation offers two scholarship options, mature women students and students with disabilities. During the 2015-16 school year, 665 students won scholarships that averaged around $2,858
9. Women’s Opportunity Awards
The Soroptimist offers the Women’s Opportunity Awards, which is an international volunteer group that is focused on improving the lives of women and girls with financial assistance for single mothers.
Women who are the main provider for their family and are currently enrolled in a vocational or undergraduate academic program are eligible for to receive this award.
10. Jeanette Ranking Women’s Scholarship Fund
The Jeanette Ranking Women’s Scholarship fund is for women who are anxious to get back to school. The foundation has helped more than 1,000 women return to school. Many of whom are first in their family to attend college.
To qualify for this scholarship, women must be at least 35 years old and have very little by way of income. She must also enroll, or plan to enroll, in an eligible vocational, technical, or undergraduate program.
Final Thoughts on Student Loans for Single Mothers
It’s hard to believe that there once was a time where women weren’t able to go to school, let alone attend college or university! Thankfully, times have changed and there are programs in place that not only help women but help single mothers.
With programs like the ones we’ve discussed here, 2.1 million single parents can go back to school and work to get a degree that’ll help them make a better life for their family.
For information on student loans for single mothers feel free to visit our blog! We also provide insight on everything financial, so don’t hesitate to browse around the site.
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