Trying to navigate the world of financial assistance can be a difficult challenge — and finding financial support as the kid of a single-parent home can be particularly challenging.
To assist you have the financing aid you need, we have put together a whole guide to apply for financial assistance to single-parent households. Continue reading to learn what to do to get scholarships, grants, and college loans when you’re in this scenario.
How can you get financial aid for single-parent households?
The majority of the students pay for education in conjunction with scholarships, grants, and student loans. The federal government is the largest source of financial assistance, but you may also be looking to help your state, your private entities, or your college.
Here are some ways for single-parent households to get financial assistance
Fill out the FAFSA
Finishing the Free Application for Federal Student Aid (FAFSA) should be your first step towards receiving federal grants and loans. You’re going to need your — and your parent’s — personal and tax relevant data. You will learn your Expected Family Contribution (EFC) after uploading the FAFSA. This amount shows how much your parents are obliged to pay for your college education.
The lesser your EFC, the more qualified you will be for federal grants, scholarships, and loans. It could be as low as $0 for some borrowers. You would need a low EFC to have the most federal financial assistance as a kid of a single-parent household. You could also apply for independent scholarships and grants outside of the federal aid.
Apply for more aid
Besides federal scholarships and grants, you can apply for private grants. Scholarships.com does have a list of scholarships for the children in single-parent homes.
Some scholarships have different criteria, so ensure you meet the specifications before applying. Usage of scholarship search tools for finding additional awards or to talk to your school counselor about local opportunities.
You can also check for state-specific and institutional aid that is not covered by your FAFSA. Contact the financial assistance office of your school and see what they give students from single-parent homes.
Consider student loans
Even though your EFC is $0, you may not get all of your college funding via scholarships and grants. You might just have to apply for the loans whenever the money runs out. There are several types of federal loans administered by the government. Some of them need you to complete the FAFSA to be eligible.
- Direct subsidized loans: are granted on a need-based basis.
- Direct PLUS loans: those were obtainable to the parents of graduates and graduate students.
- Direct unsubsidized loans: not based on need, but accessible to anyone asking for additional cash to cover for college.
Federal loans prefer to have low-interest rates and the most friendly terms of repayment. After graduating from college, you will have the chance to apply for deferment and forbearance, income-driven repayment, and also some student loan forgiveness options.
After scholarships, grants, and federal loans, you may need additional cash for covering the college costs. Anybody can apply for private student loans from banks, credit unions, and online lenders. If you have a recommended bank, take a glance at what rates and terms this can offer you as an existing customer. Retain the credit unions as an alternative, too, and start comparing credit union student loans before you register any agreement.
You now have the chance and get a private student loan from online lenders.
Tips to Find Best Private Student Loan
If you’ve depleted your other payment methods and have started to compare private student loan lenders online, there are several points to bear in mind to discover your best deal. Take a glance at lenders offering flexible repayment schedules, low costs, and low rates.
Many online lenders allow you to check the online rates with no impact on your credit. By trying to enter several simple bits of information, you can immediately see if you meet the criteria for a private student loan.
If you’re not using a lot of credit, you may need a cosigner to assist you to get a private student loan. Not only can a cosigner assist you to get a loan, but they could also assist in getting one with a lower interest rate than if you were applying on your own.
Get all the financial aid you can get
Evaluating all the required documents and specifications for financial assistance qualifications can also be stressful and overwhelming, particularly as tax forms and income are engaged. Having completed your FAFSA and trying to apply for even more specific support for your family situation will help you need as many funds as you can before you switch to student loans.