If you are a single mom, you already know the difficulties in making financial ends meet every month. A college degree could boost your earnings but you may be wondering how you might afford to pay for the degree.
The American Reinvestment and Recovery Act of 2009 released a large amount of funds for educational grants and scholarships. Single moms, as well as others, may qualify for up to $10,000 per year. If you have ever considered going back to school to get a four-year degree, you will be pleased to learn that private organizations, non-profits and the US government have college grants and loans at the ready. You simply need to apply and qualify.
Stafford Loans
Direct Stafford Loans are made by the US Department of Education. You will make loan payments directly to the Department of Education. Federal Stafford loans are extended to borrowers through local banks and credit unions, but they are backed and subsidized by the federal government.
Which type of Stafford loan program you qualify for will depend on the school where you have enrolled. Regardless of the type, however, the loan interest rate and terms will be basically the same.
Pell Grants
A federal Pell Grant does not require repayment. It is available for undergraduate students who have not yet earned their four-year degree, though occasionally some graduate students may qualify.
The TEACH Grant Program
In 2007, Congress created the Teacher Education Assistance for College and Higher Education program. This is a grant program, not a loan, so it does not have to be repaid. It is reserved for individuals who declare an intent to teach in certain public and private elementary and secondary school districts. Your declared teaching discipline must be in a ‘high needs’ field, such as Math, Science and Foreign Language skills.
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