How to Get Financial Aid for College
(and Realize Your Dreams)
If you’re thinking about going back to school, but don’t know how you’ll pay for it, sit down for a minute and let’s chat. Like a lot of single moms, you’re probably feeling like getting a degree is a catch-22: you need a degree to make more money, but getting the degree is going to cost you money you don’t have...that’s why you need the degree! Lucky for you, single moms have plenty of options when it comes to financial aid for college. Like so many other things in life, where there’s a will, there’s a way. If you’re serious about advancing your education, do your homework to figure out what degree you need and where to get it. Figure out how you’ll fit school into your schedule. You don’t even have to go to a traditional university and take classes during the day anymore. Plenty of schools offer night or online courses, just for busy single moms like you. Once you’ve figured out what you want and where to get it, you can move on to the how to pay for it part. Talk to a financial aid counselor at the school you are thinking of attending. They will prove to be your most valuable resource for finding and securing the financial aid for college that you need. Everyone’s financial situation is different; therefore, so are financial aid packages. Your package will depend on your income, savings and number of people in your household.
Pell Grants
Depending on your financial situation, you may be eligible for a Pell grant. This is a federal financial aid program that will give you money for college, and you don’t pay it back. Think of it as a gift to the single mom with determination. (That’s you!) There are also many other federal and private grants available; the Pell grant is simply the most common.
American Opportunity Tax Credit
By now, the stimulus bill passed by Obama’s administration is old news. You may be thinking the same thing as me: isn’t it nice that America’s banks get a bail out...what about me? Well, there are parts of the stimulus bill that can help a single mom like yourself. Did you know that the stimulus bill includes an education budget? This was added to provide some financial aid for college, aimed at low to middle income people. Here’s the skinny: This portion of the stimulus package is called the American Opportunity Tax Credit. The tax credit will reimburse 100% of the first $2000 in educational expenses for lower income students. If you spend another $2000 on school, you’ll get a 25% reimbursement on that amount. So, if you are lower income, you can get up to $2500 of your educational expenses reimbursed. In addition, if you do not make enough to pay taxes, you can receive up to a $1000 education refund. These benefits are set to expire after the 2010-2011 school year, so if you’re thinking you may qualify, get on it. Again, your financial aid counselor will be able to help you apply for any programs you may qualify for.
Scholarships
You might think that scholarships are just for bright high school seniors. If you do, you’re missing out on many possible scholarships available to you. Yes, even you. There are even scholarships just for single moms. Do some digging, and don’t be afraid to apply. You may be happily surprised.
Federal Student Loans
The most common financial aid for college is student loans. Go after every grant, tax credit and scholarship you can, first. If you still don’t have enough financial aid for college, fill in the blanks with student loans. Just so you know, student loans are actually designed with the student in mind. There are no payments due while you are still attending school. Once you are finished, the payments are low, and can be deferred if you are still looking for work or experiencing a financial hardship.Most importantly, if you’re thinking about going back to school, don’t let a lack of financial aid for college get in the way. The effort you put in now will ultimately be worth the earning potential you’ll enjoy later. Don’t let anyone tell you it’s not possible for you. I know you can do it. It’s a new day, so go out and thrive!
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