In Montana, single parents can get loans and financial aid for college. Loan programs offer help for single mother and fathers with student loans that cater to their particular needs. There are several programs in Montana including the Bureau of Indian Affairs (BIA) Grant. This federal grant program is managed by the Bureau of Indian Affairs and needy students who are members of an Indian, Eskimo or Aleut tribe may be qualified for financial assistance.
Single parents, grandparents raising grandchildren, working adults as well as other students who are beyond the regular school age, can get loans for college. In the past, student loans were only given to applicants who were from 18 years old, up to their mid-twenties. Older students and single parents were not approved for their loans because of the large amount of responsibility that raising a child demanded. Most single parents have to pay for rent, utilities, child care, travel and necessities without much help. These and other obligations of the applicant made most lenders apprehensive about taking a chance on those who fell into this category.
Sallie Mae offers all types of college loans and two in particular suit the financial needs and full schedule of single parents. The ‘Direct Federal Loan Program’ and the ‘Federal Family Education Loan Program’ (FFELP) are affordable loans and they are easy to apply for. Another great choice is a Stafford Loan, these are one of the most recognized student loans and these are also the type of loan for students with bad credit. Student loans that are subsidized or unsubsidized are available.
Types of College Loans
* Commuter Student Loan
There is a category of student loans available for the student who live at home and/or do not live on campus. The Commuter Loan goes to qualifying students who live at home with his or her parents or almost any where off-campus.
* Cooperative Education
This program allow college students time away from the classroom. Students spend time working at a related job for periods of time – alternated by periods of classroom learning.
* Tuition Reimbursement
Your employer can tell you more about tuition reimbursement, offered from the company. At participating companies, college students work in exchange for money to pay for school. You may have to sigh a contract that obligate you to working with the company for several years.
* Federal Work-Study Program (FWS)
This is a part-time employment program that provides jobs for students who are in need of funding to help pay for their educational expenses.
* Career Training Loans
Flexibility to pursue a college education at your own pace. Many technical colleges and online degree programs meet the qualifications lenders require. Career Training loans approve applicants to borrow (up to) enough to cover education costs including money for related college expenses.
* Continuing Education Loans
These loans are ideal for the student who is not able to attend school full-time. The ‘Chase Education One Continuing Education Loan’ is similar to the Sallie Mae loans and most students qualify. Approved applicants are able to borrow money each academic school year.
* Alternative Student Loans
Some students qualify for tuition reimbursement or even loan forgiveness programs. Students who are studying a field that have a short supply of qualified workers, such as nursing or teaching, may be eligible to exchange their professional service for loan payments.
* Private student loans sometimes have very high interest rates and narrow loan repayment terms. If you choose this type of loan, spend the money wisely and for what it is intended.
There are thousands of lenders who are ready to offer bad credit loans and loans with terms and conditions that seem ‘too good to be true’. Be aware of predatory lenders who will offer a loan with low interest rates only to find out the rate get higher and higher as time passes. Before you accept the terms of a loan – do thorough research about the lender and other options for your particular situation.
References;
1] MGSLP.state.mt.us
2] SingleMotherFinancialAid.com