Single parents who are looking to embark on further education at college face additional financial obstacles to the typical undergraduate, as their needs do not just relate to themselves but their children too. Even though it can be a struggle to juggle college life with running a home and raising children, the financial side is at least being addressed more through Federal aid. In Nevada there is additional financial help available to single parents attending college.
Just as every student must do, the single parent must first complete and submit an FAFSA form before applying for any type of loan or grant. This gives access to federal loans which are the mainstay of every college students finance package unless they are of independent means.
Once the FAFSA form is submitted students may then go ahead and apply for a federal Pell grant which is awarded to those in most need of financial aid, a category many single parents fall into to. The federal Stafford loans are no credit check loans which are means based and open to students; those with low incomes will qualify for a federal subsidized Stafford loan. This is a fixed rate low interest loan and the government assumes the interest payments whilst the student is at college. The student then repays the principal of the loan over a set number of years beginning six months after graduation.
It is often the case that additional funding is required to and Nevada offers a number of state options to its residents. The student should contact their college’s financial aid department to see what is available, as well as the State of Nevada’s treasurer’s aid. The Regents award program is available in Nevada to single parents who meet the requirements which include being either financially or educationally disadvantaged. The program gives additional help to those needing to continue work whilst pursuing a degree.
The University of Nevada at Reno has two additional student loans which single parents should investigate in preference to considering any private student loans. There is the Blundell Undergraduate loan and the Gary Rhodes student loan. Both offer long term loans at a fixed interest rate of 5%, and as long as the student remains at the university in Reno no repayments are required until after graduation and no interest will accrue whilst the student is in college. Repayments begin 6 months after graduation. Students attending the University of Nevada at Las Vegas have access to the Knights Templar loan and grant funds.
With the combination of both federal loans and grants, state assistance programs, and individual university loans and programs, there are opportunities for the single parent to return to education at college within Nevada. Knowing that financial matters can be sorted out with relative ease, allows the student to concentrate on both family and studying.