Student loan debt has made it that much harder for single mothers to finish college. On top of childcare and work schedules, students loans stand to be the 3rd highest reasoning for lack of college degrees in the single motherhood community. There is hope though. Regardless of the many hurdles politicians try to throw our way in regards to creating a better life. Still, there is hope. Over the last few years and with the help of our President Barack Obama, going back to school with debt is possible.
To start, contact your loan provider to inquire about a payment plan commonly referred to as the Rehabilitation Payment Plan. As long as you are able to pay something, these loan providers with work with you. Depending on your income level, you could be paying as little as $5 a month. The payment plan lasts for 9 months and after you’ve paid on time consistently for 6 months, you are eligible to return to school.
Understand that unless you qualify for a Loan Forgiveness, you are still required to pay the loan back in full.
The nest thing you want to do is decide on a school. Are you looking to attend a 4 year college, a 2 year technical college or online? Once you decide, you want to contact the school to set up a time to meet with a financial adviser. They’re able to tell you what loan you may qualify for regardless if you already have some debt or not. The current school will require you to obtain certain documents and signatures of proof from previous schools. This time instead of accepting all the money you might be eligible for you have to option to deny them as well.
This second chance is about moving smarter, making better decisions and finishing what you started. When I enrolled in school, I was eligible for certain amounts of money that I probably should have turned down. You don’t have to accept every loan you’re approved for. And while you’re in school, develop a savings that’s only for the repayment of your student loan.
You can return to school, finish school or start school. With these few tips I hope that it makes going that more easier.