Single Parent Loans
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Single parents considering juggling both kids, job and college are to be applauded for they are among some of the most disadvantaged students today. And the disadvantage may not even be financial, but of a time element. Once upon a time if you chose to have children other than going to college, that was your choice. There was no turning back. Up until the last decade or so the traditional campus environment monopolized the college scene. If you were outside the age of 18 to 25, forget it.
Between economic changes, emerging studies on adult learners and experiential learning, a growing older population and more customized varieties of financial aid, the non-traditional college student has been spawned and many of them are single parents.
Higher Education Expands to Accommodate Non-Traditional Students
The new studies in adult learners have brought about a renaissance in higher education that promotes the success of those students who’ve been displaced from college for one reason or another, including children. Single parents are seeking new formats for studies that are giving them a taste of financial freedom. Distance and online programs, continuing education programs through traditional colleges and universities, and community colleges are all realizing the profitability of expanding their curriculum to include non-traditional students at odd hours.
And all single parents are not in the first-time college situation; many are older, already have a college degree and have a career. Now they are in a position to change careers or are looking to parlay the one they already have into a bigger and better income. Career programs and professional certificates are becoming a natural necessity among professionals whose time is limited, but whose resumes require increasing bullet-points highlighting new educational training.
Financing Higher Education for Non-Traditional Students
Unless you are enrolled in a full-time or half time college program you will hardly qualify for federal loans or even ordinary alternative loans. Again, if you are pursuing a certificate program, your financial options are in short supply as well.
The student loan options you do have available to you are some of the newer products on the financial scene. They offer express approvals with a quick turnaround on funds, borrower benefits and just about all the financial aid you may need to pay for any type of college program or course. And since they fill a growing need for an intensifying population of students, you might expect to see more and more like them:
Sallie Mae, one of the most recognized names in student loans, has created a couple of loans products that might suit the financial and lifestyle needs of single parent students:
- Career Training Loans give you the flexibility to put low-interest funds toward technical or online degree programs that you pursue at your own pace. If your credit is not so good, you may find a co-borrower to sign with you. Qualified applicants may borrow up to the balance of program costs including auxiliary funds for materials and “related expenses,” which means you can get a computer if you need to.
- Continuing Education Loans are similar to the career training loans, but are tailored for students who may be taking courses unrelated to a degree or for those who actually are seeking a degree, but who are not able to attend more than part-time.
The Chase Education One Continuing Education Loan is similar to the Sallie Mae products and also is ideal for those non-traditional students whose personal schedules only allow them part-time access to studies. In most cases single parents will fall into this category. Students without good credit may use a co-borrower to apply and approved applicants may borrow up to $30,000 each academic year.
