Mom Scholarships > Loans For Moms In School

Loans For Moms In School

Updated: January 10, 2014

 

If you’re a mom who wants to go back to school to further your education, or if you’re already enrolled in college or university but are struggling financially, then you might be considering the option of taking out a student loan.

It is certainly a big decision to get a loan to help with your study related expenses. Whilst they are all different in their requirements, at the end of the day you have to pay (most of) them back, and often with large amounts of interest. You therefore need to weigh up whether obtaining the loan is going to be affordable for you in the long term.

Pros and Cons of Student Loans for Mothers Going Back To School

If you are confident of gaining employment once your studies are complete, and think that you will be able to afford the loan repayments (including interest of course), then a school loan for moms can really help you to start your education as soon as possible.

Education is expensive, and unless you are able to get a scholarship or grant, or just have spare cash available, a loan may truly be your only option. It is worth speaking to your bank or financial adviser if you have specific questions about your eligibility for a student loan.

Eligibility for a Loan

Not every mom will be eligible for a loan for their education. Loan providers will generally carry out a profile test to determine whether they believe you will be able to comfortably pay back the money they have lent you, plus the interest charges.

The higher risk you are deemed to be to the loan provider, the higher interest they may charge (ironically), and the more difficult time you may have obtaining a loan from the more mainstream lenders.

This can often lead women to seek out loans from smaller institutions, but these may come at a far greater cost in future with higher interest rates, additional fees, and conditions that may not be in your best interest. Reading the small print in the terms and conditions of any loan before you sign on the dotted line is so important for these reasons.

Student Loans for Moms vs Scholarships

Moms can certainly apply for the various student loan opportunities out there, just as any other student can. But if you are hesitant to get yourself into debt for your studies, it is well worth your time to apply for education grants and scholarships.

This can be from the school that you are looking to study at, as many have their own scholarships available, or a private scholarship that is granted by non for profit organizations, or from businesses and industry.

There are literally thousands of scholarship opportunities for moms out there which cover all spectrums and industries; and applying for these before you resort to a student loan may just save you from getting into that debt that could very well take you many, many years to pay back once you have finished your education.

  1. kimberly williams
    August 30th, 2018 at 15:12 | #1

    Looking for financial assistance for single mom I am a current nursing student

  2. wanda chatman
    October 19th, 2014 at 17:32 | #2

    I am in school already and I need to know what loans out there that I can apply for.Because right now i work part time.

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