If you are a single parent it is wise to realize that you do
not always have to do it on your own. Even if you feel that you
are a good parent to your child. There is no need for you to feel
that you have to bare the weight of everything on your shoulders,
especially financially. Just because you can show yourself to
be busy on all aspects and are able to look after your family
alone does not mean that you have to.
Being a single parent is not always about the relationship that
you have with your kids, it is primarily about this but if needed
you can get financial help.
Often it found that financial complications arise in single parent
families when the parent has to try and pay for their college
education. There are structures in place that will provide you
with financial aid to help cover such bills.
There are a number of policies that help to determine the level
of financial aid for single parents, these can often be very confusing.
This article will help to guide you over the process.
In case you do not know, the custodial parent is the one with
whom the child, specifically a student, has lived the most in
the span of the twelve months that have already passed.
Once the student admits that she or he did not live with one
parent more than the other parent then the one who has provided
the most financial support over the past year will be the one
that will have to fill out the fafsa.
Qualifying students can apply for scholarships, college aid assistance,
and federal student loans. But the total amount awarded may cover
only half of the total academic costs. Students often turn to
their parents for assistance. Parents can help finance college
using the federal PLUS loan, which can pay up to the total academic
costs minus the financial aid received by the student. But the
PLUS loan has restrictions. And most parents do not want to take
on the full burden of college financing. There is a better way.
We call it: The Bank Equity College Financing Program It's quite
effective. You use your bank equity to pay the financing costs
of a private student loan taken out in the student's name. This
allows parents to help pay for school without taking on the full
responsibility.
Apply for Student Financial Aid:your budget plan will show how
much additional aid you will need to meet estimated costs. You
student will then apply for a private student loan using the parent
as the co-signer. Students can borrow up to $20,000 per year ($30,000
for certain schools where the cost of attendance has been determined
to exceed $20,000) to pay for tuition, housing, college supplies,
computer, and other education-related expenses. You want to borrow
enough money to meet your budget plan.Since the student will not
have a credit history to qualify for the loan, the parent will
need to act as co-signer. The student will have the option to
defer payments until after graduation. Do not select this option.
Select the option for immediate principal and interest repayment.
