By Matha Saxtons
Many American moms are going back to school, but finding both the time and the money to do it is a big problem.
It may be that some student loans will be needed for you to get your degree, but it is to your advantage to limit borrowing money as much as possible. Even if you get that degree, the benefit you expect in terms of increased salary can be diminished by your monthly student loan payments.
And if you need to take some time off from college before you finish your degree program, the problem is even worse. Your loan payments kick in 6 months after your last class session, degree or no degree. So you could find yourself paying on a loan without the diploma that would have made a difference in your salary. Look for scholarships whenever possible.
Federal scholarship options are available, even it's been a while since you were in school. By going to the FAFSA site and completing the free online application you will be put on the list for a variety of Federal scholarship and subsidized student loan programs.
Keep in mind that you will need to submit your FAFSA information each year while you are attending school, and that the earlier you file, the better chance you have at getting the top money. If you have looked into all of your Federal and Private scholarship options and are still short, there are things that you can try besides getting student loans.
Consider starting at a community college first. These are generally much cheaper than 4 year colleges and can make your scholarship money stretch further. Talk to the financial aid people at your school and find out why your scholarship levels are low. There may be some things that you can do about it. Money is available and waiting in many forms to help you get your degree.
It may be that some student loans will be needed for you to get your degree, but it is to your advantage to limit borrowing money as much as possible. Even if you get that degree, the benefit you expect in terms of increased salary can be diminished by your monthly student loan payments.
And if you need to take some time off from college before you finish your degree program, the problem is even worse. Your loan payments kick in 6 months after your last class session, degree or no degree. So you could find yourself paying on a loan without the diploma that would have made a difference in your salary. Look for scholarships whenever possible.
Federal scholarship options are available, even it's been a while since you were in school. By going to the FAFSA site and completing the free online application you will be put on the list for a variety of Federal scholarship and subsidized student loan programs.
Keep in mind that you will need to submit your FAFSA information each year while you are attending school, and that the earlier you file, the better chance you have at getting the top money. If you have looked into all of your Federal and Private scholarship options and are still short, there are things that you can try besides getting student loans.
Consider starting at a community college first. These are generally much cheaper than 4 year colleges and can make your scholarship money stretch further. Talk to the financial aid people at your school and find out why your scholarship levels are low. There may be some things that you can do about it. Money is available and waiting in many forms to help you get your degree.
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