Single Mothers Can Rely On Financial Assistance To Help Them Achieve A College Education

A single mother deciding to return to school truly can be a life altering decision. The commitment required to finish a degree is significant as it can be costly and time consuming, but more importantly, it is worth the effort. A post-secondary degree is a great way to improve your earning potential and find your way to the career goals you have set for yourself. There are programs offered by various government agencies which may help single mothers returning to school.

There are several ways to pay for the cost of an education. Be mindful as you consider the money you will need to attend school because tuition fees are not the only fees associated with the cost of schooling. Student loans can be helpful and typically carry interest rates that are fairly competitive; however, there may be other options available that do not require the monies to be paid back. These funds are known as grants.

A grant is a type of financial aid created for people in positions similar to yours. Each grant's objective is different; however, there are grants designed to help encourage single mothers to return to school. They are most often offered by the government and available to people just like you. One such example of this type of grant would be the Pell Grant.

The Federal Pell Grant program is one that offers financial aid based on the applicant's needs. They are available for low-income students interested in obtaining undergraduate degrees as well as some post-baccalaureate degrees. The grant's funds can be applied to any one of the 5,400 colleges and universities that participate in the program.

The amount available for a this grants is directly contingent on several factors. These include the cost of attending school, the enrollment status (i.e. full-time or part-time) and whether the student will be attending the school for a full academic year or not. Additionally, the it also will depend on the result of the calculation known as EFC - the student's expected family contribution.

The EFC is determined by a formula established by Congress which assesses a financial need based on several important factors. These basic components will take into consideration the applicant's income (if he or she is not a dependent of another), the number of family members attending post-secondary schools, and the income and assets of the applicant's parents, should one be a dependent.

Pell Grants are considered a significant source of financial aid offered by the federal government to which other financial aid sources can be added. The maximum available amount can potentially change each award year as it is contingent upon program funding parameters. For the award year 2008-2009 (which ran from July 1, 2008 through June 30, 2009), the maximum amount awarded was $4,731 per student.

Grants differ from loans as they are not required to be repaid. There are many grants for single moms who wish to return to school to receive their degrees. Many moms may decide that an online education is the right path for them. The choice to return to school may be the hardest part of the process as it is quite simple to determine if you are eligible for assistance, or any other grant for that matter, and just as easy to apply for and receive the aid.