If you are a single mother, there are several things you can do when you go to college to ensure that you do not need to live on bread and butter for the coming years to pay back your college loans. Most of us have to pay back tens of thousands of dollars when he leaves college to the tune of a few hundred or thousand dollars a month. Here is a way to reduce these payments and have a better way of life after college is over.
The first thing you can do is to ask for a break. Under-employed borrowers defer paying back loans in college. Whether you took out a Stafford loan or Perkins loan, you can extend it. Sometimes up to three years. You can also pay interest while you are deferring the payment so it does not collect.
Another option is to refinance the loan. I remember when I went to college I had to refinance due to the higher percentage. This was really automatic. Many of the loans sold themselves to other companies and you automatically get a lower percentage of the new company.
This might be different now that Fannie Mae and Freddie Mac are now dead, and you will not get such great deals anymore. However, new companies also allow you to stretch out payments and cut the percentage rate to some extent. Do this, you can save yourself a few hundred dollars a month.
The last thing you should consider is if you are going to college for the first time, or if you are a single mother headed to school to finish your studies, you may want to become a teacher. Look for federal grants such as teaching grants a teacher aid to universities and higher education grants that can provide up to $ 4000 per year for students who want to become teachers.
Regardless of the choice in life and what direction you are going, you have to remember that you’re going to have to pay college institution you are to meet at some point. It is best to consider how much you’re going to pay now, especially if you are a single mother, and also how much you can save on paying by applying for federal grants to offset this balance. In this way, you will save money when it comes time to pay for college loans.