Student Loans for Single Moms: How to Face the Costliest Adventures of Education Head-on?

Kelsey Bowersox
October 7, 2022
Student Loans for Single Moms

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It’s tough being a single mom. You have a kid to take care of, which costs tons of cash in and of itself. Now you want to continue with your education. Paying off a student loans for a single mothers can be a breeze if you know how to tackle them.

According to the Federal Reserve Bank of New York, student loans are among the most expensive projects anyone can take. They add up to roughly over $39,000 on average. But, have no fear, single mother. Despite the seemingly overwhelming amount of debt you can accumulate, there are plenty of ways to cut costs so that your $39,000 loan jumps down 10%.

1. Manage Your Loans Accordingly

Did you know that there are specific loans available for single mothers? While there are no loans that specifically cater to single mothers and their needs, some offer great deals on people who are struggling to find finances for schooling. These include:

• Stafford Loans

• Perkins Loans

Parent Plus Loans

Private Student Loans

A. Stafford Loans

These are loans that are either subsidized or Unsubsidized loans for people with financial needs. You must first prove your financial situation. Once approved, you may borrow up to $30,000, depending on your situation. For undergraduates, The interest rate for these loans is usually around 3.73%.

B. Perkins Loans

These loans are a bit like Stafford loans in that these loans are given to students with “exceptional financial need.” The excellent part about these loans is that you can get them even if you have a low-income level or bad credit. The interest rate remains constant at 5%, with the government paying that interest while you’re in school. It comes additionally having a 9-month grace period.

The only thing about this loan is that some schools may not participate in the Perkins Loan Program. You need to make sure your school offers this before you start applying.

C. Parent Plus Loans

If you have parents willing to help pay for your schooling, then look no further than the Parent Plus Loan. These loans are for generous parents who want to help their kids pay off bills. These loans are usually fixed at 6.28%. Your parents will have to start paying them off as soon as they reach your account.

D. Private Loans

A private loan can give you all the money you need to help pay off schooling without having to pay off multiple ones. You can get either a fixed or variable interest rate meaning your monthly payment may stay the same or change depending on various factors.

However, it would benefit if you had a good credit score to take a private loan. If you’re having trouble, it may be wise to find other loans to use for school.

Need a way to find the best deals on your student loans? You can try Alliant Credit Union, which will compare your loans with others to find a better deal for you. With this type of power, you may see your loan rates drop significantly to help give you an edge on paying them back.

It’s tough being a single mom. You have a kid to take care of, which costs tons of cash in and of itself. Now you want to continue with your education. Paying off student loans for single moms can be a breeze if you know how to tackle them.

According to the Federal Reserve Bank of New York, student loans are among the most expensive projects anyone can take. They add up to roughly over $39,000 on average. But, have no fear, single mother. Despite the seemingly overwhelming amount of debt you can accumulate, there are plenty of ways to cut costs so that your $39,000 loan jumps down 10%.

2. Save Money: Getting the Best Deals on Babysitting

Finding a babysitter is crucial to having a life outside of raising kids, primarily when that life revolves around studying for finals. That’s what Sittercity is for. is a convenient place to find a babysitter near you. Just search through the available candidates and pick one that fits you and your baby’s particular needs. With a reliable babysitter around, you can rest assured that your baby will be taken care of while you’re away at class or work.

This extra time for yourself is not only essential to your stress levels. It also provides you with additional time to focus on other important matters.

3. Get a Side Hustle

The best way to start paying off those pesky student loans as early as possible is to have a side hustle. While this may seem daunting with both a child and an education to pursue, but the fact is that a side hustle doesn’t have to take too much of your time. In fact, there are many money-making schemes you can do right at home in your spare time.

You need not to worry about wasting precious time and gas money driving to and from work for an ungrateful part-time job anymore. Instead, you can just put junior to sleep, hop on your computer, and work for a few hours a day before class starts.

What kind of things you can do for a side hustle? The options are endless. You can make money by writing, transcribing for people, or even acting as an online assistant. If none of these gigs sound appealing to you, then you can try finding something on This site is where people from all over the world need, you guessed it, little random tasks done here and there for whatever reason. This is a great way to find out what’s out there. Find your match and start making money.

Side hustles like these allow you to pick and choose your hours. Don’t skip over this opportunity to make a little extra income to help pay for expenses.

4. Get A Financial Pro to Help You Out

Need help with your finances? Most single mothers do. What better way to get financial help than when it’s completely free?

Being a single mother means that you’ll have bills appearing out of seemingly nowhere. To help ease the stress of financial burden, you may want to seek counseling with a financial advisor. This person will help you make the correct decisions you need. A financial advisor will help you manage your financial assets, help budget your income and expenses, advise on which loans to take, and help you with other financial planning tasks.

As a single mother who wants to continue education, you have some challenging and expensive goals to navigate through. A financial advisor will help you reach your goals by proper budgeting of your income. They may suggest the types of loans or accounts you may need and answer any questions to make sure you understand how to help pay for what you need.

The average cost of an advisor ranges from $2,000-$5,000 per year. So, if you’re in a financial pinch, a financial is the way to go. However, with National Resource Connect, you have access to all of this information for free. Try to take advantage of this offer to understand better how to move forward with your finances.

5. Take as Many Online Classes as You Can

One good thing about being a stay-at-home mom is that you automatically get lower prices onboarding if you choose to do online classes. No housing equals a massive load off the overall cost of college. Along with that, taking online courses can also lower the class cost.

Online classes are, in fact, a lifesaver for a single mom as they are flexible, too. You can schedule them around your family life. That’s not all. Online classes can be taken anywhere, giving you the freedom to stay at home sipping tea on your porch while your kid plays in the backyard.

As a single mom, you’ll never know when you’ll have to help your child clean off that scrape they got when they fell. With online classes, you can take them anywhere and anywhere. This gives you more time to take care of your child while you’re learning.

With the sudden appearance of the pandemic, more and more schools are switching their classes to online. This accommodates those stuck at home during the lockdown. Some schools even have programs entirely dedicated to online courses. Be sure to take advantage of this opportunity and enroll in a few of these programs if they’re available. This will help to lower the overall cost of your education.

Student Loans for Single Mother:

6. See If You Qualify for Loan Forgiveness

Who doesn’t want to have all their loans forgiven? It would seem like a dream come to true to see all those thousands of dollars in loans disappear. It can’t be that simple, right? The truth is that there are multiple ways forgiveness works.

Consider what type of loan you have first. The majority of loans that are acceptable for loan forgiveness are federal loans. This can very well clash with any plans to acquire other loans if they happen to fit your immediate needs.

Luckily, the National Student Loan Data System can help you see which loans are available for forgiveness. It’s essential to use this list in determining what other loans to get. Don’t go too crazy with filling up your account with federal loans just yet. Even if they are eligible for forgiveness, other factors can still play into this complicated system.

Your current job can have a significant effect on loan forgiveness. For instance, you work in the private sector. You need to pay your loans on time through one of four income-driven repayment plans for at least 20 years before the remaining debt is forgiven. With that amount of time, your kids would already be in college themselves.

Public Service Loan Forgiveness Program

The Public Service Loan Forgiveness Program (PSLF) is for the workers of public service. If you’re aiming to work full-time for the government, then you’ll have an easier time qualifying for loan forgiveness. However, that doesn’t mean that there are not some qualifications to go through. You also need to make payments through an income-driven repayment plan and only have federal loans. If you have any other loans in your account, then you can kiss the loan forgiveness program goodbye.

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On the other hand, if you make at least 120 non-consecutive payments, you can qualify for Student Loan Forgiveness.

If you have private loans, then you may still be able to get forgiveness. However, the options you have now are even more limited than if you had federal loans. Most private loans do not offer forgiveness. Even if they did, the requirements for that forgiveness would involve something as tragic. This includes something as terrible as one’s death or suffering a permanent disability after acquiring the loan. As single mothers, we understand you’d want to avoid this at all costs.

Other requirements involve sending annual documents to the Department of Education to verify your income. You also need to submit an employment certification form before you start making your payments.

While the student loan forgiveness plan is harder to qualify for, you can still make a winning repayment strategy. All you need to do is play your cards right.

7. Take Advantage of Income-Driven Repayment Plans

Most federal student loans require you to make your payments through an income-driven payment plan. So, what is that exactly? Income-driven payment plans are designed to help those whose payments are too high for their income to pay them off.

Even if you make no income, some plans can lessen your monthly payment to $0 for a time. Each plan offers a unique way to keep your monthly loan bill affordable. There are four different types of plans:

  • Revised Pay as You Earn Repayment Plan (REPAY Plan)
  • Income-Based Repayment Plan (IBR Plan)
  • Pay as You Earn Repayment Plan (PAYE Plan)
  • Income-Contingent Repayment Plan (ICR Plan)

Each of these plans is available for most of the federal loans. Only one method can be used for one federal loan you have. You would need to fill out an application to qualify for any of these plans.

There is no such fixed income with these loans. You should expect to see your bill rise or fall depending on your income and family size. To stay qualified, you must always provide updated information to your loan servicer. This is true even if there’s no change to your situation.


The REPAY Plan requires you to pay 10% of your income. The repayment period lasts for 20 years for undergraduate study and 25 for graduate or professional study. Any borrower can use this plan.

The PAYE Plan also requires you to make payments that are 10% of your income. In addition, the payments never go over the 10-year Standard Repayment Plan amount. The repayment period is fixed at 20 years.

To qualify for this plan, your overall payment has to be less than what you usually pay under the Standard Repayment Plan. It wouldn’t benefit you at all if your payment for the PAYE exceeds the standard plan. So, why bother? The PAYE Plan also needs you to be a new borrower.

IBR Plan mimics the PAYE Plan, but it also has two options to it. If you are a first-time borrower, then the IBR mimics the PAYE. It rises to 15% if you are not a new borrower. There’s a 20-year repayment period for new borrowers and a 25 period for non-new borrowers.

The qualifications to receive this plan are similar to the PAYE, except being a first-time borrower only. Both new and previous borrowers can benefit from this plan. Again this is as long as the payment exceeds what you would typically pay on the standard.

The ICR Plan requires you to pay the highest percentage on this list at 20%. However, you also have the option of paying with a fixed payment for 12 years with a 25-year long repayment period. Any borrower can use this plan.

What’s Next, Mom?

What you do with your repayment strategy is up to you. With the information provided, you should cross the challenges you face as a single mother. This helps you take care of your child and receive higher education to provide you with an excellent future.

No need to ever think you can never take care of a child on your own and pursue education at the same time ever again. You now have some of the best ways to tackle those pesky student loans as a single mother.


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