Financial Resources for Single Parents…Dads Too!
- Furthering your education is a good way of ensuring a higher income to better support your family
- Of course, paying for college can be especially challenging for single parents
- Seek and ye shall find: research thoroughly. There is help available!
Being a single parent is difficult work. Single parents must juggle the challenges of earning a living, spending quality time with their children, and managing their household. Add to it the stress of trying to attend college, even part-time and online, and it is easy to see how single parents can feel overwhelmed by all of their responsibilities.
Single-parent households face greater hurdles in balancing a family budget.
For many, seeking higher education is a way of improving the finances and futures of their families. The question for many single parents is, "How do I pay for my education?" This problem isn't limited to single mothers, either. According to the Census Bureau, the number of households headed by single fathers more than doubled, to 2.5 million, between 1990 and 2006.
The effects of a single parent's lack of a college degree are most apparent when we look at their average household income. According to the National Center for Children in Poverty, the low education level of parents is an important contributor to low family income.
In 2004, 54 percent of households headed by a high school graduate were in the low-income bracket, compared to just 22 percent of families headed by a parent who had at least some college education. Further complicating things, the NCCP says single-parent families are more than twice as likely to be low-income as two parent families.
Single parents have greater difficulty accessing education than two-parent households.
For single-parent families, finding the funds to pay for the education needed to help increase their income can be a Catch-22. They don't have the income to pay for college courses, and they have a difficult time increasing their income without a college education.
Finding the right resources to offset educational costs.
There are grants and scholarships available to help single parents fill the gap, and although many of the resources for single parents are geared toward single mothers, there are a few resources available for single fathers as well.
A good first place to start is by contacting the financial aid departments of the colleges and universities you are interested in attending. Many colleges offer grants for single parents.
Ask your financial aid counselor about any special financing available, and what forms are needed to apply for it. The college Web site may also have some detailed information about the kinds of aid available through that particular school. Although many of these aid programs may specify they are for single mothers, don't be afraid to ask if they are applicable to single fathers as well. You may be pleasantly surprised.
Completing the FAFSA form is required to receive federal aid.
Of course, everyone should fill out the Free Application for Federal Student Aid, or FAFSA. Like the name says it is free, and it can be completed online at www.fafsa.ed.gov. The U.S. Department of Education makes some $80 billion in grants, loans, and work-study assistance available each year. Some of this assistance, such as Pell Grants, are based upon need and calculated according to the family's expected contribution toward their education.
Research grant funding as much as possible.
Another good place to check for federal resources is www.grants.gov. There are literally hundreds of grants available for higher education and job re-training. You may be steered toward the FAFSA for many of the grants, but there are also grants which can be applied for separately, such as some of the job re-training grants.
State governments also offer a variety of financial aid for college students, including grants (which, unlike loans, usually don't have to be repaid). Check with your state's Higher Education Agency (http://wdcrobcolp01.ed.gov/Programs/EROD/index.cfm) for more details about the forms of state assistance available. Typically, the student must be attending a college in the state in which they reside to have access to this form of financial aid.
Employers may offer free funding for educational costs.
Some potential students overlook financial aid that is available right under their nose. Unions, employers, and civic organizations may offer grants, scholarships, or tuition reimbursement. Ask the employer's human resources department about any kind of education or continuing education benefits they may offer. Some employers will cover full tuition if the degree program applies to the employee's job. It pays to find out.
Current and former members of the military may find additional perks.
Former military veterans should also check and see if they have any unused education benefits they can use. At the very least, check to see if any military training is worth college credit. Each branch of the military makes available a transcript of training courses that are worth college credit. Veterans may be farther along in their pursuit of a college degree than they thought! Check with the local office of the Veterans Administration for more information.
Make time to apply to scholarships dedicated to single parents.
There are also many private scholarships and grants available to single parents. Check out online databases available at www.fastweb.com and www.finaid.org. The College Board, the folks behind the CLEP exam, also have a searchable scholarship database. Just fill out a questionnaire about your interests and you may be surprised at the number of scholarships and grants for which you are qualified. Many of these private scholarships will require the submission of an essay, so brush up on your writing skills.
Tax credits and deductions can help cover a range of costs and fees.
There can be some tax benefits to higher education that benefit families as well. The Hope Scholarship credit is worth $1,500 in tax credits if you are a freshman or sophomore in college. The Lifetime Learning credit provides up to $2,000 in tax credit (per household) for anyone returning to college. There are also tax deductions available for interest paid on student loans.
Using retirements funds may be a good option for you.
What if single parents somehow don't qualify for any of these sources of aid, and they can't get a loan? As a last resort, students can withdraw from their own currently-existing Individual Retirement Account (IRA) without incurring a penalty, as long as the money is spent on higher education. (Get more details in this FinAid.org article, "Retirement Plans and Saving for College.")
Students are required to pay the federal tax on the amount they withdraw from their IRA, however. Loans can also be taken out against a 401(k) retirement account for education expenses, but they are loans and they do have to be repaid. Withdrawing retirement funds should always be a last resort. After all, you can borrow money to go to college, but you can't borrow money to retire.
When it comes to paying for higher education, the challenges are many, especially for single parents. However, just because a parent is single doesn't mean they are alone. There are resources available. Now it's up to you to take advantage of them!
Terrance Lee is a veteran news reporter with more than 20 years of experience in radio and television broadcasting. He currently works in marketing and public relations and is a distance learning student.
