Financial Resources for Single Parents…Fathers, 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 American Opportunity credit is worth $2,500 in tax credits if you are in your first four years of 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.
Comments for Financial Resources for Single Parents…Fathers, Too:
13 comment(s)
Tilakasiri Dayarathna On Friday, March 26 2010
i am single father, need financial support for my family
jason dennis On Wednesday, April 28 2010
need to pay utlities, medical, student loans, buy food, house repair and fix truck to go to work.
TRACEY BEAUCHENE On Thursday, June 24 2010
i am a single mother of two, i have lupus and cannot do the hard labor i have always done,i want to try an online education, but have no income or rescourses and am overwhelmed in the search for the answer to my prayers! i am looking for any assistance and or suggestions,thanx!
Russel Peterson On Thursday, June 24 2010
I am a single father my daughters mother died in a car accident last year and i have been having a hard time every since. need help
Robert Brown On Monday, July 19 2010
Im' a single father of five ' kids after my divorce i could never make enough moneyto make ends meet , i strech every penny to the max ' i need help !
thomas shipman On Friday, October 01 2010
single father of two in need of assistance food, electric, and drivers license reinstatement fees
Janice Hinds Hanson On Friday, October 08 2010
I am working I make $732.25 after tax, I have bills amounting $15,000 and need financial help and education to reduce my debts and stay out of debts. I also need to find housing
Carey Demoray On Monday, October 11 2010
Single mother of 3. Trying to further my education. But I need help with paying the extra expenses that come up since I am unable to work full-time and keep up with school. Two of my kids have medical issues, and I am just overwhelmed.
Jeffrey Vest On Monday, October 11 2010
I am a single dad of two and we dont have a car my kids have medical issues I'm missing alot of work,bills piling up and I NEED HELP With rent,electric EVERYTHING!!!!!!! contact me at vest7@live.com
Peter J Krause On Thursday, October 14 2010
I'm a single father 42 going back to college( my sons mom died 8yrs ago)state college of florida.
I did flooring for 20 yrs my back is messed u do to car wreck. I moved into my moms place during these hard times n now she is going under. i start school in jan..Please if there is any one out there who can help me pay bills n she's loosing her house n i cant help her catch up Anything is better then n any thing is better then where were at now ...... Thank You pjscollege@gmail.com PJ KRAUSE
chad leftwich On Saturday, November 27 2010
I am a singel dad with a 10yr old girl. We rent and I pay 680.00$ amonth in child support every mounth and I have recently lost my job.I am in debt over my ears and cant seem to dig my way out.If I had the money I could start my own bussiness. I have 18yrs exp in construction and all the contacts for work I need but I lack the most important part. money Thank You
Greg Odom On Tuesday, November 30 2010
I don't understand why some grants are only limited to moms when there are plenty of fathers out of work these days. They need to tear down the labels and just leave it as help for single parents period! I have been raising my 5 yr old daughter since her mom ran out 3 yr ago with a neighbor while I was at work doing OT. I pay child support for my son at $90 a week, rent is $790 and I only make around $1100 a month. If it weren't for food stamps I'd be out on the street. I work from 3:30 - midnight Fri-Tues. The time I get with my daughter consists of getting her ready for school, picking her up from the bus stop and spending the one week day I have off with her for a few hrs before bedtime. Meanwhile doing all the chores and house work after midnight when I get off. I'm tired of being under paid while the crooks in the banks and government get rich off inside business deals. I want my education and this country owes it to me. The joke of a stimulus was to evade our attention on the bailout for the CEO that caused this whole thing. With that money all the people coming to this site for help would of gotten it. Instead we feed the beast everyday blindly. I want, no I demand assistance and education! I don't want your loans for you to collect MORE interest on. I want my education paid for. JP Morgan has been ripping this country apart for centuries. Do your research. They will not bail you out.
Gary Black On Thursday, December 02 2010
It's always the same. Bu...ll S..Hit.
I lost ex wife , grand mother, and my wife in 8 months to cancer. Took on 2 male teens and one, step teen daughter. Lost three incomes, lost everything of value trying to save there lifes, fighting cancer. Now you think I have any option, BS, every offer to help, aid, guidance, all crap. Every one wants to sell you there flavor of education, loan. By febuary I will loss everything, including my home. 18 months ago, every thing and everyone was whole. Now? screw all of you, no wonder people go nuts on one another. Good luck to those of you I would help if I had the money and time. But as you understand like no others, I don't have enough for my own children.