4 Financial Aid And Scholarship Options For College Students With Children

Are you a college student with children? Before starting or returning to college, most students think about the cost — and if you have little ones at home, that is even more reason to evaluate your options before taking on additional expenses. Fortunately, several resources are available to help make attending school easier financially. From scholarships explicitly geared toward parents to general financial aid funds that all students can access, Dennis Bonnen reviews the best sources of support available for college students who also have parenting responsibilities. Read on to learn more about how these funds could help cover some of the costs associated with obtaining a degree!

Government Grants And Loans 

Government grants and loans are available to those who qualify. The Federal Pell Grant is one option for college students with children. It is a need-based grant that recipients do not need to pay back. The Federal Supplemental Educational Opportunity Grant (FSEOG) is another grant designed to assist low-income students. 

Federal student loans also assist in paying for college. The Stafford Loan offers up to $20,000 per year in funds that must be paid back after graduation or when the borrower drops below half-time enrollment status. To apply for federal grants or loans, you must fill out the Free Application for Federal Student Aid (FAFSA).  

Private Scholarships And Grants

Private scholarships provide an alternative funding source for students without loans or relying on government assistance programs. There are countless options from organizations such as foundations, businesses, and charities dedicated to helping college students with children succeed in higher education. Companies like Walmart offer scholarships tailored to parents who want to pursue their degrees while juggling other family obligations. 

Many universities also partner with charitable organizations dedicated to making higher education more accessible; these organizations may offer scholarships to parents enrolled in college degree programs. Additionally, many states have endowments designed to aid single parents attending school full-time. However, these grants are highly competitive due to limited resources. They can provide much-needed support when seeking tuition assistance.  

Community Support Resources

Local community resources like churches, libraries, and non-profits often offer classes or other services to assist single parents who are attending college full-time. These services can include support groups for college students struggling with balancing parenting responsibilities while pursuing their degree program goals, as well as tutoring services for both parent and child alike—all free of charge. 

This type of assistance is helpful if you have difficulty finding funding elsewhere. Your school’s counseling office will likely have information about local community resources that you can access to start looking for this type of assistance in your area.

Tax Credits And Deductions 

Parents attending college may also qualify for tax credits or deductions that help reduce their overall tax burden and make it easier to afford tuition and other costs associated with higher education. The Lifetime Learning Credit allows eligible taxpayers a credit of up to $2,000 per year towards qualified educational expenses, such as tuition and fees. Furthermore, the American Opportunity Tax Credit provides up to $2,500 per year in tax credits towards similar costs during each of the first four years of postsecondary education. Other potential deductions include those related to student loan interest payments as well as childcare expenses associated with attending school.  

Conclusion

Attending college while raising children can be an overwhelming task—but it doesn’t have to be impossible. By exploring federal student aid programs like FAFSA and scholarships specifically designed for parents and tax credits or deductions related to higher education costs, you can find numerous resources to help make your journey more manageable—and hopefully more successful. Dennis Bonnen says taking advantage of these resources will benefit you financially and serve as an excellent inspiration for your children when it comes time for them to pursue their own higher education goals in the future.