Finance Friday: Student Loan Debt and Single Mothers

Well, I have been enjoying the guest posts this month, and I sure hope you have been as well. Today hits home for me and I’m sure it does for many single moms. Rashida S. Thompson guest blogs for us on student loan debt. She is a single woman and I met her at a Bloggers Who Brunch event I hosted with Addie of SheBeKnowin.com in April. I fell in love with her passion for speaking to people about debt as she was on her own personal journey to eliminate hers. (Side-note: Sallie Mae knows she is getting paid last over here, but I am so glad for this info from Rashida) I know you will be blessed by reading what she has to share. Read on for the real!

Whether you’re a single mother heading to college or you have a child heading to college, preparing can be difficult. Aside from preparation, finding resources to lessen the economic and academic challenges that many faces while in college can be overwhelming. More so, the task of educating yourself on the various types of financial aid available can bring on more challenges. A lesson I learned the hard way.

During my college years, I relied on financial aid and private student loans for funding. At some point, I even stopped looking for free money; scholarships and grants. Once I finished my undergraduate degree I had a large amount of student loan debt and my job didn’t pay me enough to allow me to make progress with tackling the debt.

As a single woman with no children, the struggle was real as I dealt with the burden of student loan debt. I can’t imagine being a single mother in college or putting a child through college, too. Meanwhile, the cost of college tuition continues to rise and statistics show that many single moms spend over half of their income on housing expenses and another third on childcare. With little money left over to live, many parents find themselves seeking out student loans as a way to finance their education and/or their children’s education.

If you’re a single mom and student loans are your only option, here are some tips to help you save money on college expenses with the intention of incurring minimal student loan debt.

• Don’t stop the search for scholarships or grants. Stay connected with your financial aid office for updated scholarship information and your department head for divisional grants. Also, Fastweb.com is a scholarship database.
• Create a budget and stick to it. The Student Budget Calculator calculates the difference between your expenses and income, identifying when you are spending beyond your means.
• Consider completing prerequisite courses at a community college. The price per credit hour at community colleges tend to be cheaper than traditional four-year institutions.
• Get a list of required textbooks for each course and consider renting textbooks versus buying. Two options are bookrenter.com and Chegg.com.
• If you are living on campus, consider setting up a meal plan to be used in dining halls. Choose a reasonable meal plan that you know will be utilized versus purchasing the most expensive one. This will decrease the amount spent on eating out.
• Whether you are living on or off-campus, get a parking pass or meter key to avoid illegally parking on campus and receiving tickets. Those can add up and fast.

Heading off to college is a major transition, but when properly planned it can be a breeze. Don’t hesitate to reach out to your network for emotional support to keep you motivated and inspired. For more student loan information, feel free to join the Student Loan Debt Forum on Facebook. It’s a private group where we talk about student loan debt management, news, and legislation updates.

Do you have any other tips to add? Feel free to drop them in the comments.

Well, let me drop this mic for her! Whew! My! Did she not help you (Us!) get it together? I hope you found the value that she has poured into this article. We single moms can continue our dreams of higher education and we should. But, we need to be as cautious as possible about what we take on. I have a 13 and 15-year-old, and college will be here for us soon. I’m very interested in them not acquiring the student loan debt I did, and so this article is uber-rich in value. Sound off in the comments and let Rashida feel that love. Also, find out more about her below:

With student loan debt in the United States exceeding one trillion dollars, student loan debt expert Rashida S. Thomas knows all too well the burdens that college graduates face on their quest to live the American Dream. A Dallas transplant by way of St. Louis, Thomas holds a B.S. from the University of Missouri-Columbia, a M.B.A. from Lindenwood University, and a M.A. in Management and Leadership from Webster University that left her with $136K in student loan debt.As Thomas came to grips with her responsibility to pay back her debt, she found that many of her colleagues struggled with the same dilemma of managing theirs, as well. According to a report from the Pew Research Center, studies show that about 40 percent of American households led by individuals 35 years or younger have student-loan debt. Additionally, of the nearly 20 million Americans who attend college each year, about 12 million take out loans to finance their education.Thomas has made it her mission to help others acknowledge, manage, and conquer their student loan debt. She understands that the verbiage used by many lenders and educational institutions can be confusing, thus leaving borrowers with more questions than answers. As a result, she helps others understand their payback options, deciphers the hard-to-understand fine print, and teaches them how they, too, can get their debt under control.Thomas also serves as Adjunct Professor within the Dallas Community College District. You can find her at RashidaSThomas.com, and on Twitter at @RashidaSThomas.