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Obama Encourages Moms to Go Back to School With Pell Grant Incentive

Posted By Sarah

President Obama has encouraged moms (and others) to go back to school, and there are some new incentives to make that easier for you. Here are some tips about the new Pell Grants from a real-life financial aid officer:

For moms, especially single moms, it can be a challenge to find the extra money for school for yourself. There's only so much money available and it has to go toward essentials like food, bills and rent (or mortgage payments). So it's nice to have these new opportunities from Pell grants that you can use for yourself to improve your life and your kids' future.

Here are some of the highlights in the new Pell grant guidelines:

• You can study online -- no restrictions about online studies as some other scholarships and grants do.
• You can keep working -- it would be nice to have the luxury of just going to school, but if you need to work you can.
• Pell grant increased --  to $5,500 so you can pay your tuition fees and maybe some money to spare for books and other expenses.

Make sure you do your research and check out other tips on college loans such as:  

1. Always consider several options and talk to a financial aid counselor.

2. Be aware that if you are applying for graduate school, the options for loans and grants are more limited than for undergraduate programs.

3.  Look for a student loan company that offers all of the following types of loan services so you have the largest selection:

*Private Student Loans
*PLUS Loans
*Federal Stafford Loans
*Student Loan Consolidation
*Private Consolidation Loans

4.  Try to lock in your student loan rate. Some loans are based on the Treasury bill rates and can fluctuate.

5.  Don't borrow more than you absolutely need. Compound interest can make a small student loan turn into a huge amount. Don't take out extra money to play a great stock market tip or try a get rich quick scheme. Not only do these schemes have very little chance of success,in most cases it is a violation of your student loan agreement.

Category: Mortgage & Loans

6/24/2009

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