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Thursday February 27th 2020

Student Finances – Repayment Assistance & Programs for Students with Dependants

Most students have to deal with some sort of financial misfortune, the ones that have the hardest time are the students that took a student loan and then have found themselves in a situation where they simply can’t repay that loan, which is where repayment assistance comes in handy. Also, for students with a young child under the age of 12 there are various financial programs available that will help you deal with your financial struggles while you finish college. Let’s take a look at these student funding options.

student funding options
Student Funding Options

For repayment assistance or loan forgiveness student funding options there are nearly hundreds of variations, the basics are simple. With given conditions the federal government or a privately held financial aid company can grant a forgiveness of the loan or a part of the loan such as the rate of the loan. In either case you will have to qualify for repayment assistance.

With private loans the qualification needs will have to be presented by the company that gave the loan or college that gave the loan, but for federal government loans to qualify you will have to either perform some type of voluntary work, perform a military service, opt to teach or to practice medicine in certain communities they assign you to or to meet any other criteria given by the forgiveness program, which also goes for private loans.

As for the programs for students with dependents there are several options. There are two basic types of programs for students with dependants, programs for single parents and programs for married couples. In most cases, it all depends where you get the program, government, private, college itself, the student with dependant whether married or not will receive a standard allowance that was set in accordance to the needs of the students with a child.

In some cases the first draft of the allowance is not sufficient so after taxes the student budget can be increased resulting in an increase for the financial need and a great allowance. Every single bit of your life and your expenses may fall under the allowance, the cost of living, the cost of raising a child, like day cay centers and even medical costs in some rare cases.

FinAid website has a dependency status form that will help you determine if you are eligible for such a program.

If you need to look into more types of student funding options like student loans, grants and scholarships, you can do us here at Campus Central, your free college resource.

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