Students who do not attend full-time in a four-year college or university right after high school is referred to as “non-traditional students.” These students actually make up the bulk of those pursuing college degrees nowadays, despite what the moniker might imply. In fact, only 5.2 million of the 18 million undergraduate students were categorized as typical students just a few years ago. In other words, only 29% of college freshmen are considered conventional students. It is obvious that loan options created exclusively to meet the needs of traditional students will leave a lot of people without assistance because there are so many more non-traditional students pursuing college degrees (such as older, married, divorced, working, enrolled part-time, starting at a community college before moving on to a four-year university, etc.). What choices are there for non-traditional students in terms of student loans?
Finances for single parents. There are some financial aid options available for single parents looking to pursue a college degree, albeit they are few and far between. Like the Federal Pell Grant Program or the Federal Supplemental Educational Opportunity Grant, several of these programs offer grants that don’t need return (FSEOG). Numerous single parent scholarships are available through Sallie Mae as well. Although not only available to single parents, Stafford loans do have low interest rates and are federally subsidized based on income, making them a desirable alternative. Grants and scholarships are offered by state and federal governments, private companies, and nonprofit organizations, in addition to the student loans mentioned above for non-traditional students. Additionally, a lot of non-traditional pupils might discover Private Student Loans. Private student loans are sometimes offered by non-traditional students with low interest rates and flexible payback terms through private lenders such state agencies, national banks, local and regional credit unions, and more. Mortgage/Equity Lines of Credit. Homeowners who are non-traditional students might be able to get a cash-out refinance loan or open an equity line of credit on their house (with interest on the first $100,000 being tax-free) to pay for college.
The Federal Student Aid Office. The Office of Federal Student Aid, a division of the U.S. Department of Education, provides funding for grants, loans, and work-study programs to students who require assistance with college costs. The Office of Federal Student Aid gives students more than $150 billion annually. For non-traditional students, loan alternatives include the Federal Perkins Loan, Direct PLUS Loans, Direct Subsidized Loans, Direct Unsubsidized Loans, and the Federal Perkins Loan.
Sallie Mae For individuals looking for a reputable lender with affordable rates, few fees, and a selection of loan options, Sallie Mae is a fantastic choice. Sallie Mae may be a better option than other lenders for borrowers with more specialized educational needs, such as money for an online certification course. Since Sallie Mae solely services private student loans, we are not listed on any federal list of student loan servicers. Grants and scholarships are offered by state and federal governments, private companies, and nonprofit organizations, in addition to the student loans mentioned above for non-traditional students. Furthermore, a lot of non-traditional students could discover that borrowing money from family members is an effective strategy to pay for college.
Regardless of whether you fall into the stereotypical student category or not, get in touch with Reshwaw Wealth Management Team today to discuss your student loan choices. You can easily pay for college because we have a choice of loan alternatives available to non-traditional students nationwide.