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want them to. If you aren’t able to save enough to cover college tuition, your children can work while they go to college, save while they’re in high school, or as a last resort, take out a school loan. School loans have some of the lowest interest rates in the country. Even Suze Orman rec- ommends using extra money for almost anything else before you pay off your student loans because the interest rate is so low.
4 . College Tuition
College is expensive and many parents hope to send their children to college. As a single parent, the challenge is even greater for being able to do this. Covering the expenses with a single income that in many households are covered by two incomes can make saving for college difficult. But it can also mean that your children may be eligible for grants that aren’t available to students who don’t have as great a finan- cial need. Before you start feeling depressed about not being able to help your child out with college funds, make sure you investigate some of the avenues that are open.
Take a look at the FAFSA website at http://www.fafsa.ed.gov/ for infor- mation about income level requirements for government grants. Be sure you use the site address above. Other student loans are not affili- ated with the Federal Department of Education. Many trade colleges also offer financial scholarships and grants. Call the schools your child is interested in and ask about financial help they may have available to low-income households. Talk to the high-school counselors at your child’s high school and see what assistance they can offer. Local com- munity colleges are an excellent option for post-high-school education, and they often have options available that universities can’t provide.
Financial Tips for Single Parents 7