Many people these days are afraid to return to school with the economic conditions making it difficult to get jobs. However, there really has never been a more ideal time to finish your degree, or even begin to pursue your dream of a college education–if you are a single mother. Why? Because there is more federal financial assistance available for single mothers than ever before. Women across the country are turning to federal grant and tax credit programs to help them get through college.
Tax Credits
Even though the Earned Income Credit has helped a lot of single mothers, there are other programs that will help directly with education. One credit is the American Opportunity Tax Credit program. It is intended to cover the first $4,000 of a citizens higher education, and is calculated on your previous years income instead of current or future.
In addition, look for check tax credits for education at the state level. Some state tax credits are even specially geared toward working women. For example, there is a program in Indiana that helps day care workers get an education.
Grants
The Federal Pell Grant program is perhaps the most well-known today. President Obama recently increased them for low income students. Now the maximum allowable grant is $5,100, up from $4,050. Eventually the Obama hopes to raise it up to $5,400, which will be a great boost to single mothers.
Is There Assistance Available for Online Programs?
If you are trying to work and take care of your family, you probably do not have time for traditional on campus classes. Do not worry–Pell Grants may be used for online degrees as well as campus-based course work! Many of the other financial aid programs are also designed to include online courses, which is an ideal program for single mothers.
There are many programs out there so this means there is a lot of money available for you. You just have to find it–consider using a scholarship matching service. Many of these services are free or very low cost, and they can help you find money you would never have found yourself.