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Government Loans for Single Parents

Providing for your children is a daunting task especially when you are a single parent. The hardest part of all of this is usually the mental stress that we as single dads (fathers) endure. That is one of the reasons why the federal government provides grants and or loans for single parents. Grants are always a first option purely because grants do not have to be financed. The only problem with grants is that only the people whom are most in need are able to qualify for them. Also grants can be used up very rapidly. These reasons are why most single parents get their financial help from government loans.

The loans that are available come in many different categories. The most common government loan for single parents is of the educational category. With the constantly rising costs of tuition it is extremely difficult to afford for the costs of a college and to be able to provide for your family as single dads (father). Some of the perks of this type of loan are there is very little paperwork to fill out and also the interest rates a reasonably low. Another popular government loan type is a business loan. The government will help you get a business loan so that if you are not working or currently unemployed, you can start a business. Single parents need some financial help and the business type loans are a great way to get some.

Getting help to help pay for previous bad credit debt is another type of loan available to you. A lot of single dads (fathers) have defaulted on loans or have a lot of credit card debt that are strapped with very high interest rates. These loans can help you roll this debt into a new loan with more realistic interest rates. Finally, another type of government loan that is offered is for housing for single parents. In order to purchase a property it takes large sums of cash. That is why grants should always be considered first in these situations. As a reminder grants do not have to be repaid.

To get and secure a loan as a single parent is very difficult. This is usually because it is likely that a single dads (fathers) would not be able to repay the loan. Private companies especially do not like to take this risk. That is why the government is usually your only option as a single parent. If you are able, always try to get a co-signer to ensure that you can qualify for any loan you may need. Doing small things can increase your credit score and boost your financial reputation.

At the end of the day most of us single parents are resigned to getting government loans for some much need financial help. If you can manage to stay on top of your debt and do the little things life as a single dads (fathers) can get much easier and we can spend more time with our kids. Which is why we do everything we do!


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