Loans for Education | amethyst-incc

Loans for Education

At Amethyst, our treatment model is committed to helping dependent women, their children and their families get back on their feet again and become part of a healthy, sober community. We want to help you fully enjoy all the benefits that recovery can bring to your life, so we're always here to be your guide to this new sober world that awaits you after you leave Amethyst. And we strongly believe that one of the main steps toward a new life is getting an education. This way, it will be much easier for women to live their lives as healthy, productive citizens who work, raise children, buy homes, and know how to overcome difficulties without turning to drugs and alcohol. Therefore, we decided to raise this topic and explain to dependent women what education financing options they can access after recovery.

How Can We Help You Finance Your Education?

Along with financial experts, we're here to provide information about all the available options for student financing, including grants, private loans, and federal aid. Together we can help you understand the difference and decide on the type of financial assistance that will suit your particular situation.

What Student Loan Options Do Women on Recovery Have?

All student loans can be divided into two groups: private loans and federal loans. While federal student loans are government-backed, they are typically more affordable. This means that they have a lower interest rate. Also, some of them offer payment deferment, which means the government will cover your loan interest while you're studying and up to six months after you graduate. At the same time, federal loans have strict credit limits and may also require you to demonstrate financial need.

Here are three types of federal student aid women can apply for:

  1. Subsidized student loans. Undergraduate students with financial needs may be eligible for subsidized student loans. As a result, in order to be eligible, you or your family must meet the maximum income limits. Additionally, getting an amount above your limit is not permitted. The school will decide what the cap is. The government will cover loan interest until you graduate and for up to six months afterward if you take up subsidized loans with a payment deferral.
  2. Unsubsidized student loans. They are a form of aid that a student can get without showing financial need. Although the restrictions on these loans are larger, the interest rates are higher as well. Unsubsidized debt also doesn't provide any deferment. You will be required to begin making payments as soon as you receive the loan.
  3. PLUS student loans. Graduate and professional students, as well as their parents, are eligible for these forms of federal aid. PLUS loans enable them to pay for any education-related expenses that are not covered by other forms of aid they may be receiving. You or your guarantor must have a good credit rating in order to be eligible for a PLUS loan, as these loans always require applicants to pass a credit check.

On the contrary, private loans that are offered by private lenders and traditional financial institutions can provide you with the amount you need based on your income and credit score. These loans have higher costs and don't allow any payment deferment, so you will be obliged to start repaying it right after getting the funds. However, private student aid can help you if you don't meet the requirements to qualify for federal student loans. They will also be useful if you need some extra money to cover the remaining educational costs that are over the limits set by federal aid.

What Are Alternatives to Student Loans for Women in Recovery?

There is one more choice to think about if you don't want to incur debt or are unsure that you will be able to repay it. Talented kids can apply for free scholarships and awards if they have a strong academic record. There are fellowships, grants, and financial aid programs available in almost every field you might be interested in. There are several organizations ready to help students right now. Don't be reluctant to apply for non-refundable financial aid and take your time exploring the area. You'll be able to save money and stay out of debt.

Final Thoughts

As education is one of the best investments an individual can make in their life, student loans are considered a form of debt that will pay off over several years. People with higher education have higher chances of being heard. They also tend to earn more and seem to be more respected too. Also, getting a higher education expands your horizons, helps you fulfill yourself and realize your ambitions in a profession you like, and gives you financial freedom. That is why we consider higher education assistance an important part of our treatment program.