Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
Unfortunately, you generally cannot get a government student loan to finance vocational training. However, there are options. We're breaking this down Best student loans for vocational schools and vocational training.
Let's face it: a traditional college degree isn't the right path for everyone. In fact, for many people, choosing vocational training at a vocational school is the better solution.
If you want a career in the skilled trades, you may need to take out loans to cover upfront costs.
But federal student loans aren't always an option for those seeking an education focused on culinary arts, cosmetology or other careers. If you are thinking about a vocational school, we will check how you can get the funds you need to cover your training costs.
Federal student loans for vocational schools?
For traditional colleges and universities, federal student loans are common. However, for an institution to be eligible for federal student loans, it must be a Title IV approved school. Because many vocational schools and culinary schools are not covered by Title IV, federal student loans are not an option.
Check to see if your school qualifies for federal student loans
While most trade schools are not eligible for federal student loans, some are. Since federal student loans often offer the best interest rates and borrower protection for students, it's worth checking to see if you're attending a suitable school.
You can do this by contacting your school's financial aid office. Employees will likely know whether or not federal student loans are an option.
Private student loans for vocational schools and vocational training
If you can't get a federal student loan to cover the costs of your vocational school, many private lenders offer vocational school student loans. While each lender has their own requirements, many tech students qualify for these private student loans.
One lender that offers loans specifically for job training is Sallie Mae, with loan amounts starting at $1,000.
But Sallie Mae probably isn't the only private option. Take the time to explore multiple private student loan options. Here are some factors to consider when shopping.
- Interest charges: To minimize your borrowing costs, you should secure the lowest possible interest rate. Shop around to find the best plan for your situation.
- Loan conditions: With a shorter repayment period, you can get out of debt faster. However, you'll likely face a higher monthly payment. Try to find a balance between an affordable monthly payment that won't leave you in debt for too long.
- Borrower protection: Federal student loans offer better borrower protection than private student loans. Still, it's worth looking for a lender that offers payment flexibility and forbearance even in difficult times.
When choosing a private student loan, finding the best option is crucial. Here are some options:
Sallie Mae Smart Option Student Loan® for job training
Sallie Mae is probably the most well-known student loan lender. They are the nation's largest private student loan lender by loan volume. That's why they also offer some of the most competitive private student loans available.
You can take out Sallie Mae student loans for as little as $1,000 (which is one of the lowest) and borrow up to the total cost of education.
Read our full Sallie Mae review here.
Get a quote for Sallie Mae here >>
College Ave
College Ave offers vocational school loans for students pursuing vocational training at certain qualified schools.
College Ave offers a variety of repayment terms that are more flexible than other private student loan lenders. You can get loans with a term of 5, 10, 15 or 20 years. You must borrow a minimum of $1,000, but you can borrow up to the cost of attendance.
College Ave also offers students the option to defer payments until after graduation or make interest-free payments while in school.
Read our full College Ave review here.
Get a College Ave quote here >>
Edly
Edly is a unique private student loan offering because they are one of the few lenders that focus on income-based student loans.
Unlike a traditional student loan, repayment of this loan is based on your income, subject to certain limits. If your income falls below a certain threshold (currently $30,000), your loan will be deferred.
The downside is that you can only take out $15,000 worth of loans per year ($25,000 total) and only at select schools for select programs. These programs include many coding camps, nursing programs, and more.
Read our full Edly student loan review here.
Get a quote from Edly here >>
Other ways to pay for vocational school
Since the demand for skilled trades is so high these days, there are other ways to finance vocational training in addition to student loans.
Training
Some professions finance vocational school as part of a larger training program. For example, most local IBEW (International Brotherhood of Electrical Workers) unions offer paid apprenticeship programs that teach you how to become an electrician while getting paid. It's a win-win situation!
Scholarships and grants
Scholarships and grants may be available to students pursuing professional training. This is especially true if you are moving into an area with a high demand for workers.
Take the time to research scholarship opportunities. You can find national opportunities through a scholarship search website. Additionally, a local service organization or union could offer local scholarships to dedicated students in specific career paths.
Because you don't have to pay back scholarships or grants, they can be very worthwhile. Apply for as many scholarships as possible to maximize your chances of getting the funds you need for school.
Working while attending school
Depending on your course load, you may or may not work while attending school. But if you can do both, you could use some of your income to cover education costs.
If possible, find an employer who is willing to help you finance your schooling. Some companies offer to cover the training costs. Some of these include Carhartt, Honeywell, Terminix and Peloton.
Some career paths also offer the opportunity for training. With training, you can get paid to work in your chosen field. You receive part-time training. In addition, most apprenticeships include the necessary face-to-face teaching. Take a look at Apprenticeship USA to find potential opportunities in your field.
The conclusion
Paying for vocational training can help you improve your earning potential. However, for many, paying for training in advance is a barrier. While you can first check to see if your school qualifies for federal student loans, private student loans are also an option.
As you progress through your education, look for ways to minimize the amount of loans you take out. If possible, seek a scholarship or work while you go to school to reduce your loans. Although this can be a stressful time, the preparatory work means you will be in a better financial position after graduation.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
