Career Training Loans Can Close The Financing Gap


Career changers will sometimes need to return to school in order to get the training they need to take on a new job. With this recession putting millions of people out of work and decimating entire industries, some people have decided that now is an excellent time to return to school in a bid to switch careers.

Unlike college programs which can take years to complete, training school classes can last as little as a few months while providing students with the training and certification needed to branch out to a new area. This means if someone wants to go to beauty school, they’ll need to eventually meet state licensing requirements in order to practice their trade.

The Cost Of Attending Training Schools

college studentDifferent from colleges and universities, most student loan programs do not apply to schools which emphasize career training or continuing education. While costs per class may be lower than what State U. charges, retraining can set students back by hundreds if not thousands of dollars. Unless students have the funds on hand, then they’ll be forced to look elsewhere for assistance – enter career training or continuing education loans.

So-called “career training” or “continuing education loans” aren’t part of the traditional government and private student loan plan. Instead, both types of loans are treated as “consumer loans” the same types of loans that you would get if you wanted to borrow money to finance a new car, pay for your kid’s braces, or purchase new lawn equipment. This also means that it is up to the lender to establish the parameters of the loan which will typically require that borrowers be US citizens and have good credit.

How Much Can You Borrow?

But what if you don’t have good credit or if you don’t have any credit? In these cases, the lender may require a co-signer for your loan and/or charge a higher interest rate for monies borrowed. In addition, you may only be able to borrow the amount of money you owe for tuition less financial aid. This means that books, supplies and related expenses may or may not be covered. Most lenders will require at least interest only payments while you’re in school, making standard repayments when your education has concluded.

So should you take out a career training loan? That’s hard to say – if it brings you to a new career in the shortest amount of time, then this type of loan might be worthwhile for you. If this type of loan causes you to take on a deep amount of debt with little prospect for a new job, then you already know what that answer is.

Adv. — Are you considering a career training or continuing education loan? If so, visit your Sallie Mae lender for more information or call them directly at 866-530-9523.


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Categories: Student Loans