Scholarships and Grants for Trade Schools
If it is trade school that you are opting for, you will still need financial assistance in the form of grants or loans to help you through it. Trade schools are no less expensive than college programs. The whole spectrum that now comes under trade schools is vast and includes culinary to carpentry, landscape designing, and aviation. The one advantage that trade schools have over college programs is that it puts your career on a fast track.
Various Types of Trade Schools
Trade school programs have an appeal for all those who are inclined towards some activity that is best done with one's hands. You can find a trade school according to what your interests are. Whether it is the good old trade of carpentry or the high-end art of aviation mechanics, trade schools now give you wide-ranging options. Some of the programs that come under trade schools are in real estate, construction and building, culinary arts, diesel mechanics, plumbing, truck driving, welding, and marine and watercraft. You can also train to become a locksmith, gunsmith or electrician. The following article, Careers in Technical or Vocational Industries for further information regarding a career in a trade.
Limited Availability of Federal Loans
The Federal Family Education Loan Program that includes both the Stafford Loans and PLUS Loans is limited in its use, as it is available only to students who go for a degree program in a college or university. The non-traditional higher education programs such as those offered by trade schools are not included in these loan programs. Trade schools have a shortfall of private loans coming their way. However, the growing popularity of these schools has created a class of new private loans that may solve the financial problems of trade school students.
The New Brand of Trade School Loans
A new group of private student loans with high loan limits and flexible plans for repayment have come to the rescue of students going to trade schools. These loans are also available for technical school students and are comparable to the traditional loans usually given by the federal and private organizations for degree programs. One of the most popular loan programs for trade school students is the Career Training Loan, which is given by Sallie Mae. You can apply with another borrower, take the full amount for the program as a loan, and even cover related expenses. The repayment and interest terms are flexible and do not put a strain on you. The opportunity to cover related expenses is a godsend for trade school students, as they need to buy specialized equipment for their courses. The only thing to remember while taking private loans like this is that private lenders will look at your credit history unlike the government. So, apply with someone who has good credit and will help you.
Loans for Technical Schools
Technical schools include premier institutes such as MIT, with its four-year degree program, and also the two-year technical programs at community schools. This diversity of programs is also reflected in the loans available for technical schools. Federal loans are available for graduate technical students. These are more affordable and accessible than private loans. What are your federal loan options for technical schools?
Federal Loans for Technical Students
The Stafford Loan and the Perkins Loan are two federal loans that do not require a credit check. Stafford Loans may be subsidized, where the government absorbs your interest payments, or unsubsidized, where you have to bear the interest payments. Perkins Loans are disbursed at campus. As these are given on a first come basis, apply for FAFSA and college as soon as possible, so you do not to miss the opportunity for another year. However, a graduate level program may require more money than is given by either Stafford Loans or Perkins Loans. In that case check out the federal PLUS loans at CollegeScholarships.org before you seek private financial aid.
Applying for Federal Loans
The various federal loans that are available can be a little confusing. To have a greater understanding of the various types of government loans, you can go to CollegeScholarships.org. To know more about the process of college loan application - federal, state, private - check out CollegeScholarships.org. You can complete the Free Application for Federal Student Aid or FAFSA at Fafsa.ed.gov.
Private Student Loans for Technical School
When you do not qualify for federal student loans or when the federal loans do not cover the full cost of your course, then the only option is to take private loans. You could opt for the Sallie Mae Signature Student Loan for Community Colleges, which is suitable for students in technical courses.
To know more check out this site: Salliemae.com.
You will not be eligible for federal loans if you are not doing a degree program or if you are not going to college for at least half time. Check out the college scholarship site at CollegeScholarships.org for the various private student loans and choose the one that applies to you.
Trade and technical schools are coming back in a big way, with trendy professions that are wide ranging from scope (nanotechnology to cosmetology) to duration (four years to one year). Select your course and apply for the best loans available.