Depending on the career path you want to take, it might be necessary to get an additional certification or some other type of continuing education. But continuing education programs can be expensive, and traditional student loans can’t cover them.
Fortunately, there are several alternatives you can use. If you’re planning on furthering your education, here’s what you need to know.
3 Continuing Education Loans You Need To Consider
As you go through the points below, take time to determine which one is the best option for you. If you have difficulty choosing, get in touch with an expert who can help you make an informed decision. You would also need help with writing your financial aid statement. A professional writing service can help you with that. However, you need a good one, so start with checking out the DoMyEssay review and look for more if needed.
One more thing to consider: If you have bad credit, you won’t qualify for a continuing education loan. If you find yourself in such a situation, we recommend that you get a concierge with an excellent credit history.
With that said, let’s get into it.
Federal Student Loans For Continuing Education
You have a chance to qualify for several federal student loans. However, you’ll need to be enlisted at least half-time. That means you would take six credits for each semester. In addition, you need to participate in a qualified certification or degree program.
You can use the College Navigator tool by the National Center of Education Statistics to find potential certificate programs. Now, you can use the following student federal loans to make for continuing education:
- Direct Subsidized Loans. With these federal loans, it won’t be necessary to pay interest while still enrolled in school. However, you’ll have to prove that you’re in financial need.
- Direct Unsubsidized Loans. With these loans, you’ll have to pay interest from day one of your enrollment. However, you can be eligible for unsubsidized loans without proving any financial need.
- Plus Loans. The Plus Loans are for professional or graduate students. The qualification requirements are based on your credit check. So you can’t afford to have any bad credits on your report like bankruptcy.
You’ll have to fill out the Free Application for Federal Student Aid (FAFSA) to check your eligibility for the above loans. After the federal authorities review your application, you’ll get an award letter explaining the types of financial aid you are eligible for.
If you’re awarded any federal grants, make sure you use them before turning to federal student loans. There are no interests when it comes to grants, plus you don’t pay back. However, with student loans, you have to pay them back with interest, usually through forgiveness programs like Public Service Loan Forgiveness.
Private Student Loans
If you’ve used all your federal student loans, which you’re eligible for, or it’s not an option, you can opt for private student loans. It can help with the remainder of the costs you have. Click here to find out more.
Private loan lenders issue private loans, including financial institutions. These loans usually come with high-interest loans compared to federal student loans. Furthermore, you might have to start your repayments early, even while enrolled in college.
Typically, to qualify for a private student loan, you need a good credit score. If you don’t have an excellent score, consider a cosigner with a good credit score. That can help you take out a loan.
Other Student Loan Resources For Continuing Education
If you’re searching for additional assistance to help you finance your continuing education, there are other options to look at. Below, you’ll find various financing products and program-specific loans.
- Student loans for non-degree programs. You can check this program if you’re enrolled in any education that won’t result in a particular certification or degree.
- Student loans for certificate programs. You can use this program if you’re pursuing a certification program.
- Loans for acting school. If you’re pursuing a professional acting academy or acting, you can use these student loans to cover the cost.
- Student loans for trade school and career training. Are you exploring a particular career or trade path? You can use these student loans to assist in your education.
- Student loans for cosmetology school. Do you want to become a makeup artist or hairstylist? These cosmetology programs can help you cover the costs.
- Loans for coding boot camp. As you’re probably aware, computer coding is one of the highest in-demand career paths out there. Use these loans to help you cover the cost.
You can find several financing options you can try out if you’re planning on continuing your education. What you need to do is to ask your employer if you’re eligible for any educational benefits such as Public Service Loan Forgiveness and others.
How To Choose Between School Loans For Continuing Education
It’s a no-brainer for undergraduate students to take out federal student loans. That’s because federal loans usually come with lower interest rates compared to private student loans. And they also come with additional protections and features.
However, private student loans for licenses, certificate programs, and other career training might be a better alternative when you enroll in continuing education. We are aware that private student loans usually come with high interest rates. But you can get a lower rate if you get assistance from a cosigner.
If you want to get the best deal, we recommend comparing the features of various loan lenders before you choose. You can apply for each of the lenders to know which offers you’re eligible for. That way, you won’t get hit with numerous credit inquiries.
If you take, coupled with critical analysis, you have a better chance of getting the best student loans for your budget and your needs.
Another way is to evaluate your finances. You can use your savings to cover your continuing education. Sometimes, it makes long-term financial sense to use your savings rather than for federal or private student loans.
Numerous organizations will cover all or some of the costs of continuing education courses. But they have to be directly related to their job before you can qualify. You can also check out grants and scholarships specific to continuing education or your career path.
If you are finally out of all options, you can look at your loans, HELOCs, and home equity loans to assist your education. We recommend you speak with an expert before you proceed.