Financing your vocational training or education need not be a harrowing experience for potential students, but as with any investment in the future, knowing how to acquire financing for a nontraditional form of post secondary school education is not always completely straight forward. As a whole, vocational training is somewhat more expensive than traditional college education and comes in two varieties. Vocational training involves completing particular courses to improve job qualifications. Vocational education is a career-specific training program attended to acquire specialized skills in a shorter length of time than through traditional college. There are many types of funding available for vocational training.
Many vocational schools have a financial aid department that is ready to aid potential students with any financial need. From government grants to guaranteed student loans, there are lots of opportunities for vocational students who require funding assistance.
Perkins Loan – A Federal Perkins loan is a 5% interest loan that any undergraduate or graduate student with financial need can apply for. Both the school and the government pays this loan, and you have to repay it through your school. Contact the vocational school to see if the school participates or is eligible.
Sallie Mae – Sallie Mae offers low interest loans for tuition and education expenses for both continuing education and career training. You must borrow at least $1000, and payback is flexible.
Pell Grant – Most students apply for a Pell Grant, which is a federal grant based on financial need. You have no requirements, and the grant does not have to be repaid. To apply for a Pell Grant, you have to fill out the FAFSA (Free Application for Federal Student Aid) and attend an eligible school for the pursuance of an undergraduate degree. You also have to have your diploma or GED.
Scholarships – Scholarships are great ways to finance a college education. There are literally thousands of them out there, available from businesses, colleges, individuals, schools, employers, associations and clubs, communities, and professional associations. There are many reasons why scholarships are granted. Colleganswer.com offers a free search for scholarships, and your tech school financial aid department will likely have more information.
HOPE Tax credit – This is a neat program that gives you an extra $1500 maximum credit for each of the first two years of your education.
Peace Corps – Volunteer to serve in 72 countries and in return get funds for school or vocational training.
Lifetime Learning Credit – This is an up to $2000 credit for all years of post secondary education, even those which do not lead to a degree.
Federal Work Study Program – This program is a financial aid method that requires a student to work toward the monies needed for education.
ESA or 529 Program – (Coverdell) Education based savings are savings plans set up for a student prior to age 18. Parents can contribute up to $2000 a year before taxes, which can then be invested and withdrawn without tax penalty when used as outlined.
Company Reimbursement Programs – Sometimes the company you work for has in place a special reimbursement program for employees (and sometimes their dependents.) With these programs, the company repays qualified educational expenses after certain guidelines are met. Inquire with your company’s HR to see if your vocational education is qualified.
Private (Personal) Loan – Personal loans are another way to finance vocational school. Be sure to shop around for a moderate interest rate. Only choose a personal loan as a last result.
Educational Assistance for Members of the Selective Reserve, Service or Reserve Educational Assistance Program – If you are a member of the Selective Reserve or Selective Service, there are special educational assistance programs in place. Not only does the selective service pay for training during your enlistment, they also allow for additional education afterward.
Americorps – Americorps is a community service program which helps participants earn money for school by helping the needy.
Survivors of Veterans or Qualified Vetrans Grant or Loan – Survivors of Veterans killed in the line of duty are often eligible for funds for education. If you are the child or spouse of an active serviceman or servicewoman who died serving our country, you might want to see if you qualify for education assistance.
Stafford Loan – The Stafford Loan offers several financing opportunities, including information on private financing and FPLUS (parent loans.) Fill out the FAFSA application to see if you qualify.
ACG or National SMART grant – This grant is available for people who are enrolled in a two year degree program and have at least a 3.0 GPA. SMART is for the second two years toward a bachelor’s degree. ACG is for the first two. Some Vocational schools offer two year degrees, so an ACG might be a way to acquire funding for tech training involving a degree.
FSEOG Federal Supplemental Educational Opportunity Grant – This is another grant available for extreme financial need. The vocational school must be eligible.
Learn and Serve – Service Learning combines education with community service, allowing for work-study, grants, and special funds for individuals.
There are many varieties of financing for vocational school, but be sure that your vocational program qualifies for a particular method of funding prior to enrollment by contacting your school’s financial aid department. Be sure to watch application deadlines and in the case of scholarships, you must typically apply for the scholarship every year to renew it. It is recommended that you complete an application for any form of funding for which you might qualify. Some have grade point average requirements, so read all specific guidelines so you can assess what to expect.
