- How Much Does It Cost?
- Financing Is Available
- Think Before You Borrow
- What's the Money For?
- "Where Does the Money Go?"
- Financing Options
- Vendors Can Aid the Loan Process
- Working with Training Companies
- Financial Institutions and Specialty Lenders
- Ask Uncle Sam for Certification Assistance?
- Don't Forget Your 'Other Options' For Financing
- Heading for the Payoff
Working with Training Companies
Many independent testing and training companies refer students to external programs rather than providing in-house financial aid. Primarily, this is due to the excellent resource available through existing programs, both commercial- and government-based. Some of the training companies contacted include:
Sylvan Learning Systems, Inc.http://www.sylvan.net/
You'll find that each of these training centers encourages students to pursue financial aid through a wide number of sources. Many of the more prominent sources used by these companies are listed here, but be sure to inquire about other services that may not be covered in this article.
You may also learn that some training companies may offer discounts on individual or packaged courses based on current employment or financial situations. You'll need to inquire specifically about such discounts or benefits at each training facility. For example, if you work for a large company in the area that purchases corporate training from a particular training outlet, they may also offer you a 15 percent discount on any classes you purchase as an individual above and beyond those included in your corporate education package.
The P.L.A.T.O. Skills Education Loan program offers educational funding for students enrolled in approved IT skills programs. For a list of such programs, contact them directly at (800) 339-2535 or (800) 244-8750. Most phone applications for aid are processed within 48 hours, and the disbursement checks are co-payable to a training center and the student. There is no application fee, but there is an 8.9 percent origination fee if money is awarded. The program offers low monthly payments and decreasing interest rates for on-time and early payments. This program offers loans up to $25,000 yearly and $100,000 aggregate, with up to 20 years to repay. Generally, this results in a $12.50 payment per month per $1,000 borrowed. More information on this plan is available at http://www.cel.org/.
DeVry Institute offers its students access to financial aid services that include scholarships, loans, family contributions, employer tuition reimbursement plans, and work-study programs. DeVry even offers its own in-house financial aid service known as the EDUCARD plan. Application for any type of aid requires a FAFSA application. The EDUCARD plan is an interest-bearing installment loan that may be used to fund courses and books. Loan payments become due starting the day of class enrollment and must be fully repaid within 12 months after degree or certificate completion (or when you stop taking classes). More information about DeVry's financial aid is available on its Web site, http://www.devry.edu/.