Community College Loans
Need Money for School?
Community colleges are not the lowly stepsisters they used to be and with the skyrocketing costs of traditional four-year colleges getting increasingly out of control, more and more individuals are exploring their options at the local community college. And not only are individuals seeking out these alternative institutions, but community colleges themselves are marketing to a wider audience and netting a much more auspicious clientele.
Community College Costs vs. Traditional College Costs
We all know there’s a difference between what you pay at a community college compared to what you pay at a traditional college, but what exactly is the difference and is it worth it?
Compared to private colleges that may run your annual tab of well over $20,000, you might find you can wring a full two years out of a community college for under $5,000, sometimes more, but that depends on type of program and where you are in the U.S. And if attending a community college has anything to do with saving big money, then if you live close by you may opt to remain living with your parents, saving even more money.
The degree attained from a community college is certainly worth it if you have a plan, as in any other college program. If you are pursuing a technical degree many community colleges are able to equip themselves with the latest electronics and digital equipment, giving students a leg-up when it comes to hand-on experience. And if you are using the degree as a stepping-stone to a Bachelors degree program you are already on board with training and perhaps have had the chance to really ramp up your academics.
Community College Loans
If you get a “community college loan” it is just another way to express an alternative student loan. The difference is that not every lender offers a loan for students in a community college program, which is typically a two-year degree and may even have you attending less than half time.
Sallie Mae, one of the most well-known student loan lenders and certainly one of the largest, offers an alternative loan for community college students. The SLM Community College Loan is designed for those in a two-year degree program. Eligible applicants must be able to pass the credit check or sign on with a co-borrower whose credit is decent. You may qualify to borrow as much as you need to cover the tuition costs and expenses and you have up to 15 years to repay the loan. You can choose from a number of repayment options.
Student Loan Xpress offers the Community College Xpress Loan, featuring a unique option to borrow backwards. Yes, you can borrow for last year’s tuition while you are borrowing for this year’s. Approvals are quick and you may attend school less than half time. If your credit is not okay, you may be approved with a co-borrower.
Local and regional community colleges also widely offer their own loans. For example the North Carolina Community College Grant, Loan Program and Targeted Financial Assistance Program is a state-sponsored program designed to offer underprivileged students a chance for college aid. The Loan Program allows community colleges to autonomously extend short-term loans to students who are deemed worthy.
After Community College
There are any number of avenues students take after graduating from a community college program. Many have earned two-year professional degrees that may help them move onto four-year programs with excellent academics to their merit, while others may have used the program simply to get training specific to a particular field, such as computers or healthcare.
And community colleges are in the business, too, of supplying an increasingly niche trained workforce with continuing education courses targeting professional programs.
