Continuing Education Loans
Loans for Professionals and Career Changers
According to the University Continuing Education Association, continuing education is the “fastest growing segment of American education.” Continuing education students generally fit into one of two categories:
- Experienced, adult professionals who require flexible curricula and courses that integrate their busy lifestyles. If you fit this description your purposes are often short-term—required CE units, technical certifications, career building courses and seminars.
- Students socially and/or economically disadvantaged may be unable to free up a chunk of time to pursue a formal degree. Maybe you have found it economical or practical for your purposes to piece together part-time and standalone courses to create an education or build experience toward a career.
Regardless of how you pursue a continuing education program, the cost is the same.
**Here’s the hitch: Federal loans don’t cover continuing education.
Continuing Education Student Loans: What’s Available?
You won’t have any difficulty searching for “continuing education loans.” Lenders have already realized the profits to be reaped in an area of education not covered by federal funds.
Popular Loans for Continuing Education
Where there is a student loan vacuum, private student loans will fill the void. Continuing education loans are private loans designed for today’s adult learner. Common features include variable loan interest rates, high loan limits, loan repayment plan options, borrower benefits and more. The variety and depth of loan benefits you find depend in large part on the economic climate at the time you borrow.
Here are a few of the better-known continuing education loan products, but don’t end your search here, there are many others:
- Sallie Mae Continuing Education Loan is designed for students whose educational requirements are non-traditional, which may mean less than part-time attendance in a non-degree program. Borrow on your own credit or with a co-borrower and there is no limit on the loan. Money may be used for courses and for related expenses. Sallie Mae Career Training Loan is ideally suited to students in a technical training program, but may also benefit continuing education students. Loan features are similar to the Continuing Education Loan.
- The TERI Guaranteed Continuing Education Loan offers the flexibility of quick approvals and low interest rates for those who qualify and prove good credit. However, TERI must approve the institution through which the applicant is taking courses. And courses must be attended on a less than part-time basis to be considered for this loan. Approved applicants may be able to borrow up to $15,000 a year for a maximum of two years. The Education Resources Institute, Inc. (TERI) is a large not-for-profit financial loan company whose expertise lies in providing important resources for those students who have been traditionally underrepresented in the college arena.
Private Continuing Education Loans with Bad Credit
What happens if you try to apply for private continuing education loans with bad credit? Don’t exclude yourself from credit-based loans.
**Bad credit borrowers: Negotiate a deal by applying for a loan with a credit-worthy co-borrower, a friend or family member who’s willing to help you get back on your feet.
Use this opportunity to rebuild your credit. When your loan enters repayment make every payment in full and on time. Most lenders release the co-borrower after you’ve made so many consecutive and on-time payments. This is where you snag your chance to improve your financial situation.
Alternative Ways to Finance Continuing Education
Don’t become a victim of private loan tunnel vision. Here’s an alternative to continuing education loans you may not have considered: tuition reimbursement.
If you’re a professional taking technical exams, certification courses, a required course for your job or even just trying to get ahead in your workplace and field of expertise, don’t neglect to check and see if your employer offers tuition reimbursement for continuing education. Your human resources department should have this information on hand.
Once upon a time continuing education was done at the local level through small community colleges and even “adult education centers.” Today’s continuing education student is as savvy as the next college student, but often faced with the rigors of family, career and other real world challenges that just do not fit into the neatness of a squared off campus-based education. Find the money you need to get education done.
