Continuing Education Loans
Going Back?
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.
Pace of Continuing Education
According to the University Continuing Education Association, continuing education is the “fastest growing segment of American education.” We’re not talking about grandmothers who want to learn to sew, but professional people who must stay abreast of constantly changing workplace protocol; those who require advanced training in all manner of fields from technology to business and education. Students in these categories are also a challenge to the university system because their learning styles have migrated to experiential or practical. So not only does the continuing education process have to offer increasing grades of curriculum, but it also must model the programs so that they appeal to the audience.
CE Student Loans are a Win-Win
Many professionals have resisted higher education, which has also hampered them professionally, because of the increasing cost of higher education programs. However, many colleges and universities, along with increasing numbers of student loan lenders, are realizing the advantages to advertising loan products suited to continuing education students. Everyone benefits. Let’s face it, financial aid is big business, not the altruistic offering of money, but business, and money is to be made from the industry. Continuing education students are often professionals with good jobs. Offer them loans and they will come, so to speak; they will pay for courses and they will repay their loans with less likelihood of default.
CE Loan Products
Sallie Mae may well be the most recognized name in the student loan game. There is a reason for this: the company makes every effort to appeal to all types of students including those who have a financial need for continuing education funds:
- Sallie Mae Continuing Education Loan provides students whose educational requirements are non-traditional, which may mean less than part-time attendance in a non-degree program. Applicants may borrow on their 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 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. This includes continuing education students who may only be able to attend college courses on a less than half-time basis because of challenging lifestyles or a severe lack of funds that would otherwise give them the freedom to engage in a continuum of study.
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.
CE Movement and Future
Continuing education students generally fit into one of two categories: those professionals who require flexible curricula and courses that integrate their busy lifestyles, or those students severely disadvantaged socially or economically who must pursue an education in fits and starts. For either population the rapidly growing realm of these types of programs effectively eliminates the higher education gap and at the same time curtails the domination of the traditional college campus education. Disadvantaged students are finding increasing career opportunity and many businesses respond to motivated and well-educated individuals from a diverse background.
