Technical School Loans
Are You Ready to Learn?
Technical school offers you a completely different type of higher education than the traditional liberal arts colleges or universities. If you are curious about bypassing general studies and fast tracking into more career-specific curriculum then the technical school scene might be just what you are looking for.
Trends in Technical Education
The technical school crowd was once a frowned-upon bunch, typically a population geared toward computer geeks and those most thought couldn’t cut the college scene, but times they are a’changin’. In fact, technical schools are enjoying a renaissance. New generations of students, both college age and otherwise, are discovering the benefits of getting to the nitty-gritty of specialty programs. Students interested in computer science may only be required to master the most critical curriculum and in most cases the hands-on component of the program is the most vital. Students who graduate from a technical college program are already versed in the practical applications of their chosen field. Culinary students are cooking, IT geeks are programming and networking, real estate professionals are hitting the ground running, and the traditional automotive repair student is pimping a ride.
Range of Technical School Programs
Some technical school programs provide a complete two-year education, which may get you access to some of the regular student loan options. In fact if we are really plumbing the depths of technical school educations we could start at the top with big-name programs like Massachusetts Institute of Technology (MIT). This is the ivy-league of technical schools and offers nothing short of undergraduate and graduate level programs that train students to lead in fields of architecture and engineering, computer sciences and business, among others.
Range of Student Loans
Obviously if you’re going for the MIT-style program you will be able to qualify for any of the ordinary federal loans, such as the Stafford and Perkins Loans. And you may explore the breadth of alternative student loans, most of which are geared toward the four-year, full-time college student, as well.
But if you are not into the four-year technologically advanced program, and are aiming for a two-year or certificate program, you will have limited resources as far as student loans go. If you are attending a degree program on at least a half-time basis, you should be able to qualify for some funding through the Stafford Loan program. Since many technical colleges offer certificate programs, the federal loans are out of reach. Instead private student loan lenders like Sallie Mae have designed customized loan products tailored to students whose educational pursuits fall outside the cut-and-dry edges of traditional higher education.
Outside the Box Student Loans
The Career Training Loan through Sallie Mae is not only one of the most popular of its ilk, but the loan offers some of the same flexibility as other alternative student loans, combined with attractive interest rates, limitless borrowing, and extended repayment terms. Also, the opportunity to borrow for “related expenses” is to your advantage, particularly for highly technical programs that may require you to purchase expensive tools and equipment. This is a credit-based loan which means either you or a co-borrower must prove creditworthy.
The Chase Education One Undergraduate/Career Education Loan is geared toward a wide range of students and does not discriminate on type of college program. As long as you are pursuing a program half time or more, you may qualify for up to $40,000 a year in financial assistance through Chase.
Some states also offer alternative types of student loans and a few more geared toward a career or technical program. For example, New Mexico offers residents the Link Education Loan through New Mexico Student Loans. The school requirement is that you attend a state college or university, which includes the community college system.