Financial Aid for CDL Training
While most truck driving schools have programs that only last a few weeks, the cost associated with training can be more than most people have lying around the house or in between the couch cushions. A lot of people end up choosing truck driving as a career after being laid off or quitting their existing jobs. This can make saving the money for CDL training even more difficult.
There are a lot of options available for individuals to cover the cost of tuition at a trucking school. While there are going to be some differences from state to state and school to school, below is an overview of some of the options you can explore with a career adviser at your local CDL training facility.
Paid CDL Training
There aren’t as many trucking companies that offer paid CDL training as there once were. While this is a good option for someone with poor or no credit and no other financial options, company-sponsored CDL training can often lead to long employment contracts making much less than other truckers.
Overall, not a bad choice as getting into the trucking industry is a good decision no matter what route you take, paid CDL training is something that should be carefully considered. Be sure to review any contracts you are asked to sign and ask questions about anything you aren’t sure of.
Unemployment / Workforce Investment Act
Workforce Investment Act (WIA) funds are often available for trucking school. These funds are offered at the state level, and are used to help people train for new careers when they are unable to find employment in their current industry with their current skillset.
There are also other funding programs available in some cases for the unemployed. These programs are designed to help fund vocational rehabilitation for those unable to find gainful employment with their current skillset.
There are many private loan institutions that will provide personal loans to students looking to obtain assistance with paying for CDL training. These loans usually require a credit check and in some cases a cosigner for the loan.
You might also expect to see a private lender require you to have your student loans repaid by automatic draft from your paycheck once you start working with the transportation company you’re hired on with. Tuition reimbursement (see below) offered by such companies might also be sent directly to the private lender to help pay off your loans.
Receiving a loan from a private lender is one of the most common methods of financial aid used for truck driving school.
A lot of the major transportation carriers out there who offer partial or full reimbursement for the cost of your CDL training. Usually, this type of reimbursement is offered in smaller payments added on to your paycheck throughout the first year of employment with the company.
This is a wonderful option for people who either have enough money saved up for CDL training or are able to raise the money through friends and family. This allows you to get through CDL school and pay off your personal loans within a reasonable amount of time without having to repay them from your regular earnings.
Other Financial Aid Options
Believe it or not, there are a lot more options available than what is mentioned in this article, but not all options are available in all states and at all schools. The best thing to do if you are interested in exploring all of the financial aid options available to you would be to contact us using the form on the right hand side of the page and we will put you in touch with an authorized CDL Training Today representative who can explain all of the options available in your area.