“How do I Get Financial Aid for CDL School?”
Financial assistance for truck driving school includes the Workforce Investment Act or “W.I.A.”, Student Loans and Tuition Reimbursement. There are paid CDL training options but those must be fully researched because you may find pros and cons.
Although most CDL driver training programs only last a few weeks, the cost associated with this training can be more than most people have laying around the house or in between the couch cushions. Many people see the benifits of a quick learning process with a high potential salary after being laid off from their existing jobs. This can make paying for training up front very difficult.
While there are differences from state to state and school to school, below is an overview of the some of the financial aid options you can explore with a career adviser at your local truck driving school.
Paid Truck Driver Training
There aren’t as many trucking companies that offer paid truck driver training as there once were. Paid truck driver training can be a good option for someone with poor/no credit and no other financial options. Paid truck driver training can lead to long employment contracts and lower salaries than other truckers. Paid truck driver training should be something that is carefully considered. Make sure to review any contracts you are asked to sign and ask questions about anything you aren’t sure of. Paid Training >>
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 skill set.
In some cases, there are also other funding programs available for the unemployed. These programs are designed to help fund vocational rehabilitation for those unable to gain employment with their current skill set.
There are many private loan institutions that will provide personal loans to students looking for assistance with paying for CDL training. These loans usually require a credit check and in some cases a cosigner for the loan.
Private lenders may require you to have your student loans repaid by automatic draft from your paycheck once you are hired by a transportation company. Tuition reimbursement (see below) offered by companies may 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 for truck driving school.
A lot of major transportation carriers 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 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.
There are truck driver programs that specialize in truck driving for veterans. While some companies offer low-cost tuition, military benefits may cover the cost of training needed to obtain your CDL and begin a successful career in trucking. Military Benefits for CDL>>
Other Financial Aid Options
Believe it or not, there are a lot more options available when it comes to financial aid for trucking school. However, not all options are available in all states and at all schools. If you are interested in exploring all of the financial aid options available to you, fill out the form on the right and we will put you in touch with a representative who can explain all of the options in your area.
Further Reading: How to get Financial Aid for Trade School
Popular Cities for CDL Training