In today's world, trade school is becoming an increasingly popular option for those looking to start their career sooner than a four-year degree program. Trade school programs can vary in length, from a few months to two years or more, and can help you become an electrician, mechanic, or dental hygienist. While trade school is often much cheaper than a bachelor's degree, the costs still need to be factored in. Fortunately, there are several financial aid options available for trade school students.
The Free Application for Federal Student Aid (FAFSA) covers trade schools, as long as the school is accredited. The FAFSA will help you find grants, loans and scholarships to pay for trade school, as long as you attend an accredited business institution. Accreditation will also help ensure that your trade school degree is legitimate. The type of aid and how much you qualify for when filing the FAFSA will depend on your circumstances.
Some states, businesses, and charitable organizations offer scholarships for students who attend trade schools. Your school's financial aid office may have a database of available scholarships. If they don't, you can contact professional associations, such as the American Culinary Federation or the American Welding Society, in your professional field to see if they offer scholarships. Federal student loans are loans backed by the federal government.
As they are loans, they must eventually be repaid with interest. Federal student loans are applied for through the FAFSA. Therefore, they are available to students who attend trade schools, as long as the trade school is accredited. Private student loans are loans available from banks, credit unions, and other private lenders. They are NOT subsidized by the government and must be applied directly by banks.
The FAFSA is not involved with them either. Private student loans are much more difficult to approve than federal loans. That's because applicants generally must have good credit and a solid income to qualify. In addition, interest rates on private loans can vary significantly depending on the creditworthiness of the borrower. Scholarships are another form of free money for school.
However, unlike student loans, scholarships don't need to be repaid. Schools, government agencies, businesses, and even generous individuals can offer scholarships. They can be awarded based on merit (academic performance or athletic ability, for example), identity (first-generation students, for example), or financial need. Some scholarships are available for trade schools, but many are reserved for undergraduate students at traditional universities.
Therefore, you'll want to check the fine print of any scholarship opportunities you plan to apply for. In addition to scholarships and federal student loans, some trade schools may offer a payment plan which allows students to make incremental payments on their total tuition to reduce their debt. For students who can't get federal financial aid for a trade school program, private student loans may be an option. Finally, some employers offer reimbursement programs that cover tuition costs for employees who attend trade schools or take classes related to their job duties. If you're considering attending a trade school program and need financial assistance to do so, it's worth looking into all of these options.
