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Career Education or career training loans are offered by many different lending institutions. While many have specific criteria for lending, the purpose of these loans remains the same – to help students get through their training. One criteria that is fairly common is that your training has to be undertaken through an accredited training organization. Heavy equipment training through Associated Training Services fits that criteria, so prospective students do at least qualify to apply for a loan.
Why should you choose a career loan? There are number of reasons, and while each lending institution will differ, some of the benefits include:
- Generally lower interest rates
- You can often apply online or by phone and sometimes receive instant pre-approval
- If your credit score is good you won’t need a cosigner
- Some loans offer repayment terms of up to 15 years
- Some loans allow you to borrow to pay your tuition plus any other school-related expenses
- Some career loans offer a six or twelve month deferral before you have to start making payments
Financial aid for heavy equipment training can be difficult, however, career loans are often a little more relaxed in their lending criteria compared to buying a home or a car. If you are going into full time study, then having a full time income is not generally practical – this is taken into account. One of the pluses when studying through ATS is that our training courses are only three weeks in duration. This means you could potentially be employed a month after starting your training. This can be an important factor when your financial institution is considering your application.
If you feel that a career loan is not for you, contact us at ATS and we may be able to help you find alternative financial aid. You never know, you may be entitled to assistance through the many programs being run by state and federal governments.