Education

How to Get Student Loans for Continuing Education

Sometimes, the career path you choose might make it necessary to get an additional certification or other types of continuing education. However, continuing education can be costly, and traditional student loans don’t cover them. 

Fortunately, there are some alternatives you can use. If you plan to further your education, follow this guide. Let’s begin. 

3 Continuing Education Student Loans To Consider 

As you read the points outlined below, consider your needs first. That will help you determine the best option for you. Unfortunately, you won’t get any continuing education if you have a bad credit score. 

If you have bad credit, you can still qualify if you have a cosigner with a good or excellent credit history. 

1.Direct PLUS Loan 

You can qualify for the federal direct PLUS loan if you’re looking for a certificate or degree at an eligible institution. However, PLUS loans demand a credit check, unlike federal student loans for undergraduate students. So you might not qualify if you don’t have a good credit score. 

This student loan is federal student aid, and that means you need to fill out the FAFSA. That’s the only way to qualify and proceed further. If you are eligible, you can borrow up to the cost of attendance from your college—that minus any financial aid you received already. 

You have between ten and 25 years to pay back the student loan. And you’ll have access to income-driven repayment plans. 

Now, if you get federal grants, use them before you turn to federal student loans. With grants, you get no interest, and you don’t have to pay back. However, with student loans, you have to repay them with interest. And you usually pay through forgiveness programs such as Public Service Loan Forgiveness

2.Private Student Loans 

If you can’t qualify for federal student loans, or it’s not an option for you, consider private student loans. It can help you cover the remainder of the costs you have. Private lenders such as banks and other financial institutions issue private student loans. 

These student loans often come with higher-interest rates than federal loans. In addition, you may have to start your repayment early, even while still in school. 

If you want to be eligible for a private student loan, you need a good or excellent credit score. If you don’t have one, you can choose a cosigner with a good credit history. That can help you take out a student loan. 

However, before you choose this option, you need to develop a private student loan relief plan. That can help you pay off your debts in an unstressful manner. 

3. Sallie Mae 

Sallie Mae has a Career Training Smart Option Student Loan. It’s developed for students that take professional trade or training certificate courses at non-degree-granting institutions. 

With this option, you can borrow any amount to cover your college-certified expenses, whether you need the money for travel, tuition, or a laptop. In addition, you don’t need to pay any prepayment or origination fees, and you get a 0.25% discount on your rate if you enroll your payment on autopay. 

You can’t defer your repayment totally while you study. But you can limit your monthly payments to $25 or make payments on interests alone. When you leave school, you have to make total payments on the interest and principal. 

So before you make any decision, you need to develop a strategic plan to help you pay off your remaining debts. 

Choosing Between These Student Loans For Continuing Education 

It’s a no-brainer to take out federal student loans if you’re an undergraduate student. Federal loans usually come with lower interest rates compared to private loans. And they offer additional protections and features like student loan forgiveness and repayment programs. 

However, private student loans for licenses, certificate programs, and other career training might be the best option if you’re pursuing continuing education. And even though they usually come with high-interest rates, you could be eligible for a lower rate if you get a cosigner. 

Final Thoughts

If you want to continue your education, it’s better to opt for private student loans. However, before you choose, search for the best deals. Doing so can help you get the best rates, especially if you have a cosigner with a good credit score. 

You can also check out grants and scholarships to continue your education. That can help you fund your education. If you don’t know what to do, seek an expert’s advice. 

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