Financial aid and student loan packages can vary from school to school, often times depending on the program’s accrediting agency and whether it qualifies for a federal student loan. Independent loan organizations also offer a range of loan packages which usually defer payment until once the program has been completed and the student has begun working. Below is some information to help guide you through that process.
Before applying for any Federal Direct Loan, students must submit a Free Application for Federal Student Aid. The FAFSA is used by the Department of Education to assess a student’s financial status, and to determine the levels of financial aid for which they are qualified. Every search for financial aid for college, whether at a technical school or four-year university, begins with the FAFSA.
Generally, Federal student loans will not cover the full cost of a student’s tuition. Even students pursuing their education at a technical school or vocational school may find that Federal loans fall short of the mark. Students left with a sizable amount of unmet need after applying for their Federal loans may need to consider a private lender loan. Private, or alternative, loans play an integral part in helping students finance their college education. As helpful and important as they are, private lender loans are more difficult to secure than their Federal counterparts and generally come with higher interest rates and more stringent repayment terms. That being said, without private lender loans many students would be unable to afford to pursue their college education.
Navient – Navient offers the private and federal student loans for undergraduate students enrolled in a degree or certificate program at a participating technical school or community college.
Bank of North Dakota – Students enrolled in a community college or technical school can take advantage of the Dakota Education Alternative Loan. This loan is available to students pursuing a degree or certificate at an approved two-year college or vocational school. Loans are decided according to credit history, and students may borrow up 100% of their total cost of tuition. This loan is only available to students attending school in North Dakota, Minnesota, Wyoming and Nebraska.