Financial aid, also known as student loans, is the route many students choose to help pay for their training. The training institution will be able to provide you with information on the various loans available to you and the deadlines for application. These student loans do charge interest and have to be repaid to the lending organization over a period of time. Most student loans do not require the first payment until you have completed your training – for example, once you have graduated from a four year college. But it is important to discuss this with the training institution and/or lender.
Many training institutions also offer payment plans to allow you to pay for your training by making payments during the semester if you do not qualify for enough financial aid.
Pell grants are federal grants that do not have to be repaid. The amount of your Pell Grant depends upon your financial need, the cost of the training, your status as a full-time or part-time student and how long you plan to attend school. Pell Grants are given to low-income undergrads and certain post-baccalaureate students.
Your parent’s or guardian’s financial information may be required when completing forms related to scholarships, financial aid and/or Pell Grants. Many of these programs look at the financial need of both you and your family when awarding financial aid, Pell Grants and/or scholarships.
For more information on the financial options available to you, talk with the financial aid department of the school you are looking to attend. They can help you identify your options and answer your questions. And, if you are in high school, don’t forget to talk with your high school counselor!