Bank loan for private school?? Anyone Ever?

I'm not sure if loans for school are possible..Maybe from a credit union..
I personally payed cash.If you are unemployed maybe your state doese the WIA program,which is a grant that pays for schooling..think its 7k could be wrong..I understand the company school route,still you ought to look into it more.Some are a hell of alot better then others. I chose a 3 week school because I figured once with a company the trainer would fill the gaps in.All companys that hire new drivers need to be with trainers.
Hope that helps..

 

Please do not take this as any kind of personal insult.

You probably won't make it a year in this job. Something like 90% of new grads don't. Hence all of the job openings with the major carriers.

I wouldn't take out a bank loan for something like this, knowing that.

Besides, the only really decent training programs are through community colleges and they normally aren' that expensive.


.......... Jim

 

Your chosen school should have that info for you.

Like someone else said, look into State programs for re-training.

 

I was told by my local community college that there is no federal money for that class due to the short length of it, you can't get any tradational student loans for the same reason. She did say that wellsfargo has a "shortterm" student loan that will cover the class (2500)

 

You could take out a loan on your house !!!























Many homeless drivers have done it.......... !!!!!

 

True, in every occupation there is a chance of not making it. However when a particular field has an astronomical turn over rate, it bears investigating and consideration. Especially when you are considering spending (what is to some people) a considerable amount of money, to learn the basics of what is claissified as an unskilled occupation.

The only point of my post was to suggest that if you don't make it, for what ever reason (and I have no reason to believe whether you will or, will not be successful) then you will be in debt to your bank. Which, credit wise, is a little different than being in debt to a training company.

As far as training programs go... there is little difference between most of the private schools with 160 hour (average length) programs and, the company sponsored programs. Both types of programs "teach to the test". In other words the only things you learn are those things that will get you past the CDL test and get you into a driver's seat as a trainee. Community colleges do offer some additional training but the end result is the same.

The advantage with a community college or private school is that you are not immediately in financial debt to your employer. The advantage to employer sponsored training is that you can generally start training with no money out of pocket. In either scenario you will likely get some form of tutition reimbursement. So if you stick with it, it will be a wash.

Since you were not asking if you could take out a bank loan (you already know you credit and income situation) but rather if you should take a personal loan, in my opinion you shouldn't, because there are too many other training options that don't carry as much risk.

After all, in a few years it won't matter what school you went to, whether you are still driving or not. School is just the avenue to get behind the wheel. The rest comes from practical experience.

......... Jim

 

This is a great post.I have to add though,if you go with a company program then you will be beholden to that company.If you choose a 3 week private school then you can choose who you work for..atleast a bit..
Choose as best you can with the info you can get..there is alot here by guys like Jim.If you are lucky the newbie carrier will be good and you will have an easier time..On either choice you will be stuck to gut it out with what ever path you choose for a min of a year.

 

my current employer (school) does not have student loans. we do of course accept the WIA money. some of my students cash in a credit card (cash advance) but the interest rate is too high (i think).

some students do get personal loans but pay a high interest as well. some students get a home equity loan. some students just borrow from family. if you have the resources, you can get a loan, but watch the interest rate and length of the loan. i have found that the student that has to pay his own way actually applies himself, knowing HE is responsible to pay back the loan, as it was not a hand out form the government, and we also get a better class of people as students....