cdl school financing

We didn't use a school based loan to get out CDLs but, discussed that option and the interest rates were huge!

Payments for 4415 totaled about 7000 in 3 years. $195 a month to payback. For $2600 in interest. That was just for one of us to go to school! So more than 5k in interest to borrow for both of us. The monthly payment for both would of us would have been $390. Our credit scores didn't matter. Because they only use 2nd and 3rd tier lenders.

But a private loan paid for 11k only had a payback of $240 for 54 months. And we had $2170 left over to pay for licensing, hazmat background, and the first 6 months of payments... To keep our credit pristine just in case it takes a while to find the right job or training.

Best of luck.

 

Regarding the options after school... We have plenty and they all pay more than the starter companies.

Simple math shows us a difference of $40k more per year with our 1st choice company (livable wage) over our 4th choice (tuition reimbursement and signon bonus) And $60+k more than a company that offered to train us for free.

Free isn't free.

 

At $60k a year more than a mega that offers in-house training, that is approaching a $100k a year salary.

 

No. Team.
40+40=80 Mega
80+60=140 1st Choice. Livable wage. 70k each to start.
80+40=120 4th choice incl. signon bonus and tuition reimbursement. 60k each to start.

 

Our school helped us find someone. Still pending background when we are hired will be happy to share.

The school we went to was very helpful in finding jobs. They still think we should work locally and can make 60-80k each, but we want to team long haul.

Other people in our class work locally. One guy is making 77k doing tractor/trailer tow work. He loves it and is home every night.

There are lots of options out there.

 

I think the is going to keep that under wraps until he is hired on somewhere.

I have looked through hundreds if not thousands of ads and the only companies I have found that are willing to hire new CDL grads are the megas. I found a few mom and pop's asking for 3 months or better, but some sounded a bit shady and might not be worth it. I'll be working my first year just for the experience. Maybe I can earn enough to eat from year 2 onward.