Detailed info about Stevens' costs

Stevens has a pretty complicated and somewhat confusing cost structure if you are going to use their driving academy for intial or "refresher" CDL training. Many readers also are confused about the "1 full year" commitment and the "full pay-back" time. The total tuition for the academy is $5,995 if you want to pay for it in full. Here is how it works:

• You will pay $25 per week ($100 per month) through payroll deduction for between 2.5 and 3 years.
• Stevens will pay $150 per month toward your schooling during the time you are employed there. The exact amount you will pay back will depend on the financing charges.
• If you are accepted at Stevens' Driver Academy, you are guaranteed to be financed, regardless of your credit rating. So don't worry about that. There is a wrinkle, however...
• Depending upon your credit rating, your financing rate will vary. The lower your credit rating, the higher your finance charges, the higher the total amount you borrow, and the longer it will take to pay back your portion of the schooling .
• After all is said and done, you will pay back approximately $3,250 -$3,900, depending on your credit rating.
• You will not be reimbursed from these payments and will cost you $3,250-$3,900 in the end. The good thing is there are almost no up-front costs for it.
• If you leave Stevens before your obligation is paid in full, you will owe the balance of whatever was left of the $5,995 plus finance charges.
• For every month before your obligation was through, you will owe approximately $250. So if your obligation was going to be for 30 months and you quit after 20 months, you will owe approximately 10 months worth of payments at $250 per month, or $2,500 total.
• There is also the cost of accepting the up-front payments from Stevens for room and board, food, DOT physical, and transportation to the school. If you accept them, you will be required to pay them back at a rate of $25 per week beginning 90 days after you head out on the road with your trainer. The total costs will be about $750 and are as follows:

The schooling is 21 days long and you pay:

• About $10 per day for food
• $15 per day for hotel
• $64 for your DOT physical
• Bus fee from your home, which averages about $100-$125

Here is the confusing statement on their website:

"Stevens will finance the cost of your training. All you have to do is remain employable and stay on the road as a Stevens driver for one full year. No questions asked."

But the loan payback takes 30-36 months, so what does that really mean? Stevens has you sign an agreement to work for the company for one year. That agreement is what gets you the guaranteed financing for the schooling. You are still obligated to pay back the full amount you borrow. And that will take you the 30-36 months. Clear?

I hope this helps. Please do not accept these numbers as anything but a guide. The information is accurate when I got it from Stevens, but might have changed when you read it. It will, however, give you some insight into your total cost if you need to use Stevens' driving academy and explain the confusing statement they make. It might also give you some questions to ask other trucking companies that offer "free" training.

Stevens has an excellent training program, good equipment, and a real 48-state route structure. The total financial commitment is worth it in my opinion, but requires a willingness to put up with whatever comes your way for 3 years. Whether that can work for you depends on you.

 

And my guess is they will change over the next 12 months too. Probably several times.

 

For me, the payback is less than the local CDL school tuition of $4,995. Both schools take 3 weeks, during which I am not paid a salary, so doing the academy thing is a no-brainer. Save my money, get trained the way Stevens wants me to drive right from the start, and start developing my reputation right away. No $4,995 cash payout, no bad habits to break, no new stuff to learn. And all I have to do is stay 3 years. Piece of cake for a guy 3 weeks away from retiring from a job he's had for 27 years!