Tuesday, June 29, 2010

Continuing Education Loans - Are You Willing to Put in the Extra Effort?

Continuing education is a type of education option that encompasses many possibilities. In general, continuing education is offered to those who already have a degree or who are not seeking a degree. Most continuing education programs offer certificate and diploma programs, sometimes in conjunction with professional associations and sometimes independently. Some continuing education programs also offer workshops, short courses, and seminars. These types of educational ventures are intended for personal and professional development. Students take these courses in order to improve their career options or in order to gain new skills which they require in their current jobs.

Since continuing education is often not considered a traditional degree-seeking type of coursework, getting continuing education loans may be slightly more challenging. If you're looking for a continuing education loan, you may have to put in extra effort in order to fund the financial aid you require.
Private Sources of Continuing Education Funding
Private lenders are often the best option for continuing education loans. Companies such as Sally Mae even have a special loans designed just for continuing education students. In order to qualify for most of these loans, your continuing education program or school usually must be approved of by the lender. In general, you must be a US citizen or at least a US resident in order to qualify. Since you're borrowing money from a private lender, you must also have a good credit history.

Different lenders have different application processes for education loans. If you're a continuing education student who is borrowing money, however, you can expect that you will need to fill out a few forms, and you will need to submit to a credit check. The lender will then tell you how much money you qualify for. In general, companies such as Sally Mae offer loans for continuing education students that are at least $1000 to the total amount necessary for books, tuition, and other educational costs. In general, you cannot borrow more than your total education costs, and the amount of any financial aid or scholarships you receive is also deducted.

You must start to pay back these loans fairly quickly -- usually within a month of getting your money -- but you may choose to pay off only the interest at first. This gives you until after you graduate from your certificate program and have improved your money earning power before repaying the loan in full.
School Sources of Continuing Education Funding
Some schools offer their own educational loans and aid for continuing education students. This is especially the case where continuing education program is part of a larger school that also offers degree programs. If you are a continuing education student, speak to the center for continuing education at your school, and to the financial aid office of your college or university. You may find that you can pay for your courses gradually, that you qualify for some bursaries, grants, or scholarships as well as for school funded loans.

Continue to : Banks and Other Sources of Continuing Education Funding


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