Higher education is routinely defined as those undergraduate, graduate, and doctoral level classes taken at a university; the course study always leads to a degree. On the other hand, continuing education classes may encompass some of the same courses of study, but without a degree issued. In many cases, taking several of these classes will result in a certificate awarded.
Much like college-level studies, tuition for continuing education classes can get expensive. Whereas a Stafford loan would cover many degreed programs, most certificate programs would not be covered. But, there is a way to finance continuing education classes: through private student loans. Please read on and we’ll take a look at an alternative financing option for continuing education students.
Stafford Loans Don’t Cover Most Continuing Education Courses
Stafford loans are great as they can provide the financing students need to complete their higher education. Certain restrictions — such as availability for full time students only — has shut off this option for most continuing education students, making private education loans their only choice.
Fortunately, private education loans are there to help continuing education students pay for the courses they want to take.
Private Student Loans And How They Work
Unlike Stafford loans which come with strict eligibility requirements and borrowing limits, private education loans are easier to obtain. Banks and other financial institutions are the providers for these types of unsecured student loans.
The following are some of the important attributes of private student loans:
- You may borrow as much as $30,000 for the school year, depending on your tuition costs and related expenses. Of course, continuing education students probably aren’t going to come anywhere near these thresholds, but the upper limit can come in handy to cover expenses incurred when taking highly specialized courses.
- Funds are disbursed directly to you. You pay the college and no parental intervention is necessary. As most continuing education students are beyond their college years, this level of independence is welcome.
- Repayment options are quite reasonable. Many lenders will allow you to wait six to twelve months after graduation (or completion of course study) to start making your first loan repayments. You can take as long as 20 years to pay off your debt.
Financial Convenience — Who Can Put a Price on That?
Ultimately, the convenience of a private education loan could be the deciding factor when choosing this financing option. Borrow within your means and get the education you need right now!
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