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How To Fund Your IT Training

How To Fund Your IT Training

August 15, 2022 in Centriq News, IT Career Program, Veterans/GI Bill / by Centriq Training

If you’ve ever thought, I want to enroll in technical training school but I’m not sure how I could afford it, then you’re in the right place. Many of our students struggle with finding the right funding on their own — that’s where our team of Admissions Advisors comes in. We’re here to help get you funding, complete the Centriq IT training course, and get out into the professional IT world in only a few months. Explore our list of resources so you can start climbing the tech ladder. 

Ways to Fund IT Training 

    1. Sallie Mae loan
    2. Meritize loan 
    3. 529 plan 
    4. Government programs 
    5. Scholarships 
    6. Payment plans 
    7. Other options 

1. Sallie Mae Loan 

Sallie Mae is one of the largest private education loan lenders in the country. It provides student loans for undergraduate students, graduate students, technical and career training students, law school students, med school students, and more. Sallie Mae loans are not aid-based like many federal loans, meaning Sallie Mae does not require you to fill out a FAFSA form. It requires borrowers to have an adequate credit score or trustworthy cosigner.  

Sallie Mae features a specialized loan designed for technical and career training students called the Career Training Smart Option Student Loan. This loan can be used to cover the cost of tuition, living expenses, books, program laptop, and certification exam costs. It’s a great option for many of our non-traditional students who may have a mortgage, rent, car payment, family and more to consider while completing our two-month program. As a Centriq student, you will be given one year from start date to begin paying back your Sallie Mae loan. As our program is only a few months, you will have ten months after graduating from Centriq to look for job in IT (see our blog about how we help prepare you for the professional world).  

Thinking about applying for a Sallie Mae loan? It’s simple! You can apply online here. Just come prepared with the necessary information, including enrollment date, necessary loan amount, and living expense amount.  

2. Meritize Loan 

 If you cringed while reading that Sallie Mae loans require a credit check, no worries — there are other options for you! Meritize offers merit-based student loans for those with a not-so-great FICO score. Meritize loans require a bit more legwork in the document department, but you can raise your chances of getting your loan application approved by submitting past military, professional, or academic achievements. 

Meritize loans consider more than just your credit score or the credit score of a cosigner. If you’re a veteran, you can turn in documents of your military history and achievements to make up for where your FICO score is lacking. It’s a similar process for students, who can submit transcripts or high school equivalency scores. And if you have a good work record, you can turn over professional references or work history to improve your chances of securing a loan.  

Meritize loans can finance your entire tuition and can sometimes cover your cost of living. Payments will be deferred until 3 months after you complete your training, giving you time to start the job search and interview process. You can apply here. Oh, also — checking your loan options with Meritize will not affect your credit score.  

3. 529 plan 

Many parents will elect to start saving early for their child’s education with a 529 plan. A 529 plan is a tax-advantaged savings plan designed to fund future education expenses. Though an education savings plan isn’t an option for many, it’s important to recognize that it can be used for technical training and not solely for a traditional college or university.   

If you’re a soon-to-be high school grad, talk to your parents to see if they opened a 529 account for you and if so, how to access these funds to pay for your technical training tuition. You can find more information about 529 plans here.   

4. Government 

You may be able to apply to certain government programs to fully or partially fund your Centriq tuition. The Workforce Innovation and Opportunity Act (WIOA) is designed to strengthen our nation’s infrastructure by helping individuals, including youths and others with significant barriers to employment, secure and maintain high quality careers. The Trade Adjustment Assistance (TAA) Program provides aid for unemployed workers to help them prepare for and obtain employment. Vocational Rehabilitation funds are available to help get individuals with disabilities trained and ready for the workforce.   

5. Scholarships 

Centriq offers scholarships from time-to-time for incoming students based off merit. Contact us to find out if we are offering a funding special or scholarship for an upcoming start date.   

6. Payment plans 

Similar to our scholarships, we talk to each of our prospective students about funding on a case-by-case basis. Contact us today to talk through the payment installment process.  

7. Other options 

You may be able to use a combination of the above programs and services, as well as other miscellaneous sources such as personal bank loans, cash, or loans from relatives.  

Our students our important to us, and we don’t want a lack of funding to hold you back from changing your future. Contact us for more information.