Can You Get a Student Loan for CDL Training?

Introduction

Getting a commercial driver’s license (CDL) can open up many career opportunities and higher wages, but the cost of training and testing can be prohibitive for many. Can you get a student loan for CDL training?

The answer is yes, there are options for financing CDL training through student loans and other funding sources. Here is an overview of how to get a student loan for CDL training and other ways to pay for it.

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Federal Student Aid

The first place to check for student loans is federal student aid through the FAFSA application. Can you get a student loan for CDL training through federal student loans?

Unfortunately, federal student loans have strict eligibility criteria that make it difficult to use them for CDL training. Here are some of the limitations:

• Federal student loans require enrollment in a Title IV approved program. Most CDL training courses do not meet these criteria.
• Loans can only be used for tuition, not transportation and living expenses which are a big part of CDL training costs.
• Applicants must have a high school diploma or GED. Many looking into CDL training do not meet this prerequisite.

While federal student loans are not the best option, completing the FAFSA is still recommended. It can qualify you for other aid programs that can assist with CDL training.

Private Student Loans

Private student loans through banks and other lenders can provide financing for CDL training, even if federal loans fall short.

Can you get a student loan for CDL training through private student loans? Yes, often with more flexible eligibility requirements than federal loans.

Private student loans do not require enrollment at a Title IV institution. The funds can be used for transportation, lodging, food and other expenses beyond just tuition. Applications only require proof of identification and credit check, no high school diploma.

The downside is private student loans have higher interest rates, less protections, and must be repaid regardless of program completion. Still, they provide an essential funding source for many looking to get CDL training.

Here are some of the most popular private lenders used for CDL training loans:

• Sallie Mae
• Wells Fargo
• Discover
• PNC Bank

When applying for private student loans, it’s recommended to shop around and compare interest rates and repayment terms across multiple lenders. Also look for lenders that specialize in loans for trade school and certification programs.

CDL Training School Financing

Many CDL training schools offer in-house financing or payment plans to help students pay for the program over time.

Can you get a student loan for CDL training through the training school itself? Often, yes.

CDL schools have financing partnerships with lending institutions to provide loans or payment options for their students. This allows repayment in installments over months or years after completing the training.

Benefits of school financing include:

Pre-approval for training loans as part of enrollment

No credit check or income verification in some cases

Lower interest rates negotiated by the school

Check with the CDL training program you are interested in to see what type of financing and payment plans they can offer.

Grants and Scholarships

Grants and scholarships provide free funding for CDL training that does not need to be repaid. Can you get a student loan for CDL training in the form of grants and scholarships? Yes, they should be explored as an option.

Here are some possible sources of grants and scholarships for CDL training:

Workforce development grants – Check with your state or local workforce development board for possible CDL training grants.

Employer/union scholarships – Some companies and unions offer CDL training scholarships to recruit new talent.

Non-profit scholarships – Non-profits like the American Trucking Association offer scholarship programs.

Trucking school scholarships – Many trucking schools offer scholarship opportunities to qualifying students.

The key is being proactive in searching out every possible grant and scholarship opportunity. Even smaller amounts add up and reduce the amount you need to finance.

Use Current Income

The options above are ways to get funding to cover the costs of CDL training through loans, grants and scholarships.

Another option is to use current income while enrolled in CDL training, such as:

• Savings
• Final paychecks from a previous job
• Spouse or family member income
• Part-time work while in training

Careful budgeting may allow you to pay for training over time with current income sources, while minimizing the need to take on new debt obligations.

Loan and Financing Comparison

Here is a table comparing the different options for getting a student loan or financing for CDL training discussed above:

Loan/Financing Type	Interest Rates	Eligibility	Use of Funds	Repayment Term
Federal Student Loans	4-5%	Must be enrolled in Title IV program, have HS diploma	Tuition only	Up to 25 years
Private Student Loans	5-12%	Just ID and credit check	Tuition, expenses	10-15 years
School Financing	Varies	Approval during enrollment	Tuition, expenses	Months/years
Grants/Scholarships	None	Based on specific criteria	Tuition, expenses	None
Current Income	None	Have income/savings	Tuition, expenses	None

This comparison shows federal student loans are the most affordable financing option, but also have strict eligibility requirements. Private student loans offer more flexibility at higher cost, while school financing depends on each program. Grants and scholarships provide “free money” while current income avoids new loans.

How to Apply for a CDL Training Loan

Here are the key steps if you want to move forward with getting a student loan for CDL training:

• Complete the FAFSA – Even if federal loans are not an option, the FAFSA may qualify you for grants and other aid.

• Research private student loans – Compare interest rates, fees, eligibility criteria, and repayment terms across multiple private lenders.

• Check financing through trucking schools – Ask schools you are interested in about possible payment plans, in-house loans, or financing partnerships.

• Apply for scholarships – Search for CDL, trucking industry, workforce development, and other scholarship programs.

• Make a budget – Review your current income and savings to see how much you can self-fund through careful budgeting.

• Submit loan applications – Once you select the best loan/financing option(s), complete applications well in advance of enrollment.

Following these steps will help ensure you get the necessary funding lined up to cover the costs of CDL training.

Other Tips for Paying for CDL Training

Here are some final tips to make paying for CDL training more affordable:

• Take advantage of discounted tuition or financial aid from trucking schools – research school cost comparisons.
• Minimize living costs during training by staying with family or splitting an apartment.
• Ask future employers about tuition reimbursement programs.
• Consider a company-sponsored training program for free CDL training.
• Deduct tuition costs on your taxes if you start your own trucking business.

Conclusion

Can you get a student loan for CDL training? Yes, through private student loans, school financing plans, grants/scholarships, and personal income. Federal student aid options are limited. Carefully researching your funding options and having a budget is key to covering the costs of earning your commercial driver’s license without taking on excessive debt. With some planning, investing in CDL training can pay off with the potential for a great trucking career.

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