Figuring out what type of career education loan you should take is very similar to deciding which trade school you should attend.
One could easily say that this process will become one of your very first educational experiences since it will affect you for many years to come!
First, most trade schools will have a financial aid department as part of their administration that will lead you through their recommended financial source; however, I would strongly suggest you take a step back and look at everything before rushing into it!
The problem as I see it is that when an individual is seeking a learning institution, they feel they are at the mercy of that institution for financial aid. The other part that I find amazingly convenient is that almost everyone that applies for a career education loan is approved. They will almost always roll the books, equipment, tools, and other needs right into the loan. What started out as a reasonable amount that could be paid back is now tens of thousands of dollars by the time you graduate.
What I am suggesting is that you take a look at the end of the process when you will have to start paying this loan back! What are the payments going to be? No matter what the interest rate is if the principal is extremely high the payment will be high also.
Will the career path you have chosen pay a starting salary that will allow you to be able to pay the loan back while still living in a style that you are familiar with?
If the financial aid office for the trade school you are wanting to attend pushes their career education loan in a way that seems high pressure, run from the building as fast as you can! It is most likely just another profit center for that school. A profit center is a fancy name for a way to bring in additional monies. Think of it like a restaurant within a hotel. The restaurant is just another profit center within the hotel. The hotel draws the customer in and the restaurant is there to generate more sales/revenue.
So, to recap I would strongly consider researching all your options prior to entering into any career education loan! But even more importantly I would research the trade school thoroughly first for its ability to employee its graduates! What is their success rate on that number one concern! After all you are attending school to land that perfect dream job and not just to be smarter!
Thank you and may God bless you!