Are you stuck in a rut at your current job and desperately seeking a way out? Are you a new parent looking for viable work from home options, so you can take care of your baby? Or maybe you are a military spouse in search of careers that can move with you every time your other half gets an order to pack his/her bags and report to a new station? If you belong to any of the above category of people, then you are probably contemplating taking some vocational training courses that fulfill your individual objectives. First off, you deserve a huge pat on your back for the decision to give a fresh spin to your life. However, it’s possible that you may hit a roadblock sooner than you can imagine. The unfortunate truth is that many of these vocational training programs are not eligible for federal financial aid. But there’s no reason to despair because there are many other funding options that you can avail to fund your career training program. Let’s take a quick look at some of these options:
Tuition Payment Plans The first place to check for funding options is the vocational school you plan to attend. Many such career training schools offer flexible tuition payment plans that you can take advantage of. They may offer a no interest tuition payment option that requires you to make a small down payment and then pay the remaining amount in equal installments spread over a few to months. Plans that allow students to pay installments over several months may charge a small interest. While they cannot be compared to grants and scholarships where the money for your education actually comes from a third party, tuition payment plans help students by eliminating the need for making a one-time lump sum payment.
Education Line of Credit
Education line of credit is an account you set up with a bank or any other financial institution that allows you to borrow money whenever you need it up to a certain limit. You can use this money to not just pay for the tuition and fee of your vocational training program, but also meet associated costs like books, computer, travel, etc. Every bank may have its own requirements for setting up an education line of credit. Make sure you read the fine print and understand the terms clearly. Also, make sure the interest rate and repayment options are acceptable to you before you sign the dotted line.
MyCAA Funding
This is an excellent funding option for the other half of military personnel. Instituted by the Department of Defense, MyCAA funding provides financial assistance to the tune of $4000 over two years to eligible spouses of military personnel who want to pursue training, certification or education that leads to portable careers. To be eligible for MyCAA funding, you should be married to an active duty Army, Navy, Air Force, Marine, National Guard, or Reserve member. The school you choose should also be approved for MyCAA funding.
Government-run programs
Vocational training programs at career schools may not be eligible for some of the more common federal financial aid options like Pell Grant, but there are many other government sponsored programs that provide financial assistance to eligible students looking to pursue career courses. One such option is the Trade Adjustment Assistance program, which provides training and reemployment benefits to workers who have lost their jobs or have had their hours reduced as a result of overseas competition. Another funding option, available to disadvantaged youth, adults, and laid off workers, is through the Workforce Investment Act that promotes the development of occupational skills among the participants of this program. Vocational rehabilitation is yet another program that helps people with disabilities prepare for and find gainful employment.
Author Bio: Nancy is a 35-year old stay at home mom of two. She worked as a medical assistant for five years before taking a break to be with her children. Her experience as a medical assistant gave her valuable insights in to the medical transcription industry, which she likes to share with others through her writing. Medical transcription training often finds mention in her writings. Being an SAHM, Nancy is a huge exponent of online vocational training programs that provide women like her the power to be their own boss. Her other interests include gardening and baking. She stays with her husband and two daughters.