Vocational/Trade School Tuition Loan Options

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D-n-Tyke

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Kid is getting ready to start Paramedics College next year so we need to start looking into getting a loan to cover the tuition. It is a private college so the normal govt FAFSA student loan isn't an option, nor can he use his GI bill. The school is pointing us/him towards Sallie-Mae but I am not sure that is the best option (maybe it is). What are our other options, what do you all have experience with? What would the best option?

School tuition is going to be $13k ($3k to start, then$2k over the next 5 months). Course is 13 months long. 

 
Option only (for the way I think now) -have him work and save till he can pay cash. A little time now saving will save a ton of time after paying for that same money.

 
Yes, and while I would normally agree with that approach, with the exception that he is currently working fulltime for a local fire dept as an EMT. Only way for him to move up now is to get this schooling. Once he completes the schooling it is an immediate $5 raise. So with that raise he will be able to pay back the loan within a year. If it was going to be something where it was going to take him 5 years or so to pay back the loan then I would be pushing for him to save up and go later. 

 
D-n-Tyke said:
Kid is getting ready to start Paramedics College next year so we need to start looking into getting a loan to cover the tuition. It is a private college so the normal govt FAFSA student loan isn't an option, nor can he use his GI bill. The school is pointing us/him towards Sallie-Mae but I am not sure that is the best option (maybe it is). What are our other options, what do you all have experience with? What would the best option?

School tuition is going to be $13k ($3k to start, then$2k over the next 5 months). Course is 13 months long. 
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I'd find one that would let him use his GI bill, Both my kids went to private colleges and we had to fill out FAFSA docs regardless. I know a lot of community colleges have firefighter / paramedic courses and they accept the GI bill funds for sure. All that being said, if they are accredited and can guarantee placement with a city or county then 13K seems like a drop in the bucket. 

 
Have you checked into an internship or volunteer program with an ambulance company, local FD or hospital?

Even 2 yrs military?

When I needed a paramedic license for a better pay grade in my line of work, I was able to work for a local ambulance company as a part time newbie (low pay) but logged hours and was able to pass test without attending alot of the courses.  I was young and broke!

Just a sugesstion.

Good Career, good luck to him!!

 
D-n-Tyke said:
Yes, and while I would normally agree with that approach, with the exception that he is currently working fulltime for a local fire dept as an EMT. Only way for him to move up now is to get this schooling. Once he completes the schooling it is an immediate $5 raise. So with that raise he will be able to pay back the loan within a year. If it was going to be something where it was going to take him 5 years or so to pay back the loan then I would be pushing for him to save up and go later. 
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Did they refer him to this school? Sounds odd, if they like him Id think they would pay or at least have him sign an agreement to stay on for a year then he'd get the raise. 

 
Around here he really only has 3 options, 2 community college and this private college. The community college is VERY competitive, always with way more applying then they allow to enroll. He applied to all 3 and he (nor his partner) got accepted to either of the community colleges, so the private is kind of it.

"placement with a city or county then 13K seems like a drop in the bucket. " This is kind of the only reason I am entertaining the private school option. He already has the placement.

 
D-n-Tyke said:
Kid is getting ready to start Paramedics College next year so we need to start looking into getting a loan to cover the tuition. It is a private college so the normal govt FAFSA student loan isn't an option, nor can he use his GI bill. The school is pointing us/him towards Sallie-Mae but I am not sure that is the best option (maybe it is). What are our other options, what do you all have experience with? What would the best option?

School tuition is going to be $13k ($3k to start, then$2k over the next 5 months). Course is 13 months long. 
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If the schools he's attending does not have a financial aid department to help with this (hopefully they offer to help with Sally, not just pawned you off) - that's a problem.  He will have 6 months after he graduates (somewhat interest free) to pay off the loan...have him pay each month during school such that at the end of the schooling, he has a smallish balance and 6 months to pay it off...if he doesn't, there will be huge interest hit after that 6-month grace period.  This might already be common knowledge for you. Sally Mae isn't bad as long as you pay it off before the grace period.

Also - I worked and went to a vocational College and a ton of people used the GI bill (it was a school for IT, medical, etc)...it seems odd the college he's going to doesn't -Also - check their accreditations and job placement rating after graduation -  they only keep their accreditation if they actually place a certain percentage of people in the filed after graduation..it might be worth looking at other school alternatives...seems odd he cant use the GI bill, but maybe it's normal? Even if an out of state school offers it, might be cheaper for him to move...

 
Wash 10 Crew said:
Have you checked into an internship or volunteer program with an ambulance company, local FD or hospital?

Even 2 yrs military?

When I needed a paramedic license for a better pay grade in my line of work, I was able to work for a local ambulance company as a part time newbie (low pay) but logged hours and was able to pass test without attending alot of the courses.  I was young and broke!

Just a sugesstion.

Good Career, good luck to him!!
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He is currently Employed full time at a local Fire Department. Needs the schooling to be able to be promoted to Paramedic. 

He is a reservist so that has an impact on what benefits  he qualifies for thru the military

Appreciate the suggestion.

raspadoo said:
Did they refer him to this school? Sounds odd, if they like him Id think they would pay or at least have him sign an agreement to stay on for a year then he'd get the raise. 
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The department didn't refer him directly, however it is a very well known school with all the local departments and many of the currently and former Medics/FF attended the same school. He was going to talk with his Captain about reimbursement but from talking with other Medic/FF that isn't normally done in the department (smaller city dept)

wesinls said:
If the schools he's attending does not have a financial aid department to help with this (hopefully they offer to help with Sally, not just pawned you off) - that's a problem.  He will have 6 months after he graduates (somewhat interest free) to pay off the loan...have him pay each month during school such that at the end of the schooling, he has a smallish balance and 6 months to pay it off...if he doesn't, there will be huge interest hit after that 6-month grace period.  This might already be common knowledge for you. Sally Mae isn't bad as long as you pay it off before the grace period.

Also - I worked and went to a vocational College and a ton of people used the GI bill (it was a school for IT, medical, etc)...it seems odd the college he's going to doesn't -Also - check their accreditations and job placement rating after graduation -  they only keep their accreditation if they actually place a certain percentage of people in the filed after graduation..it might be worth looking at other school alternatives...seems odd he cant use the GI bill, but maybe it's normal? Even if an out of state school offers it, might be cheaper for him to move...
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the school does have a financial aid department, and they were the ones that suggested/directed him to Sally. I am just trying to do some due diligence to see if there were any other options out there. Can you explain the "hugh interest hit after six months"? Is that basically like the 0% loan you get at the furniture store that if you don't pay it off in the first year, all the interest accrued/differed in that first year gets applied? I was not aware of that. Apparently we need to look into that a bit deeper. With him still living at home rent free I would think being able to come up with $1000/month to pay towards the loan wouldn't be an issue. It is just getting the month to cover the tuition at the start is what I don't think is possible. 

I am not sure why they no longer accept the GI bill. As for the school being accredited, he has discussed going to this school with his Captains and other Medics/FF in the dept and no one has said it was going to be an issue. Especially since a good portion of them went to this school themselves. 

 
Make the Most of Your Student Loan Grace Period | Within Reach (salliemae.com)

See link above - they won't straight up tell you you'll save money if you pay it off before the grace period, because they make less money if you do...read between the lines - i.e "Even though you don’t have to make payments during grace/separation, if you can make some—no matter how small—they’ll help you save money on your loan over the long run."  

At a high level, you end up paying the accrued interest...in example, you were in school for 12 months, waited an additional 6 months (18 months total) - you pay the interest over those last 18 months, the interest does NOT start to build up after the grace period, you get pro rate f'd on interest basically.  And yes, exactly like the furniture loans...i think the only difference is the loans for schools will sometimes come in disbursements...first "semester" is say 5k, 3 months go by, another 5k, disbursement, etc. - so the 1st 5K is the "longest" loan, and each disbursement after that is not as long....so you pay more interest on the 1st 5k because you were loaned the money long ago as compared to future disbursements...hope that makes sense (I'm not in finance) - and I think when you make payments, you can say - please apply this payment to my first disbursement...most of the people in these schools suck at their job - if you're lucky you get someone who understands and cares and will explain it.

 
my boys are paramedic /fireman local here and they went to crafton in yucaipa for a whole lot less also check victor valley they have a great paramedics course

 
Anyway you can swing loaning him the money? I did this for my daughter that went to private nursing school. I didn't want her paying 8/9% interest so I charged her 3%. 

abc

 
There are many options for paramedic school…. Not sure what area you are in but crafting hills college received a chunk of money donated from San Manuel  that will cover tuition from what I understand. We are in the days of everyone gets a trophy and programs have become much easier. Good luck to him in his endeavors. There is a shortage of kids wanting to get into the fire service that have good life experience and have turned a wrench growing up. 

 
As easy as it is to just borrow money, I say save for a semester as much as you can then see how much money you need to complete. It is only $13K and you say he can easily save $1K living at home, If that is true make him do it before he takes out a loan.  If he wants it bad enough he will save every penny he can, and it's only a semester.

 
Where are you?

I see that he is already working there.

You might want to look at other schools.

I have encountered kids going to school in CO and paying NR tuition because it is cheaper than paying Resident Tuition in CA.  The county adjacent to me has a JC and they are cheaper than the university in my town, by half, or thereabouts.

But, I'd look at what the places that he is going to work at has listed in the job announcements for Requirements.

 
The GI Bill can be used at some private colleges. However, if the school and/or program is not approved by Department of Veterans Affairs then it's a NO GO.

 
College is in Santee.

He has been wotking for about 6 months/just under a year will little bills so i am hoping he has a good stash put away. Need to talk to him more about that. Other advantage of this school as opposed to CC is the work around his work schedule, so he will be able to continue to work. If he got into the CC he applied to he wiuld have gone down to 1 or 2 shifts A MONTH... based on how the dept schedule part timers.

While the normal guidance we would give him is work for anothe 6mo/yr then go to school. However, there are medic positions thay are scheduled abiut the time he would be finishing school. So the timing lines up well right now. Considering he doesn't have a lot of bills or expenses paying it back (atleast a good chunk of it) shouldn't be to much of an issue.

I believe the school used to take the GI Bill, but resently stopped. I know the school is still in good standings with all the local fire departments so not sure why they stipped taking it. Maybe didn't want to deal with the bureaucratic red tape anymore. Who knows.

Personal loans are one of the options. They just don't have as many advantage a other loans (higher rates, payments start immediately (although he should be paying on it from day one).

 
Need to check the Cal Vet website they have a ton of programs  for free tuition. Also search the VA website for job fairs and college waivers also check your Vetrans community service Ofice.  There is a ton of free resources for the veterans. Your community service Ofice is a great place to start

 
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