Career training loan is a low interest student loan for technical training, distance learning, trade school, and other continuing education programs. It is supplement and complements other continuing education loans. Like other continuing education loans, a career-training loan is also credit based and students with good or excellent credit have better chances of getting approved at low interest rates.
The main eligibility criterion is that you must be a holder of US citizenship (or you must be a permanent resident). An established credit history is also a criterion. If you don’t have a good credit history, you still can avail this loan by applying through a borrower who is creditworthy.
The borrower (acting as the cosigner) can be your parents, other members of your family, your spouse (if you are married) etc. Even your friend can be your cosigner. Better the credit record of the cosigner, lower are the interest rates. It can be as low as Prime + 0 percent for cosigners with impressive credit records.
There is no specific amount you can borrow. But it is guaranteed that this private student loan can provide an amount that is good enough to cover for your tuition as well as other education related expenses. After making the first 24 payments on time and without any break, the cosigner may be released. There is also an absence of prepayment penalty.
You can repay the loan within a maximum time of 15 years. If you are unable to pay both interest and principal while in school, you can pay only the interest and once out of school, you can begin paying both. You may also defer the payment by a year. If you want to get more details on various types of student loans, you navigate to the student loans directory on the site map. You can also apply for student loans through this portal.