Attending a CDL training school will be beneficial if you want to create a strong foundation in the commercial trucking industry. Even though these CDL programs are around $8,000, they sometimes demand a sizable upfront investment. So if you can’t afford truck driving school, here are some alternative ways to pay for CDL school.
Government-sponsored initiatives known as the Workforce Innovation and Opportunity Act (WIOA) and Trade Adjustment Assistance (TAA) offer grants and scholarships to particular technical training institutions. Through these, you might be able to pay all or part of the cost of your Commercial Driver’s License (CDL) program.
Employer reimbursement programs are relatively widespread in the commercial truck driving the industry. Once you complete your CDL program, your prospective employer will cover the cost of your tuition in exchange for an employment contract. These agreements typically ask you to commit to working for the company for 1-2 years to pay the full tuition.
These can be an excellent way to pay for your CDL training but read the contract properly. In some situations, you may be compelled to repay the total cost of your tuition if you leave your job with the company before the end of your contract.
Check with your school to discover which businesses they work with if you’re interested in using this payment option.
Some CDL training programs will let you spread out the cost of tuition over a few months with payment plans. It might be simpler to pay these installments than the entire tuition up front if you can’t afford truck driving school. While you’re looking for a job following your program, the monthly payments on these plans can still be relatively high and difficult to handle.
The GI Bill® is one of the best ways to pay for CDL school, which is an education grant accessible to veterans and military people. It may allow you to pay for your CDL school program if you are a veteran or are otherwise qualified for veteran benefits.
If you qualify, the GI Bill might be able to pay for your whole education. Ask your school for more eligibility information, or apply through the VA website. The term “GI Bill®” is a US-registered trademark in the Agency for Veterans’ Services (VA). The official US government website has more details on the education benefits provided by VA.
This is a viable choice if you don’t want to commit to a specific employer or make a sizable upfront payment. You can work with professionals to spread out your payments over several years. You can pay off the remaining sum of your loan early at any time without penalty. The fixed-rate loans are available for several CDL programs.
Some trucking companies sponsor CDL training. If you are dedicated and have enough time for a truck driving position, nothing can be better than this. The trucking firm will pay most of your truck driver training fees in exchange for driving for them. Some students receive a direct job offer from the campus they attend, depending on the sponsorship they are eligible for.
There are different options for financing CDL schools. For the next step, consider these possibilities and know your eligibility. Pick the ideal option based on the eligibility requirements and your preference.