For those prospective truckers who want to attend a truck driving school and are low on money, there are options available. Funding for truck driving school can be obtained through a government-sponsored student loan by enrolling in an independently-owned truck driving school. They will pay for the education up front. You may also enroll in a school that belongs to a trucking company.
The cost to attend an independently-owned truck driving school is $3,000 to $7,000. Funding for truck driving school can generally be obtained through the government. They understand that the salaries are high, and are confident that you will repay the loan for tuition. After you graduate, you will have six months to start loan payments. This will provide ample time to find a job. Payments are nominal and the interest is low.
You may, on the other hand, wish to enroll in a school that is operated and owned by a trucking company. Here, funding for truck driving school is manifested in an agreement to work for the company after matriculation, thereby paying the company back for funding for truck driving school. The agreement stipulates approximately a one-year commitment. If you resign before the specified year, you must repay a prorated amount. If you stay, you will earn less than you would have by attending an independently-owned trucking company, but you did not have to pay anything upfront for the funding for truck driving school.
In addition, tuition reimbursement programs exist for funding for truck driving school. Several trucking companies provide reimbursement for tuition for your commercial driver’s license (CDL) training. You must be an employee of that particular trucking company. The amount of reimbursement is not high, so do not work for a company you do not like just for its funding for truck driving school.
For more information on funding for truck driving school, please call 1-800-TRUCKER to locate a truck driving school in your area.
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