Do you want to go back to school to further your career? For most Americans, the biggest concern about taking classes as an adult is the expense of getting an education at this time of life. If this is your main anxiety, here are four ways a personal loan can help.
1. Pay for Targeted Classes. Have some of your skills fallen behind? Do you need to get caught up on technology? Can you get a promotion if you only have a particular new skill? If all you need to do is to update or take on a few new knowledge points to help advance your career trajectory, a personal loan is a great way to do this. Because you're still working regularly, this is the perfect time to take on a limited loan in order to advance marketable skills.
2. Cover Room and Board. Many free forms of financial aid help with tuition only. In addition, federal tax credits are only usually applicable toward tuition and books. If you have to pay for room and board or other related expenses, you're often left with only private loans at a higher rate. While personal loans and private student loans are often similar in costs, private student loans are not dis-chargeable in bankruptcy. This makes personal loans a better option for many.
3. Move Beyond Credit Issues. As an adult, you may face a disadvantage that traditional college students don't. What is it? Credit history and co-signers. While 18 year old students heading to college usually have their parents to serve as guarantors for student loans or even to pay the loans themselves, nontraditional students must get credit all on their own. If you've struggled at any point in the last several years, you may have less-than-stellar credit. A personal loan can often be secured from a lender that knows you and has an established relationship with you. This facilitates getting a loan even if you're a less appealing applicant.
4. Understand Your Loan. Student loans often come with pages of 'legal speak' and confusing repayment terms that stymie repayment efforts for a decade or more. A personal loan, on the other hand, is a simple product. You get the money needed and a set repayment schedule with identical payments each month. Your loans is generally not sold to others, as is common practice with student loans. And you know whom to speak with if you have questions. Having an obligation you can understand and follow is often worth spending a few extra percentage points of interest.
Which of these benefits of personal loans can help you as you head off to further your education? No matter whether you want simple terms, more options, or a smaller loan, you can find it all in a personal loan. Start today by meeting with a lender in your area.