What Financial Aid Options Can Help Me Obtain IT Certifications?
A specialized skill set is not a luxury in today’s job market. It is a necessity. This is especially true given the COVID-19 crisis, which has resulted in millions of Americans losing their jobs. While most industries have suffered severe losses, the Information Technology sector (IT) has managed to survive. According to the Market Data Forecast the IT industry will experience a major market boom in the next few years. It is projected to grow from $131 billion by 2020 to more than $295 billion by 2025.
This sharp rise is due to the numerous social distancing policies implemented by governments around the globe. Many companies have realized the diminishing demand for physical offices and conference rooms, and the increasing need for software-based solutions. Teleconferencing has been made possible by platforms such as Google Hangouts and Zoom. This is also true for eCommerce, which saw a 59% increase in traffic in just a few weeks. This has led to an sudden increase in cybercrime activity, which has added strain on an already understaffed industry.
It is clear that an IT certification can make a big difference in securing and keeping a job in this uncertain economic climate. This applies regardless of whether you want to be promoted, move companies, or change careers altogether. It can be difficult to pay for these certifications. There are many forms of funding for post-secondary education.
Most cases, financial aid is available through state and federal aid, educational establishments, and private institutions. These may be in the form grants, loans, scholarships, or work studies. This article will discuss the most popular financial aid options for IT Certification.
Employer Fonds
Your current employer is the best way to get financial assistance for a certificate course. Many organizations offer tuition reimbursement or education reimbursement for continuing educational. This is especially true if you’re looking for a program that will enhance your skills and knowledge in your current job.
This certification will prove to be a huge benefit to your employer if you are a Network Security Specialist. Even if your company does not have a formal tuition reimbursement program, they may still be willing and able to pay your education expenses if you present a compelling case.
You may have the opportunity to offer this option to your company. Prepare a detailed proposal to your manager explaining what you plan to learn, the benefits to the bottom line and the cost of certification. Do your research and don’t just rely on an elevator pitch.
Federal Financial Aid
Federal loans and grants are available from the United States government. Federal financial aid has a lower interest rate than private student loans and offers a shorter repayment plan. Federal student financial aid is typically easier to get approved for than private loans because it doesn’t require students to have a high-paying job and good credit scores. Federal student aid can also help establish credit scores, which will allow you to obtain other loans later on. Federal student aid can be provided provided that you make your payments on-time.
You won’t be required to pay any interest until you graduate from school. Some loans won’t require you to pay a monthly payment until you get a job, or adjust your payments based on your income. In some cases, you may be eligible for tax benefits. This means that the interest can be used to lower your other taxes. In some cases, you may even be eligible for loan forgiveness
These benefits make federal student loans one of the most popular ways to pay for IT certification programs. To apply for federal loans, the first step is to fill out a free Application For Federal Student Aid. Even if you have graduated college years ago, the FAFSA is vital to gaining financial aid for certificate programs.
Common Types Of Federal Student Loans
We can offer the following types of federal financial assistance options:
- Subsidized Direct Loans Students who can prove that they need financial assistance are eligible for these loans.
- Unsubsidized Direct Loans– These loans are not available to everyone, and they may be more accessible for those with lower incomes.
- Direct Plus Loans This type of financial assistance is available to parents and students of dependent undergraduate students. It helps to cover expenses that are not covered by other financial aid packages. These loans are not available to students with poor credit scores.
- Consolidation Loans These loans allow you to consolidate all your federal student loans into one loan, with one servicer, for a more affordable monthly payment.
- Pell Grants These grants are typically given to undergraduates with exceptional financial need who have not completed a professional or higher education degree. Except in certain cases, Pell Grants are not required to be repaid.
The Essential Criteria for Federal Student Aid Eligibility
As stated above, financial need is the most common reason to be eligible for federal student loans. This requirement applies to federal student loans, Federal Work-Study Loans, as well as sub-subsidized direct loans. The likelihood of you receiving loans to help you obtain your IT certification is higher if your income is lower. The following are the main criteria for applying for financial aid:
- Green Card or US citizenship
- An active Social Security Number
- Register with the Select I Ve Service
- Acceptance into or enrollment in a degree or certificate program eligible
- Academic progress must be maintained
Private Student Aid
Private student loans may not be as flexible as federal financial assistance, but they are still an option to pay your certificate program. Before you apply for private loans, make sure that you have exhausted all federal financial aid options. You should also make sure you work with the best private loan lenders who offer flexible repayment options and competitive rates. Some of them offer additional benefits such as lower interest rates and deferment for those in financial distress. It is a smart idea to shop around and compare your options.
Scholarships
Scholarships don’t need to be repaid so they can pay for your IT certificate with no debt. You can find all kinds of scholarships across the United States through platforms like FastWeb and Scholarships.com. There is no limit on how many scholarships you can apply for. Some scholarships will not require academic performance or financial need, but they will often have many applicants. MyComputerCareer offers scholarships for military veterans to help with education costs.
Financial Aid for Military Veterans
Members of the military can make the transition to a civilian job by applying for financial aid under either the Montgomery or Post-9/11 GI Bill. The VA administers the benefits under the GI Bill and directs veterans to a range of training opportunities. They will also receive tuition funds, housing, and fees.
Personal Loans
Personal loans may be used as an option to pay for certificate programs. Personal loans are a better option than credit cards because they have a lower interest rate, and offer a longer repayment term. This can help you save money on interest. A personal loan is still more expensive than the others on this list due to its higher interest rate. Before you take out a personal loan, make sure that you have the financial means to repay it.
Personalized payment plans
You may also consider arranging a personal payment plan with the school that you are interested in attending. Many boot camps offer flexible payment options.