Guide To CDL Student Loans?

In this article we are going to explain what a CLD student loan is, eligibility requirements and options available to prospective truckers.

What Is A CDL Student Loan

A Commercial driving license (CDL) student loan is a financial facility offered by lenders to veteran and prospective commercial truckers working on obtaining their CDL or in the process of retraining for other CDL variants such as hazmat or oversize trucking.

CDL school tuition and fees vary by program, but a typical range is $4,000 to $15,000. A prospective trucker usually has many options to chose from when applying for a CDL student loan knowing what’s available can help you determine the best to pay for CDL driving school. 

How To Get CDL Driving School Student Loans

There are three main options to pay for CDL driving School in the US and they are:

1. Contract Training or Company-Sponsored Training: Contract Training may seem like a viable option for obtaining training, but it is important to consider it as a second choice rather than a first choice. The contracts associated with Contract Training can be quite complex and heavily favor the company. In some cases, these contracts may include high interest rates and inflated prices for the training provided. While this may not be a problem if you are able to fulfill the contract, there are certain factors that can interfere with your ability to do so. It is crucial to carefully review the sections of the contract that pertain to your ability to obtain a CDL. Some contracts even state that you can be expelled from the program, even within the first week, and still be held responsible for the full cost of the training. This means that if you encounter a family emergency, need to postpone your training, or have to leave your job to take care of your family, you could find yourself owing the company a significant amount of money for breaking the contract.
2. Private student loans: Private student loans, commonly referred to as personal student loans, are non-federal loans offered by private lenders that provide funds to pay for educational expenses. Unlike federal student loans, these loans do not come with the same level of repayment flexibility or borrower protections. Private loans are typically extended by entities like banks, credit unions, state agencies, or educational institutions.
3. State and Federal Grants For Trucking School: The initial option to consider is exploring State and Federal grants. The Workforce Investment Act (WIA) offers numerous grant programs that frequently cover the full cost of training. If you are a dislocated worker, you may qualify for funding. Dislocated workers are individuals who have been terminated or laid off from their current employment and are unlikely to return to the industry because of factors such as permanent plant closures, foreign competition, or inadequate skills. Dislocated workers may also include self-employed individuals or unemployed individuals who are unable to sustain themselves due to natural disasters or a lack of skills necessary to secure a job that can provide for their household.

Common Questions

1. Do truck drivers have student loans? Truck drivers who attend truck driving school may indeed have student loans to cover the cost of their training.
2. Average CDL school cost? Truck driving school tuition typically falls within the range of $1,800 to $8,000
3. How long is CDL school? Truck driving school programs typically last anywhere from four to ten weeks.
4. How much does a CDL driver make? The average annual salary for a CDL Truck Driver in the United States is $56,000. Salaries can range from $44,900 to $73,600 per year.