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Government Funding for HGV Training

If you’re interested in training to become an HGV (Heavy Goods Vehicle) driver, it’s important to be aware of all the different types of government funding for HGV training. Between grants, loans and other types of financial aid, some students pay very little to none of their education costs out of their own pockets.

Grants

Grants, if you qualify for them, are a wonderful type of government funding for HGV training. They do not have to be paid back. Loans are typically given based on very strict criteria. Your school should have all the necessary paperwork and information.

Many students miss out on government grants because they feel that they would not qualify. Regardless of your financial situation, experts recommend applying for as many grants as possible. The money is literally yours for the asking, providing that you meet criteria. It makes good financial sense to apply.

Loans

Available directly through many schools, loans are amounts of money which must be paid back. Student loans, however, often have very easy terms. This means, in many cases, that you will be loaned a certain amount of money but will not be required to begin paying it off until a certain point after your graduation, which gives you plenty of time to find work and begin earning a paycheck. Typically you will have six months after graduation, although this can vary. Check with your school and lender to be absolutely sure of how much time you have.

While every loan comes with an interest rate, these loans typically have low rates compared to bank loans. This makes them easier to pay off in a reasonable amount of time. Some are even interest free, meaning that you only pay back the amount you borrowed. Be certain, before you sign anything, to find out exactly how much interest you’ll be accumulating. In some cases, interest rates can be high enough to make it nearly impossible to pay the loan off. There is usually a much better alternative out there, so if an interest rates sounds too high for you, don’t hesitate to look elsewhere.

How to Find Funding

A great way to begin searching for financial assistance is with the help of your advisor, counselor or any other school official. Many schools have a specific office or person just for handling students’ financial aid and assistance, and they typically have information on the best ways to get the biggest loans and grants. They will also be able to assist you in finding a low- or no-interest loan, as opposed to one with a high interest rate.

If your school doesn’t have the resources necessary, or you just want to begin your search early, try looking online for government funding for HGV training. There are grants and loans available for certain types of careers, different individuals and many other criteria. Search and see what you come up with – you’ll likely be surprised at all the financing that’s out there. The sooner you begin your search, the sooner you’ll be on your way to a new career.