Let’s face it. Getting a Commercial Driver’s License (CDL) is expensive.
Financing CDL School can be very difficult for many people, since the cost of CDL tuition typically ranges from $3,000 to $8,000 or more!
For most people, that’s not easy $$ to come up with. Even if it will open up a high paying career to you.
The goal of this article is to help make the process easier and more digestible. That way you can pay for your CDL and get driving (and earning the big bucks!)
Before we get into financial assistance with trucking school, there are a few things you should know about choosing a school to obtain your CDL. Depending on the school and program you choose, tuition may not be the only fee you pay; while you’re researching institutions, be sure to get a list of all expected costs, including the following:
- Tuition
- Books
- Housing
- Meal plan
- Allowance
- Miscellaneous (drug screening)
This will help you get a ballpark range of the costs. From there, you can decide which school suits your budget and devise a strategic plan to finance your tuition. We’ve provided a number of financing options below; do your research to ensure you have a fair understanding of what is the best fit for you.
See our guide for ‘how to find the right truck driving school’
1. State & Federal Grants
A lot of people don’t know that truck driving schools can be financed with government funding. The Workforce Innovation and Opportunity Act (WIOA) offers several grant programs that can pay up to your entire training cost! Graduates of DRC network schools have taken advantage of WIOA funds to obtain their CDL. Dislocated Worker Programs also provide funding for training. The Trade Adjustment Assistance (TAA) funding is available to people that may have lost their job due to foreign competition or trade. You’ll need to contact your specific truck driving school to learn if they offer assistance through these programs.
Each state also offers many grants for CDL A programs- so check in with your local unemployment office or job center and ask about training grants. This option can take a bit of time to process, so the sooner you get in contact with an agency about your application for a CDL training grant, the better.
2. Student Loans and Financial Aid
The Federal Direct Student Loan Program are loans provided for students with exceptional financial needs. There are subsidized, unsubsidized, PLUS loans, and consolidation loans. The program boasts a low-interest rate. We suggest you check with your truck driving school to see what financial loan is eligible for your training. Also, be sure to make sure your school offers the proper accreditation.
Pell Grant:
- Pell Grants are typically offered to:
- Veterans
- First responders
- People with disabilities
- Applicants from low-income families
- Residents of particular geographic areas (like inner cities)
- Members of trade associations and their family members
- Women
To be eligible for Pell Grants, you’ll need to fill out your FAFSA online. Again, the earlier the better. Pell Grants are offered to those who are enrolled in a program that leads to a degree, diploma, or certificate. A 24-week driver training school with a residency program qualifies you more than a 9-week program would. However, a lot of trucking schools do accept Pell Grants, so make sure you do your research with your school!
Other Student Loans
Check with your driving school to see which companies they work with to obtain student loans.
Always read the fine print since interest rates can be quite high and remember to know what you are agreeing to pay.
It’s crucial to make sure you understand all the terms of your federal student loans including the full amount, the interest rate, the payback period, and pre-payment options.
Feeling overwhelmed? Check out a loan payment calculator to get a better idea of what your payments might look like: https://finaid.org/calculators/loanpayments/
You can also consult this page to further look into eligibility for student financial aid: https://studentaid.gov/
3. Contract or Company-Sponsored Training/Employer Reimbursement Programs
In commercial truck driving, Employer Reimbursement Programs are quite common. Basically what this means is a company will pay for your CDL school. If you sign a contract to work for them for a certain amount of time.
Once you graduate from your CDL program, your future employer pays for your tuition costs in exchange for an employment contract.
This can be a great opportunity for graduates, but make sure to read the contract carefully!
We recommend this to be your plan B, not your first choice. Contracts can be very confusing and in favor of the company; some contracts include larger interests and exaggerated pricing. If you’re interested, check with your specific school to see which companies they are partnered with. We recommend asking for references of drivers who have gone through a sponsored program.
Armed with this information, you’re well on your way to financing your CDL A license! Looking for a job once you graduate? Be sure to check out what openings we have to offer at 5th Wheel Hub.
