A degree from a non-accredited college is very difficult to evaluate in terms of its monetary value. To secure a loan, the provider will have to evaluate the potential income that can be generated by a job with this degree, which is difficult because these colleges do not provide training that lead directly to mainstream jobs. However the situation is not all bleak. A few loans that cover the educational needs of those studying in private schools, non-accredited colleges etc include Academic Management Services K-12 Family Education, the Key Education Resources Achiever Loan, M&T Bank K-12 Education Loan, prep GATE K-12 Education Loans, Parent Loans for Elementary and Secondary Education (PLEASE), Wachovia Education Finance loans and Your Tuition Solution. These options provide loans that are very similar to those sponsored by the government. They also allow the students to apply for a bigger amount of money. These loans are especially useful for international students and those enrolled in distance education programs or in non-accredited colleges.
Another option is to check with your non-accredited college itself. Explain that you are having a problem getting a loan because they are not accredited. They will need your enrollment sufficiently to help out in some way.
There are two major pitfalls to getting a loan for a non-accredited course or college. Firstly whoever the lender might be, your terms of repayment will be stricter than for a loan for a conventional college. Usually for the latter, you do not need to make payments until you have graduated and found a job with a certain specified minimum salary. If the loan is for a non-accredited college however, the payments may begin even while you are still studying the course. Secondly, the interest and payment rates could be somewhat higher than what your counterparts in the accredited colleges are paying. But the important thing is that you will have some assistance and when you are a student, even a little goes a long way.
Another option is to check with your non-accredited college itself. Explain that you are having a problem getting a loan because they are not accredited. They will need your enrollment sufficiently to help out in some way.
There are two major pitfalls to getting a loan for a non-accredited course or college. Firstly whoever the lender might be, your terms of repayment will be stricter than for a loan for a conventional college. Usually for the latter, you do not need to make payments until you have graduated and found a job with a certain specified minimum salary. If the loan is for a non-accredited college however, the payments may begin even while you are still studying the course. Secondly, the interest and payment rates could be somewhat higher than what your counterparts in the accredited colleges are paying. But the important thing is that you will have some assistance and when you are a student, even a little goes a long way.
