For PDF document that can be shared, see Fast Facts - Education and Training Loan
What are CEO Education & Training Loans?
Education & Training Loans can be used to pay for the direct and associated costs of training and achievement of an industry-recognized certificate or credential.
Who can apply?
Education and Training Loans are recommended to participants in specific IRC Career Programs. As with all CEO loans, applicants must complete training on credit. CEO also requests applicants engage in a 1:1 “Financial Fitness” check-in with a Financial Coach prior to or during the application process. Some partners may have additional requirements for program participation – ask your local partner about any additional terms.
It is important to note that being eligible to apply for a loan is very different than being approved for a loan. Please review the document titled How CEO Makes Loan Decisions for important information on getting approved for a CEO loan.
How much will it cost?
The monthly payment amount will depend on the total loan amount and the number of months to repay. Generally, the longer the repayment on a loan, the lower the monthly payments but the higher the total interest paid will be. As with all CEO loans, rates are fixed and will never increase after you sign your contract. See our current rate sheet for loan amounts, rates, and terms.
Other things to consider
- There may be cheaper ways to finance your education! Please thoroughly explore the support available from public workforce programs, federal financial aid, and other types of free support for which you may be eligible.
- Loan funds must be used to pay for tuition and/or direct expenses required to enroll in or complete training in an industry-recognized certificate or credential program. Up to 20% of loan funds may be used for non-tuition expenses like equipment supplies, materials, or tools.
- Loan funds may NOT be used to pay for living expenses while going to school or for other general purposes.
- CEO generally issues payment to you directly and requests a copy of the invoice from the school in order to verify tuition program cost.
How to apply
- Visit your local office to complete a CEO Loan Application and meet with a financial coach. Here’s a list of the items you’ll need for the loan request:
- Personal email address
- Valid government-issued photo ID
- A U.S. checking bank account with routing and account number
- 2 most recent monthly bank statements (personal and business)
- 2 most recent pay stubs or other verifiable income statements
- A copy of the invoice from your training program
- Your financial coach can help you complete your application (loan decisions are usually made within three weeks of application).
- If approved, your contract will be ready for signature within three (3) business days of approval notification. You can review and electronically sign your loan contract.
- Funds are deposited directly into your bank account via electronic ACH and are available within one to three business days after signing the loan contract, depending on bank processing times.
Your local contact will be able to answer any additional questions you might have.
For California Residents
- CA FINANCE LENDER’S LICENSE #60DBO54868
- LOANS MADE OR ARRANGED PURSUANT TO CALIFORNIA FINANCE LAW LICENSE
- FOR INFORMATION CONTACT THE DEPARTMENT OF BUSINESS OVERSIGHT, STATE OF CALIFORNIA