How to Pay for Your Refrigeration Training—Loans, Scholarships, Grants

Going to trade school sounds like a great idea until you see the price tag attached to it. “How much?” you ask, a little taken aback by the cost of tuition.

The reality is that not only is trade school tuition cheaper than traditional university tuition, but many options for financial aid also exist. ^[1]

Nowadays, many employers expect job candidates to have the kind of postsecondary training that trade school equips students with. HVAC and refrigeration systems have become increasingly complex, and employers want to make sure the people they hire are trained in the latest HVAC/R technologies and understand the trade’s underlying scientific principles.^[2]

So you shouldn’t let tuition scare you out of attending. It’s more affordable than you think, and it makes you more marketable in the future.

You can apply for funding from many institutions and organizations. Loans, scholarships and grants can help cover some or all of your educational expenses.

Navigating how these different types of financial aid work and which ones would be your best option takes some work. We’ve outlined it all in this handy guide for you.

Loans

Loans must be repaid, usually with interest. You can get money from two different sources: public lenders and private lenders.

Public loans are offered through the federal or state government. Private loans are given by banks and other financial institutions.

Public Loans

The majority of public student loans come from the U.S. Department of Education’s Direct Loan Program. The approval process is pretty simple, and most applicants get approved easily.

You just have to be a U.S. citizen or legal resident, demonstrate financial need and not have any outstanding government debt. You must be working toward a degree or certificate and maintain some level of academic progress.

The interest rates of federal loans are typically fixed and can be subsidized. You can also choose from different repayment plans.

Private Loans

To qualify for private loans, you must typically submit information like your credit score and income level. You might also need a cosigner.

Not everybody gets approved for a private student loan because the criteria are stricter. Interest rates are set by the market and are normally higher than those of public loans.

You may not have the option to choose between different repayment plans with a private lender.^[3] Popular private student loans include the William D. Ford Federal Direct Loan and the Sallie Mae Career Training Smart Option.^[4]

Scholarships

Scholarships are usually awarded to particularly accomplished students.

Each scholarship-granting organization has specific criteria that an applicant must meet. This may include pursuing a specific career, having excellent grades or belonging to a minority.

What makes a scholarship so appealing? You don’t have to repay the money that you get through a scholarship.

RSI Scholarships

We offer a number of scholarships for students enrolled at RSI. For instance, we have scholarships specifically for female students and students of Native heritage.

RSI students can also apply for several need-based scholarships. Any students with a creative streak have the chance to win our Video Scholarship Contest that we developed in partnership with PlumbersStock.

Simply create a “how-to-guide” home improvement video that shows off your HVAC skills for a chance to win the $2,000 scholarship. Two runners up will receive $500 each.

Last year’s deadline was March 31. Check the website for the 2019 submission cutoff.

Trade Scholarships

Various trade organizations provide HVAC scholarships. The Plumbing-Heating-Cooling Contractors Association, for instance, offers scholarships for vocational school students attending a plumbing or HVAC training program.^[7]

Local Scholarships

Some scholarships are made available in a certain region in order to match qualified workers with hiring employers. Vocational school attendees in Arizona can get a scholarship from the Association for Career Technical Education of Arizona (ACTEAZ).^[8]

Business and Industry Scholarships

Businesses can be another source of refrigeration training funding. One example is the company Thermaxx Jackets, which awards a scholarship to trade school students who want to work in HVAC/R.^[9]

The Nexstar Legacy Foundation also gives scholarships to U.S. veterans who want to start a career in plumbing, HVAC or electrical technologies.^[10]

Minority Scholarships

Lots of scholarships are available for minority groups.

Military/Veteran Scholarships

Many organizations offer trade school scholarships for veterans, active duty and guard/reserve service members.

American Veterans (AMVETS) provides scholarships for which trade school students with a military background can apply.^[17] These scholarships are available to veterans, active duty, guard/reserves and the children or grandchildren of service members or veterans.

Purple Heart recipients, their spouses or direct lineal descendants qualify for the Military Order of the Purple Heart Scholarship (MOPH) Program.^[18]

Grants

Grants are free, no-strings-attached money. Unlike loans, you don’t have to repay them. And unlike most scholarships, you don’t need to demonstrate superior achievements.^[19]

Grants for Low-Income Students

Low-income students who want to attend trade school can get grants from federal and state sources. The Federal Pell Grant is probably the best-known option for low-income students.

Other need-based grants are the Federal Supplemental Education Opportunity Grant (FSEOG) and the Federal Work Study Program.

Grants for Ethnic Minority Students

Ethnic minority students include African American, Latino, Native American and Asian students.

Minorities often face financial issues from being economically and socially disadvantaged. Specific grants help them overcome these obstacles. Minority organizations are a good source for grant money.^[20]

Grants for Women

Special grants for women are often aimed at boosting women’s participation in fields where they have been traditionally underrepresented. For instance, the Philanthropic Educational Organization (P.E.O.) provides need-based grants to women who pursue continuing education.^[21]

Grants for Disabled Students

Disabled students are those who have a physical or mental impairment. This may include students who are legally blind, need a wheelchair or are on the autism spectrum.

Organizations that advocate for people with disabilities are the major source of grants for disabled students.^[22]

Grants for Returning Students

If you’re returning to vocational school because you found that college wasn’t the right choice, or you decided to raise a family first, you can qualify for grants that accommodate your situation. Imagine America, for example, awards up to $1,000 to returning adult students.^[23]

Trade Grants

Trade organizations also offer grants to students enrolled in trade school programs. Some may require you to join the organization in order to qualify for grant money.

Vocational Grants

Grants specifically for students who wish to attend vocational school also exist. In Arizona, vocational students may apply for grants from the Rotary Vocational Fund of Arizona.^[24]

Business and Industry Grants

Some companies offer grants to vocational school students, too. For instance, the Dwyer Group awards $1,500 per semester to women enrolled in trade school.^[25]

Take the time to figure out for which grant, scholarship and/or loan you are eligible. The potential payoff is certainly worth the effort!

Apply for as many as you can. The more you can reduce your expenses, the more you can focus on your HVAC training without worrying about how to afford it.

Apply for as many funding options as possible. That way, you might be able to significantly reduce your own expenses and really focus on your refrigeration training instead.

Learn more about how to afford refrigeration training:

• Understanding financial aid
• Student Loan Assistance Group