What do I have to do to join the program?
A school must pass our qualification assessment to be approved. Complete a brief questionnaire that tells us about your school, your programs, and your credentials. We will validate, and perform an assessment. If your CDL training program is approved, we assist your staff with an account to begin submitting student applications for CDL training financing.
Is there a fee or charge to join the program?
There is no fee to join the program.
How strong financially do my students need to be?
Borrowers need only a fair credit history. Unemployment OK. Poor credit is usually OK, too! Applicants must be fully qualified to enroll in your school and pass the standard CDL requirements. We specialize in your student demographic. We are providing opportunity and access to credit to the under-served. No cosigners ever needed!
What costs can be included in the purchase? Can a student borrow a partial amount?
Everything on your enrollment agreement can be fully financed. This includes tuition, materials, background checks, per diems, physical and drug screens. And yes, partial financing and loans supplemental to other grants are OK, too. We can often help with special circumstances. Minimum of $3,500.00 and a maximum of $7,500.00.
How soon will I know if a student’s loan is approved?
Generally, we can process approval within 1-3 business days after a completed application is received.
Is every applicant approved? How about poor or bad credit?
Most, not all, applicants qualify, even most poor credit students. Unemployment OK. CDLA payments are lower, credit criteria are more liberal, and applying takes minutes. We are working on providing 2nd-chance programs and programs for those with no credit history, too.
Is it easy to submit an application? What documents do I have to submit?
You bet. Guaranteed to be the easiest, simplest, and quickest CDL financing option to apply for. A simple/quick all-electronic application on the web. Just fill out the form, and upload a photo ID. Takes the school and applicant less than 10 minutes!
How long does it take to get paid?
Your tuition and fees are paid in full and funded typically 1-3 days after loan is granted and documents completed - usually before the students’ classes start.
Who takes responsibility for the loan?
Our lenders do. The collection and servicing are part of our program. The loans are without recourse and safe for you. No contingent liability. CDL schools get paid and we take the risk.
Are the loans TILA compliant?
Yes. Our lenders act in accordance with the Fair Credit Reporting Act, the Truth-In-Lending Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Can students be set up with automatic monthly payments?
Yes. It is required that students auto-pay via ACH deduction or via automatic payroll deduction by their employer.
What are the sample monthly payments?
Payments are usually always between $115.00 and $195.00 per month, based on a 48 or 60 month term. Actual payment will be based on tuition amount, state of residence, and student’s creditworthiness.
Does my participation interfere with any other current financing arrangements we use?
Not at all. Any financing arrangements currently available to your school will not be affected by your participation in CDL Advantage. Naturally, this means that there is no impact on your ability to offer Title IV and any other financial aid. We also help you comply with the 90/10 rule, if it applies to you. Our program is an added tool for you and your students. There is nothing but upside for all stakeholders.
Can fleet employers or entities who currently pay tuition be financed by CDL Advantage?
Yes. We work with employers who provide trainees to your program. We also support 3rd party non-profits for job skills development in their communities, too. We have programs for every entity -- either on behalf of themselves, on behalf of the student, on behalf of the employer, or on behalf of the school. CDL Advantage multiplies your training investment.
What else do we need to know?
In most geographic areas, we give preference to first-chance at placement of students who are funded by us with our preferred employers.
Sounds great! How do I get started?
Apply to become an approved school. Ask for a qualification kit. We’ll send you a simple questionnaire. If your school is approved, we will establish your account and train your personnel. We’ll provide the guidance to get started every step of the way. Qualify today...