How To Get Student Loans for Phlebotomy School

Phlebotomy training programs vary in cost based on the location and school. Generally, students can expect to pay between $500 and $2,500 for a training course in this field. With significant up-front costs, many aspiring phlebotomists turn to phlebotomy training loans to pay for school.

This guide explores how to pay for phlebotomy classes, including private and federal loans for phlebotomy school.

Current private student loan rates

Can you get student loans for phlebotomy school?

In many cases, you can get student loans for phlebotomy school.

Federal student loans might be available for eligible students attending an accredited school that's eligible for Title IV federal aid. If you're planning to take out federal loans, check the school's accreditation status through the Department of Education's School Search tool.

If federal student loans aren't an option in your situation, some private lenders offer student loans for career training programs.

Federal student loans for phlebotomy programs

If the school is accredited, submit the Free Application for Federal Student Aid (FAFSA) to determine your federal aid eligibility.

Eligible students attending accredited phlebotomy schools on at least a half-time basis may qualify for federal student loans, which include:

• Direct Subsidized Loans: For eligible undergraduate students with demonstrated financial need, subsidized loans offer a way to pay for school with funds that don't accumulate interest charges until 6 months after leaving school or dropping below half-time. 
• Direct Unsubsidized Loans: Unsubsidized loans can help undergraduate and graduate students pay for school. These loans begin to accrue interest from the date of disbursement, but they have higher loan limits than subsidized loans.
• Direct PLUS Loans: PLUS loans are available to graduate students and parents of dependent undergraduates. You can borrow up to the cost of attendance at your school, minus other financial aid you've received. Unlike the other two federal loan types, you must pass a credit check to qualify for a PLUS loan.

Private loans for phlebotomy training

Although federal student loans tend to come with lower interest rates and better borrower protections than private student loans, they also have relatively low borrowing limits. In some situations, you may need to turn to private loans to fill the gap.

Several lenders offer private loans for trade school programs, including Sallie Mae and Ascent.

As you consider your private loan options, compare interest rates, repayment terms, and cosigner requirements to find the best lender for your situation.

Further Reading: How To Get Trade School Loans

Other ways to pay for phlebotomy school

When paying for phlebotomy school, student loans aren't your only option.

Some other ways to pay for phlebotomy school include:

• Grants from workforce development programs and your school
• Scholarships from local organizations
• Tuition reimbursement from select employers
• Installment plans provided by the school

Generally, it's best to exhaust all free sources of aid before turning to student loans. Graduating with less debt will help ease your financial situation after graduation.

Cost of phlebotomy school and salary expectations

The cost of phlebotomy school varies based on the program you choose. Depending on the school, it may cost between a few hundred and a few thousand dollars to complete a phlebotomy training program. Hands-on training through a community college, vocational school, or hospital-based certificate program may cost between $500 and $2,500.

For example, the total estimated cost for the phlebotomy program at College of DuPage is about $2,381. But at Lindsey Hopkins Technical College, completing the program costs $622.

Once in the workforce, phlebotomists earn a median hourly wage of $20.10 or $41,810 per year, according to the U.S. Bureau of Labor Statistics. The lowest 10% of earners make $33,310 per year, while the highest 10% of earners in this field make $55,330 annually.

Tips for responsible borrowing

Use the following strategies to make responsible borrowing choices during your phlebotomy program.

Weigh the cost of the program against your salary expectations

The cost of a phlebotomy program varies from program to program. Do some research on programs in your area to find the right fit for your situation.

While there's nothing wrong with paying more for a better program, paying too much for your phlebotomy training could make it difficult to repay your student loans later. Carefully consider what you expect to earn after graduation before diving into an expensive program.

“See what the average salary is for new phlebotomists in your area and be sure that the salary is enough to pay all the bills, including the new loan,” says John Hupalo, founder of My College Corner and Invite Education.

Turn to grants and scholarships before borrowing

After selecting a school, search for grants and scholarships to help you cover the cost. Ideally, you can land enough funding to cover the bulk of your phlebotomy program costs. But securing any amount of money you don't have to pay back is worthwhile.

Only borrow what you need

“Don't borrow a lot,” says Reyna Gobel, author of “Graduation Debt: How To Manage Student Loans and Live Your Life.”

“The good news is you can complete a program in as little as 60 hours for an entry-level position at a community college for around $1,000,” she adds.

Remember, you'll have to pay back everything you borrow with interest. Keeping your borrowing costs low can make your life easier after graduation.