Financial Planning within an Apprenticeship

Questions to process as you plan for an apprenticeship...

• Will you get paid in your apprenticeship program? How much will you get paid? How often will you get payment?

• Most apprenticeship programs offer pay as you work through the program. Your pay will increase as you grow within the field and gain more experience. It is important to pay attention to pay and growth of pay within your field.

• What is your housing plan as you work through your apprenticeship program?

  • • • • • Most apprenticeship programs do not offer housing options, like many colleges do. Planning out your housing is an essential task. If you chose to move into an apartment or live on your own, making sure you plan your pay and spending no more than 30% of your income on housing.

• Is there a cost to your program (class fees, materials, ect...)?

• Fees may be a part of your apprenticeship program. Some companies will pay your class fees, but some fees might be out of pocket. Again knowing ahead of time allow you to plan accordingly!

• Is financial aid available for your program?

• Typically FAFSA does not cover an apprenticeship program. There may be some specific scholarships within Xello on apprenticeship programs (including the Local LaFollette Scholarship). Pay attention to what is posted. You could also reach out to your local branch or company for possible payment options.

• Union? Non Union? What does this mean?

• Do your homework on this one! Union or Non Union breaks down to pay, benefits, and workplace supports. Talk with the companies/unions you plan to apply to, what is their take on it? Make sure you are looking at the entire package and long term plan!