Offering traditional financial aid (student loans and government grants) options to students requires a school to be accredited by a regional or nationally recognized accrediting body. Doing so opens the door to both public and private students loans and grants obtained by first completing the Free Application for Student Aid (FAFSA). Inquiring about a mechanic school's accreditation is an important first step to determine financial aid availability. You can verify accreditation on the Department of Education's website.
Attending public colleges and universities to study mechanics will almost certainly provide financial aid opportunities. The area of study regarding mechanics may determine where to focus the search for the right program. Diesel, automotive and airplane mechanic courses are often taught at the local community college, which may offer certifications in addition to associate degree programs. As these are public schools, financial aid is an option. If pursuing a more advanced education in mechanics (engineering, for example), most traditional four-year colleges and universities have aid available.
Enrolling in a trade school to become a certified mechanic is an option many choose to pursue a career in engine rebuilding and repair. In addition to Wyotech, Arizona Automotive Institute, and many regional trade schools offering mechanic programs and financial aid, there are industry-specific options such as the NASCAR Technical Institute, and motorcycle and marine mechanic programs that provide funding options.
Receiving financial aid can be the difference between attending school and not. Depending on which education option is chosen will determine what financial aid is available. Most schools -- public, private or trade -- are accredited and offer financial aid options; they probably wouldn't be in business if they didn't. However, the options will differ based on the school. Public and most private colleges offering mechanics programs offer all of the federally backed financial aid available. These include low-cost student loans (Stafford, for example) and grants, such as Pell Grants. Many trade schools do not have these aid packages available. Rather, they have private grants or scholarships, and private student loans. Because these loans are not backed by the federal government, they are not quite as attractive (with higher interest rates). However, the interest is generally lower than the prevailing rates and easier to qualify for. Personal scholarships and grants applied for usually only require attendance at an accredited institution. Though it may bear investigating to make certain your school is approved before applying for grant and scholarship monies.