Skills Fund Loan 36 Month Loan 60 Month Loan
Cosigners Note: Up to 1 cosigner might be required in some instances.
Origination Fee 3% of loan requested (1)
Interest Rate(2) Fixed
8.49%
Fixed
10.49%
Capitalization of Interest None, since interest payment are mandatory 30 days after loan is disbursed
Payments Required While Enrolled? Yes, monthly interest payments only
Separation Period (after the in-school period and before interest and principal repayment begins) 60 days after official graduation (3)
Note: interest only payments required while enrolled
Principal and Interest Repayment Term 36 months (3 years) 60 months (5 years)

This example shows the monthly payments of a $10,000 Skills Fund loan for the Web Development program:

Example on a $10,000 loan 36 Month Loan 60 Month Loan
General Annual Percentage Rate 9.95% (4) 11.55% (5)
Finance Charge (the dollar amount the credit will cost you) $2,287 (4) $4,001 (5)
Interest-Only Monthly Payment $73 (4) $90 (5)
Monthly Payment $325 (4) $221 (5)
  • (1) The 3% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $10,000 will result in a $300 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $10,300.
  • (2) Interest rates are fixed and never vary.
  • (3) Graduation dates are determined by the school, and full repayment begins 2 months after that date.
  • (4) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 3% origination fee, paying interest on the loan for 6 months while enrolled in the program and 2 months of grace, then the 36 month principal and interest period.
  • (5) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 3% origination fee, paying interest on the loan for 6 months while enrolled in the program and 2 month of grace, then the 60 month principal and interest period.

This example shows the monthly payments of a $10,000 Skills Fund loan for the Data Science program:

Example on a $10,000 loan 36 Month Loan 60 Month Loan
Annual Percentage Rate 10.12% (4) 11.63% (5)
Finance Charge (the dollar amount the credit will cost you) $2,068 (4) $3,730 (5)
Interest-Only Monthly Payment $73 $90
Monthly Payment $325 (4) $221 (5)
  • (1) The 3.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $10,000 will result in a $300 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $10,300.
  • (2) Interest rates are fixed and never vary.
  • (3) Graduation dates are determined by the school, and full repayment begins 2 months after that date.
  • (4) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 3.0% origination fee, deferring principal and interest for 3 months while enrolled in the program and 2 months of grace, then the 36 month principal and interest period.
  • (5) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 3.0% origination fee, deferring principal and interest for 3 months while enrolled in the program and 2 months of grace, then the 60 month principal and interest period.