Skills Fund Loan 36 Month 60 Month
Cosigners Note: Up to 1 cosigner might be required in some instances.
Origination Fee 3.0% of loan requested (1)
Interest Rate (2) Fixed
8.49% interest rate, 9.95-10.12% estimated APR
Fixed
10.49% interest rate, 11.55-11.63% estimated APR
Capitalization of Interest Interest-Only Loans: Interest not capitalized unless payments not made.
Payments Required While Enrolled? Interest-Only Loans: Monthly interest payments are required.
Grace Period Two-month period after the in-school period, following official program completion, and before interest and principal repayment begins. (3)
Interest-Only Loans: Interest-only payments are required while in school and in the grace period.
Post-Grace Period Interest-Only Loans: Full repayments (principal and interest) are required.
Principal and Interest Repayment Term 36 months (3 years) 60 months (5 years)

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

Example on a $10,000 loan 36 Month 60 Month
Annual Percentage Rate 9.95% (4) 11.55% (5)
Finance Charge (the dollar amount the credit will cost you) $2,286.50 (4) $4,000.48 (5)
Interest-Only Monthly Payment $72.87 (4) $90.04 (5)
Full Monthly (Principal and Interest) Payment $325.10 (4) $221.34 (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) Program completion dates are determined by the school, and full repayment begins 2 months after that date.
  • (4) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $10,000, a 3.0% origination fee, paying interest on the loan for six months while enrolled in the program and for a two-month grace period, then the 36-month principal and interest period.
  • (5) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $10,000, a 3.0% origination fee, paying interest on the loan for six months while enrolled in the program and for a two-month grace period, then the 60-month principal and interest period.

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

Example on a $10,000 loan 36 Month 60 Month
Annual Percentage Rate 10.12% (4) 11.63% (5)
Finance Charge (the dollar amount the credit will cost you) $2,067.89 (4) $3,730.37 (5)
Interest-Only Monthly Payment $72.87 (4) $90.04 (5)
Full Monthly (Principal and Interest) Payment $325.10 (4) $221.34 (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) Program completion dates are determined by the school, and full repayment begins 2 months after that date.
  • (4) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $10,000, a 3.0% origination fee, paying interest on the loan for three months while enrolled in the program and for a two-month grace period, then the 36-month principal and interest period.
  • (5) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $10,000, a 3.0% origination fee, paying interest on the loan for three months while enrolled in the program and for a two-month grace period, then the 60-month principal and interest period.