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 | No interest will be capitalized. | |
Payments Required While Enrolled? | Interest-Only Type Loans: Monthly interest payments are required. | |
Separation Period (after the in-school period and before interest and principal repayment begins) | Two months after official graduation (3) Interest-Only Type Loans: Interest-only payments are required while in school and during the separation period. |
|
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 Immersive 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) |
This example shows the monthly payments of a $10,000 Skills Fund loan for the Data Science Immersive program:
Example on a $10,000 loan | 36 Month Loan | 60 Month Loan |
---|---|---|
General 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 (4) | $90 (5) |
Monthly Payment | $325 (4) | $221 (5) |