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.
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.