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| 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.