Skills Fund Loan 36 Month Loan
Cosigners Note: Up to 1 cosigner might be required in some instances.
Origination Fee 4.0% of loan requested (1)
Interest Rate (2) Fixed
8.99%
Capitalization of Interest No interest will be capitalized.
Payments Required While Enrolled? Full monthly payments (interest + principal) are required.
Separation Period (after the in-school period and before interest and principal repayment begins) Paymnents are due roughly a month after loan disbursement.(3)
Principal and Interest Repayment Term 36 months (3 years)

This example shows the monthly payments of a $10,500 Non-Deferred Skills Fund loan:

Example on a $10,500 loan 36 Month Loan
Annual Percentage Rate 11.69%
Finance Charge (4) $1,999
Monthly Payment $347
  • (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $10,500 will result in a $420 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $10,920.
  • (2) Interest rates are fixed and never vary.
  • (3) Graduation dates are determined by the school, and full repayment begins 1 month after your program start date.
  • (4) Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,500 with a 4.0% origination fee and a 36 month principal and interest period.