Skills Fund Loan 36 Month Loan 60 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%
Fixed
10.99%
Capitalization of Interest None, since interest payments are mandatory 30 days after loan is disbursed
Payments Required While Enrolled? -Interest-Only Type Loans: Yes, monthly interest payments only
-Immediate Repayment Type Loans: full payments (interest + principal) are required
Separation Period (after the in-school period and before interest and principal repayment begins) Two months after official graduation (3)
Note: interest-only type loans require interest-only payments 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 $10,500 interest only Skills Fund loan:

Example on a $10,500 loan 36 Month Loan
General Annual Percentage Rate 11.08% (4)
Finance Charge (the dollar amount the credit will cost you) $2,490.14 (4)
Interest-Only Monthly Payment $81.81 (4)
Monthly Payment $347.20 (4)
  • (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 2 months after that date.
  • (4) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,500, a 4.0% origination fee, paying interest on the loan for 4 months while enrolled in the program and 2 months of grace, then the 36 month principal and interest period.

This example shows the monthly payments of a $10,500 immediate repayment Skills Fund loan:

Example on a $10,500 loan 36 Month Loan
General 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) General 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.