Skills Fund Loan 36 Month
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% interest rate; 10.71-11.69% estimated APR
Capitalization of Interest Interest-Only Loans: Interest not capitalized unless payments not made.
Immediate Repayment Loans: Interest not capitalized unless payments not made.
Payments Required While Enrolled? Interest-Only Loans: Monthly interest payments are required.
Immediate Repayment Loans: Yes, full payments (interest + principal) are mandatory roughly one month after loan is disbursed.
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.
Immediate Repayment Loans: None, full repayments start roughly one month after loan is disbursed.
Post-Grace Period Interest-Only Loans: Full repayments (principal and interest) are required.
Immediate Repayment Loans: Full repayments (principal and interest) are required.
Principal and Interest Repayment Term 36 months (3 years)

This example shows the monthly payments of a $10,500 interest-only Skills Fund loan for the Web Development Online Bootcamp:

Example on an $10,500 loan 36 Month
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)
Full Monthly (Principal and Interest) 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) Program completion dates are determined by the school, and full repayment begins two months after that date.
  • (4) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $10,500, a 4.0% origination fee, paying interest on the loan for 4 months while enrolled in the program and for a two-month grace period, then the 36-month principal and interest period.

This example shows the monthly payments of a $10,500 immediate repayment Skills Fund loan for the Web Development Online Bootcamp:

Example on a $10,500 loan 36 Month
Annual Percentage Rate 11.69% (3)
Finance Charge (4) $1,999.28 (3)
Full Monthly (Principal and Interest) Payment $347.20 (3)
  • (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) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $10,500, a 4.0% origination fee, and the 36-month principal and interest period.

This example shows the monthly payments of a $12,500 interest-only Skills Fund loan for the Data Science Full-Time Online Bootcamp:

Example on a $12,500 loan 36 Month
Annual Percentage Rate 11.01% (4)
Finance Charge (the dollar amount the credit will cost you) $3,061.84 (4)
Interest-Only Monthly Payment $97.39 (4)
Full Monthly (Principal and Interest) Payment $413.34 (4)
  • (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $12,500 will result in a $500 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $13,000.
  • (2) Interest rates are fixed and never vary.
  • (3) Program completion dates are determined by the school, and full repayment begins two months after that date.
  • (4) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $12,500, a 4.0% origination fee, paying interest on the loan for 5 months while enrolled in the program and for a two-month grace period, then the 36-month principal and interest period.

This example shows the monthly payments of a $9,000 interest-only Skills Fund loan for the Data Science Part-Time Online Bootcamp:

Example on an $9,000 loan 36 Month
Annual Percentage Rate 10.71% (4)
Finance Charge (the dollar amount the credit will cost you) $2,555.13 (4)
Interest-Only Monthly Payment $70.12 (4)
Full Monthly (Principal and Interest) Payment $297.60 (4)
  • (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $9,000 will result in a $360 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $9,360.
  • (2) Interest rates are fixed and never vary.
  • (3) Program completion dates are determined by the school, and full repayment begins two months after that date.
  • (4) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $9,000, a 4.0% origination fee, paying interest on the loan for 8 months while enrolled in the program and for a two-month grace period, then the 36-month principal and interest period.

This example shows the monthly payments of a $7,500 immediate repayment Skills Fund loan for the Data Science Self-Paced Bootcamp:

Example on a $7,500 loan 36 Month
Annual Percentage Rate 11.69% (3)
Finance Charge (4) $1,428.06 (3)
Full Monthly (Principal and Interest) Payment $248.00 (3)
  • (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $7,500 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 $7,800.
  • (2) Interest rates are fixed and never vary.
  • (3) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $7,500, a 4.0% origination fee, and the 36-month principal and interest period.