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 full monthly payments are mandatory a month after a loan is disbursed
Payments Required While Enrolled? Yes, full monthly payments (interest + principal) are required
Principal and Interest Repayment Term 36 months (3 years) 60 months (5 years)

This example shows the monthly payments of a $10,000 non-deferred type Skills Fund loan:

Example on a $10,000 loan 36 Month Loan 60 Month Loan
Annual Percentage Rate 11.69% (3) 12.71% (4)
Finance Charge (the dollar amount the credit will cost you) $1,904 (3) $3,564 (4)
Monthly Payment $330 (3) $226 (4)
  • (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $10,000 will result in a $400 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $10,400.
  • (2) Interest rates are fixed and never vary.
  • (3) Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 4.0% origination fee, paying interest and principal on the loan starting one month after your program start date.
  • (4) Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 4.0% origination fee, paying interest and principal on the loan starting one month after your program start date.