Do I qualify for a Skills Fund loan?

We’ve worked closely with Bloc to provide students - of all backgrounds and walks of life - access to competitive financing. As long as you meet the basic underwriting criteria, such as you are a US citizen / permanent resident, with no recent bankruptcies nor history of default on a public or private loan, you'll most likely qualify for a Skills Fund loan.

HOW MUCH CAN I BORROW AND FOR WHAT SPECIFIC USES?

Software Engineering Track students can borrow between $10,000 and $19,500 to pay for tuition. Designer Track students can borrow between $2,000 and $9,800 to pay for tuition. Web Developer Track students can borrow between $2,000 and $8,800 to pay for tuition.

Do I need a cosigner?

If you do not meet the loan underwriting criteria, a cosigner will be needed. You can (1) apply individually, and should you not be approved, you can reapply with a cosigner, or (2) initiate your loan process with a cosigner.

Please note: we advise you to apply individually to begin, and should you not be credit approved, you may be given the opportunity to amend your application with a cosigner.

What information do I need to provide Skills Fund?

During the loan application process, we will ask you for the following information:

  • Full name
  • Address
  • Email and other contact information
  • Social Security Number
  • Date of Birth
  • Loan amount requested
  • Three personal references
  • Cosigner information (if applicable)

Will you check my credit?

Yes, we will check your credit, including your credit score.

Will I get charged any fees for taking out this loan?

You will be charged an origination fee of 3.0%. This amount will be added to the amount of tuition you borrow, and included in the total loan principal amount you finance. This fee helps cover the administrative fees associated with originating the loan and charged by our partner bank. Please see terms in "More Info on Terms" above.

Please note: this fee is already reflected in the general APR outlined above and in the loan calculator.

Interested in learning more about your interest rate vs. APR? Check out our blog post here.

How do I know if I’ve been approved for a loan?

Shortly after completing your loan application, you will receive provisional credit approval details via email and a confirmation window in the application. If you are credit approved, your loan will then be certified by Bloc. If you are not credit approved, you may be given the opportunity to amend your application with a cosigner.

How and when will I repay my loan?

You will start making full payments (interest + principal) one month after your program begins.

Upon loan acceptance, we will provide you with several options for making payments, including automated payments. You may create an account at www.studentloan.org at any time to manage payments and account balance.

Can I pay my loan faster than the initial term?

Yes, you can pre-pay your loan at any time without penalty.

What happens to my loan if I drop out from my program?

Regarding your tuition: You are responsible for the full amount you borrow, plus accrued interest and fees. If you are owed a refund by Bloc, the refund transaction will be made to Skills Fund in the amount of the refund due (but in no event greater than what that we paid to Bloc on your behalf). If there is a balance on your loan after any applied refund, you will be required to immediately start making monthly payments for the balance.

Who is Skills Fund?

Skills Fund's mission is simple: we transform student lives and careers by accelerating the growth of and access to high-quality skills education. With a team of leaders in student lending, higher education and consumer protection, Skills Fund pulls upon extensive expertise to create a financing platform that is transparent, fast, and offers students financial flexibility.

Skills Fund believes bootcamps, lenders, and industry should share in ensuring student success - and that’s what we’re working daily to make happen.

Who is Southeast Bank and how is it related to Skills Fund?

Southeast Bank is a Tennessee-chartered bank, and is the lender for all Skills Fund loans.

Who is Aspire Resources Inc. and how is it related to Skills Fund?

Aspire Resources Inc. is a wholly owned, for-profit subsidiary of Skills Fund's non-profit partner, Iowa Student Loan. Aspire Resources Inc. provides post-disbursement customer service on behalf of Skills Fund, and Aspire's logo will be seen within communications specific to your Skills Fund loan.

How do I ask more questions not covered in this FAQs section?

We are more than happy to answer any additional question you might have. Just fill the form below and we will be in touch soon!