Skills Fund Loan 36 Month 60 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; estimated APR 10.82-11.69%
Fixed
10.99% interest rate; estimated APR 12.36-12.71%
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 Type Loans: Monthly interest payments are required.
Immediate Repayment Type 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 during the grace period.
Immediate Repayment Type 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 Type Loans: Full repayments (principal and interest) are required.
Principal and Interest Repayment Term 36 months (3 years) 60 months (5 years)

This example shows the monthly payments of a $8,500 interest-only Skills Fund loan:

Example on a $8,500 loan 36 Month 60 Month
Annual Percentage Rate 10.82% (4) 12.36% (5)
Finance Charge (the dollar amount the credit will cost you) $2,280.73 (4) $3,839.13 (5)
Interest-Only Monthly Payment $66.23 (4) $80.96 (5)
Full Monthly (Interest and Principal) Payment $281.07 (4) $192.16 (5)
  • (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $8,500 will result in a $340 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $8,840.
  • (2) Interest rates are fixed and never vary.
  • (3) Program completion dates are determined by the school, and full repayment begins 2 months after that date.
  • (4) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $8,500, 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.
  • (5) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $8,500, a 4.0% origination fee, paying interest on the loan for 8 months while enrolled in the program and two-month grace period, then the 60-month principal and interest period.

This example shows the monthly payments of a $8,500 immediate repayment Skills Fund loan:

Example on a $8,500 loan 36 Month 60 Month
Annual Percentage Rate 11.69% (3) 12.71% (4)
Finance Charge (the dollar amount the credit will cost you) $1,618.47 (3) $3,029.54 (4)
Full Monthly (Interest and Principal) Payment $281.07 (3) $192.16 (4)
  • (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $8,500 will result in a $340 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $8,840.
  • (2) Interest rates are fixed and never vary.
  • (3) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $8,500, a 4.0% origination fee, and the 36-month principal and interest period.
  • (4) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $8,500, a 4.0% origination fee, and the 60-month principal and interest period.