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 No interest will be capitalized.
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.
Separation Period (after the in-school period and before interest and principal repayment begins) Two months after official graduation (3)
Interest-Only Type Loans: Interest-only payments are required while in school and during the separation period.
Immediate Repayment Type Loans: None, full repayments start roughly one month after loan is disbursed.
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 Loan 60 Month Loan
General Annual Percentage Rate 10.82% (4) 12.36% (5)
Finance Charge (the dollar amount the credit will cost you) $2,281 (4) $3,839 (5)
Interest-Only Monthly Payment $66 (4) $81 (5)
Monthly Payment $281 (4) $192 (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) 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 $8,500, a 4.0% origination fee, paying interest on the loan for 8 months while enrolled in the program and 2 months of grace, then the 36-month principal and interest period.
  • (5) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $8,500, a 4.0% origination fee, paying interest on the loan for 8 months while enrolled in the program and 2 months of grace, 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 Loan 60 Month Loan
General Annual Percentage Rate 11.69% (3) 12.71% (4)
Finance Charge (the dollar amount the credit will cost you) $1,618 (3) $3,030 (4)
Monthly Payment $281 (3) $192 (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) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $8,500, a 4.0% origination fee, and paying interest and principal on the loan starting roughly one month after your loan is disbursed.
  • (4) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $8,500, a 4.0% origination fee, and paying interest and principal on the loan starting roughly one month after your loan is disbursed.