Skills Fund Loan 36 Month Loan 60 Month Loan
Cosigners Note: Up to 1 cosigner might be required in some instances.
Origination Fee 3.0% of loan requested (1)
Interest Rate(2) Fixed
8.49%
Fixed
10.49%
Capitalization of Interest -Interest-only type loans: no interest will be capitalized.
-Deferred type loans: accrued simple interest will be capitalized once at end of deferment period.
Payments Required While Enrolled? -Interest-only type loans: monthly interest payments are required.
-Deferred type loans: no payments are required.
Separation Period (after the in-school period and before interest and principal repayment begins) Two months after official graduation (3)
Note: interest-only type loans require interest-only payments while in school and during the separation period.
Principal and Interest Repayment Term 36 months (3 years) 60 months (5 years)

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

Example on a $10,000 loan 36 Month Loan 60 Month Loan
Annual Percentage Rate 10.18% (4) 11.65% (5)
Finance Charge (the dollar amount the credit will cost you) $1,995 (4) $3,640 (5)
Interest-Only Monthly Payment $73 (4) $90 (5)
Monthly Payment $325 (4) $221 (5)
  • (1) The 3.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $10,000 will result in a $300 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $10,300.
  • (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) Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 3.0% origination fee paying interest on the loan for 10 weeks while enrolled in the program and 2 months of grace, then the 36 month principal and interest period.
  • (5) Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 3.0% origination fee, paying interest on the loan for 10 weeks while enrolled in the program and 2 month of grace, then the 60 month principal and interest period.

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

Example on a $10,000 loan 36 Month Loan 60 Month Loan
Annual Percentage Rate 10.12% (4) 11.60% (5)
Finance Charge (the dollar amount the credit will cost you) $2,035 (4) $3,745 (5)
Interest-Only Monthly Payment $0 (4) $0 (5)
Monthly Payment $334 (4) $229 (5)
  • (1) The 3.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $10,000 will result in a $300 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $10,300.
  • (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) Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 3.0% origination fee deferring principal and interest for 10 weeks while enrolled in the program and 2 months of grace, then the 36 month principal and interest period.
  • (5) Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 3.0% origination fee, deferring principal and interest for 10 weeks while enrolled in the program and 2 month of grace, then the 60 month principal and interest period.