Do I qualify for a Skills Fund loan?

We’ve worked closely with Hackbright Academy 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 or history of default on a public or private loan, you'll most likely qualify for a Skills Fund loan.


For the Engineering Fellowship program, you are eligible to borrow between $2,000 and $21,570. You may use your loan proceeds for Hackbright's tuition and to help pay for cost of living while enrolled in the program.

Please note: Students are responsible for paying Hackbright Academy's cash deposit directly to the school in full accordance with their deposit policy.


Your living stipend will be mailed to you on the second Wednesday after your program start. The check will be sent via standard US mail to the mailing address provided on your loan application.

Please note: Supplemental cost of living can only be added to max tuition financing. Anything above your tuition will be considered cost of living and disbursed directly to you. Cost of living cannot be financed apart from tuition.

What is the deferment period?

The deferment period is defined as the time you are attending the course, plus an additional two months after completion. These additional two months are considered your repayment grace period.

  • Interest-only type loans: These loans require interest payments during the deferment period. This means lower payments during the full loan repayment phase of 36 or 60 months.
  • Deferred-type loans: These loans have the advantage of requiring zero payments during the deferment period. But, the interest is capitalized at the end of this period, and the monthly payments will be slightly higher than interest-only type loans.

How much are interest payments during the deferment period?

Interest payments during the deferment period depend on the type of loan you choose:

  • Interest-only loans: For a 36-month $10,000 loan, the interest only monthly payment is approximately $78. For a 60-month $10,000 loan, the interest only monthly payment is approximately $95.
  • Deferred type loans: These loans require zero ($0) payments during the deferment period. But the simple interest generated every month accrues, and is capitalized into your loan principal at the end of this period. This translates into slightly higher monthly payments vs. interest-only loans. For example, for a $10,000, 60-month loan, a deferred type loan will pay about $10/mo. more over its life than an interest only loan.

Please see terms in "More Info On Terms" above.

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)

When can I apply for a loan?

Apply for the loan after your acceptance into a program. Your program cohort must begin within 90 days of the date that you apply for a loan.

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 4.0%. 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 a confirmation window in the application. If you are credit approved, your loan will then be certified by Hackbright Academy. 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?

Interest-Only Loans: You will start paying interest on your loan roughly one month after your Hackbright Academy program start date.

Deferred Type Loans: You will make no payments in program.

For Both Loan Types: Two months post-graduation, you will start making full monthly payments (interest plus principal). This 60-day grace period helps you to keep your eye on finding the perfect job post-graduation.

Upon loan acceptance, we will provide you with several options for making payments, including automated payments. You may create an account at 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 Hackbright Academy, 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 Hackbright Academy 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.

Regarding your cost of living: You are responsible for returning these funds to Skills Fund. 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 is a wholly owned subsidiary of Skills Fund's non-profit partner, Iowa Student Loan. Aspire Resources provides billing and customer service on behalf of Skills Fund, thus your payment notices and other loan communications will arrive with Aspire's logo on them (it's not junk mail!).

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!