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 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 $24,395. For the full-time Engineering Fellowship program, you can borrow up to a maximum of $24,395 ($16,895 for tuition and $7,500 for cost of living). For the part-time Engineering Fellowship program, you can borrow up to $16,895 (only covering tuition).
Please note: Students are responsible for paying Hackbright Academy's cash deposit directly to the school in full accordance with their deposit policy.
Within the loan application, you will find two fields for financing: one for tuition and one for cost of living. Within each field, you are able to input the precise amount you would like to borrow. Students are required to take at least $2,000 in tuition financing in order to receive any cost of living financing.
Should you want to apply for a scholarship through Hackbright Academy, it is recommended to apply for max tuition financing, and once your scholarship is awarded, please email CustomerTrust@Skills.Fund with your scholarship amount. Skills Fund will then downward adjust your requested tuition financing. This will prevent you from having to apply for additional funds, should you not be awarded your scholarship, as loans may not be upward adjusted.
You may apply for financing in parallel to applying for your scholarship. If you are awarded your scholarship prior to the disbursement of your tuition financing to Hackbright Academy, please email CustomerTrust@Skills.Fund with the amount of your scholarship, and your tuition will be downward adjusted.
Should you receive your scholarship following the second Wednesday after program start, you can apply your funds to your loan balance at any time without pre-payment penalty.
Please note: Should you want to apply for a scholarship, it is recommended to apply for max tuition financing, and once your scholarship is awarded, Skills Fund can downward adjust your requested tuition financing. This will prevent you having to apply for additional funds, should you not be awarded your scholarship, as loans may not be upward adjusted. Simply email CustomerTrust@Skills.Fund with your approved scholarship amount.
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 payments during the deferment period depend on the type of loan you choose:
Please see terms in "More Info On Terms" above.
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.
If you are not credit approved for Skills Fund financing, you may be given the opportunity to amend your application with a cosigner.
A denial from financing presents a great opportunity to revisit your financial health. Take the time to look into your credit report and see if there are any items that are incorrect or can be easily resolved. The length of your credit history accounts for 15% of your credit score, so your score may be low simply because there is little history of you making on-time payments.
We encourage you to reapply for Skills Fund financing after you have taken steps to repair your credit. Depending on the items in your credit score, you may become eligible for financing within several months, or it may take longer to repair your score. If an applicant has a history of student loan default, they will not be eligible for Skills Fund financing.
For more information on credit health and budgeting, visit Skills Fund's Financing 101 Blog.
During the loan application process, we will ask you for the following information:
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.
Yes, we will check your credit, including your credit score.
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.