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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? Monthly interest 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 $14,450 interest-only Skills Fund loan:

Example on a $14,450 loan 36 Month Loan 60 Month Loan
Annual Percentage Rate 11.16% 12.51%
Finance Charge (4) $3,314 $5,838
Interest-Only Monthly Payment (4) $113 $138
Monthly Payment $478 $327
  • (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $14,450 will result in a $578 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $15,028.
  • (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 $14,450, a 4.0% origination fee, paying interest on the loan for 3 months while enrolled in the program and 2 month of grace, then the 36 month principal and interest period.
  • (5) Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $14,450, a 4.0% origination fee, paying interest on the loan for 3 months while enrolled in the program and 2 month of grace, then the 60 month principal and interest period.