|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
|Capitalization of Interest||No interest will be capitalized.
|Payments Required While Enrolled?||Yes, 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 type Skills Fund loan:
|Example on a $14,450 loan||36 Month Loan||60 Month Loan|
|General Annual Percentage Rate||11.16%||12.51%|
|Finance Charge (4)||$3,314||$5,838|
|Interest-Only Monthly Payment (4)||$113||$138|