Finance Your Tuition
Only Pay Interest for the First 6 Months
Below you'll find your honest & upfront rate, even if you opt to add a cosigner.
Now, let's calculate your full monthly repayment (interest + principal):
Students may borrow from $2,000 to $16,000.
*The Annual Percentage Rate (APR) shown is estimated based on the loan type, origination fee, and approximate program length. The actual APR may be slightly different than the example provided based on loan type and program length. To learn how an Annual Percentage Rate (APR) is calculated, visit our blog.
|Loan Type||Interest-Only Payment||Full Monthly (Principal and Interest) Payment||Full Cost of Loan|
|Interest-Only (Only Pay Interest While in Program + 2 months)||$77.91||$330.67||$12,371.56|
|Skills Fund Loan||36 Month|
|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% interest rate; 11.08% estimated APR
|Capitalization of Interest||Interest-Only Loans: Interest not capitalized unless payments not made.|
|Payments Required While Enrolled?||Interest-Only Loans: Monthly interest payments are required.|
|Grace Period||Two-month period after the in-school period, following official program completion, and before interest and principal repayment begins. (3)
Interest-Only Loans: Interest-only payments are required while in school and in the grace period.
|Post-Grace Period||Interest-Only Loans: Full repayments (principal and interest) are required.|
|Principal and Interest Repayment Term||36 months (3 years)|
This example shows the monthly payments of a $10,000 interest-only Skills Fund loan:
|Example on a $10,000 loan||36 Month|
|Annual Percentage Rate||11.08% (4)|
|Finance Charge (the dollar amount the credit will cost you)||$2,371.56 (4)|
|Interest-Only Monthly Payment||$77.91 (4)|
|Full Monthly (Principal and Interest) Payment||$330.67 (4)|
Our underwriting reflects an investment in your future success. Skills Fund does not use current income nor employment history in your credit decision, and you may qualify for a Skills Fund loan if you meet the basic underwriting criteria, including:
Worried about your credit health? You may either add a cosigner to begin your loan application, or following credit denial, you may be given the opportunity to add a cosigner.
All approved students are given the same low rate - with or without a cosigner.
Please note: Your program must start within 90 days of submitting your loan application. Should your application be submitted outside of the 90-day window, you will need to reapply for Skills Fund financing.
ATTENTION APPLICANTS: When entering "Applicant Information" within your loan application, please select New York (NY) as "the state of the school you plan to attend."
If you are a cosigner, begin the addendum now by clicking here.
Before you begin, please read these important notes:
While in the application, please note:
Upon loan acceptance, we will provide you with several options for making payments, including automated payments. You may create an account at AspireServicingCenter.com at any time to manage payments and account balance.
You will start paying interest on your loan roughly one month after your loan is disbursed to the school. Disbursement occurs on the second Wednesday after program start. You will make interest-only payments while in program and for 60 days following program completion.
You will start making full monthly payments (interest plus principal) after your two-month grace period ends. This 60-day payment grace period helps you to keep your eye on finding the right job following program completion.
The deferment period is defined as the time you are attending the course, plus an additional two months after program completion. These additional two months are considered your grace period.
Interest-only payments are required during the deferment period. After the deferment period ends, payments of interest and principal are required. Paying interest on your loan during the deferment period will result in lower interest + principal payments during the full loan repayment phase of 36 months.
The interest-only payments depend on how much you borrow; the less you borrow, the less you will pay.
Please see terms in "More Info On Terms" above.
Please note: The Annual Percentage Rate (APR) is estimated and may change slightly based on program start date. To learn how an Annual Percentage Rate (APR) is calculated, visit our blog.
You will be charged an origination fee of 4.0%. This amount will be added to the amount of tuition you borrow and is included in the total loan principal amount you finance. This fee helps cover the administrative fees associated with originating the loan and is charged by our partner bank. Please see terms in "More Info on Terms" above.
Please note: This fee is already reflected in the APR outlined above and in the loan calculator. Interested in learning more about your interest rate vs. APR? Check out our blog post here.
You may apply for financing in parallel to applying for your scholarship. If you are awarded your scholarship prior to the disbursement of your financing, please email CustomerTrust@Skills.Fund or notify your Admissions Counselor with the amount of your scholarship, and your requested financing amount 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 a prepayment 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 may prevent you having to apply for additional funds, should you not be awarded your scholarship, as loans may not be upward adjusted.
If you do not meet the loan underwriting criteria, a cosigner may be needed. You can (1) apply individually, and should you not be approved, you may be given the opportunity to amend your application 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.
Apply for the loan before enrolling in your Thinkful program. Your program cohort must begin within 90 days of the date that you apply for a loan.
During the loan application process, we will ask you for the following information:
Yes. When you apply we will check your credit, including your credit score. Interested in learning more about what goes into your credit score? Visit our blog and explore our credit history resources today.