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| Skills Fund Loan | 36 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% |
|
| Capitalization of Interest | No interest will be capitalized. | |
| Payments Required While Enrolled? | Yes, full payments (interest + principal) are required. | |
| Separation Period (after the in-school period and before interest and principal repayment begins) | Payments are due 2 months after loan disbursement. | |
| Principal and Interest Repayment Term | 36 months (3 years) | |
This example shows the monthly payments of a $13,000 interest-only Skills Fund loan:
| Example on a $13,000 loan | 36 Month Loan |
|---|---|
| Annual Percentage Rate (4) | 11.08% |
| Finance Charge (Total $ Cost of Loan) | $3,083 |
| Monthly Payment | $430 |
- (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $13,000 will result in a $520 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $13,520.
- (2) Interest rates are fixed and never vary.
- (3) Full repayment begins about one month after loan disbursement.
- (4) Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $11,000, and a 4.0% origination fee, then the 36 month principal and interest period.