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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.

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