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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
|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|
- (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.