YOUR LAST STEP ON THE PATH TO CHANGING YOUR CAREER

FINANCE YOUR TRAINING FOR $10* A WEEK FOR THE FIRST 4 MONTHS

*$10 ($9.74) a week represents interest-only payments on a $5,000 loan for the first 4 months of your Weekday training (2 months in program + 2 month grace period). Please visit the FAQs for additional details.

ONE LOW RATE FOR EVERYONE

Here it is - your upfront rate: 8.99% for all (including you), even with a cosigner. Now that you know your rate, let's calculate your monthly payment.

WEEKDAY PROGRAM
Please enter a number between 2,000 and 5,000 without punctuation

Weekday students may borrow $2,000 to $5,000.

36-Month Term
at 8.99% Interest Rate
at 11.25% General APR*
$ 165.33 /mo
WEEKEND & WEEKNIGHT PROGRAM
Please enter a number between 2,000 and 5,000 without punctuation

Weekend & Weeknight students may borrow $2,000 to $5,000.

36-Month Term
at 8.99% Interest Rate
at 11.69% General APR*
$ 165.33 /mo

*General APR - General Annual Percentage Rate. The APR shown is a general calculation based upon an example loan amount, 4.0% origination fee, and varying program length. An actual APR calculation is based upon an individual borrower's specific details, so it may deviate slightly from the general APR example provided above.

HERE'S HOW WE'LL GET YOU APPROVED

We believe in you & your future, so we do not use income or employment history in our credit decision. Here's what will get you approved:

  • U.S. citizen or permanent resident (green card holder)

  • A fair credit score or better
  • No history of loan default or bankruptcy

Don't check the credit history boxes? Add a cosigner and secure the same low rate.

MORE INFO ON TERMS

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 Weekday Programs: None, since interest payments are mandatory 30 days after the loan is disbursed.
Weekend & Weeknight Programs: None, since full (interest + principal) payments are required starting 30 days into program.
Payments Required While Enrolled? Weekday Programs: Monthly interest payments are required.
Weekend & Weeknight Programs: full (interest + principal) payments are required starting 30 days into program.
Separation Period (after the in-school period and before interest and principal repayment begins) Two months after official graduation (3)
Note: Loans for the Weekday program require interest-only payments while in school and during the separation period. Loans for the Weekend & Weeknight Program have no separation period.
Principal and Interest Repayment Term 36 months (3 years)

This example shows the monthly payments of a $4,000 Interest-Only type Skills Fund loan for the Weekday Program:

Example on a $4,000 loan 36 Month Loan
General Annual Percentage Rate 11.25% (4)
Finance Charge (the dollar amount the credit will cost you) $866.29 (4)
Interest-Only Monthly Payment $31 (4)
Monthly Payment $132.27 (4)
  • (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $4,000 will result in a $160 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $4,160.
  • (2) Interest rates are fixed and never vary.
  • (3) Graduation dates are determined by the school, and full repayment begins 2 months after that date.
  • (4) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $4,000, a 4.0% origination fee, paying interest on the loan for 2 months while enrolled in the program and 2 month of grace, then the 36 month principal and interest period.

This example shows the monthly payments of a $4,000 Immediate Repayment Skills Fund loan for the Weekend & Weeknight Program:

Example on a $4,000 loan 36 Month Loan
General Annual Percentage Rate 11.69% (4)
Finance Charge (the dollar amount the credit will cost you) $761.63 (4)
Monthly Payment $132.27 (4)
  • (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $4,000 will result in a $160 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $4,160.
  • (2) Interest rates are fixed and never vary.
  • (3) Graduation dates are determined by the school, and full repayment begins 2 months after that date.
  • (4) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $4,000, a 4.0% origination fee, and payments beginning 30 days after program start, through the 36 month loan term.

TAKE 10 MINUTES & APPLY

Apply for financing during your interview with an Admissions Team member.

Before you begin, please read these important notes:

  • Customer identification policy:
  • For the purpose of the following notice, the words "you" and "your" mean the Borrower and the Cosigner. All applicants: Important Federal Law Notice - Important information about procedures for opening a new account: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
  • Consent to share data:
  • By beginning the application, I consent under Federal and state privacy laws to Smith & Solomon providing to Skills Fund information related to my application, enrollment, and completion, including but not limited to information contained in my original application and supplements as well as information regarding my completion, graduation, and post-graduation outcomes information.

If you are a cosigner, begin the addendum now by clicking here.

While in the application, please note:

  • DO NOT use the browser Back button. Using the browser Back button may cause invalid information and delay the processing of your loan.
  • Your application will not be complete until it has been signed and submitted along with any required documentation.
  • You will need the address and phone number of 3 references to complete your application, including one relative not living with you. Others may be friends, employers, etc.

FREQUENTLY ASKED QUESTIONS

I WANT TO APPLY FOR A LOAN >

DO I QUALIFY FOR A SKILLS FUND LOAN?

This is an investment in you and your future, so we do not use income nor employment history in our credit decisions. As long as you meet the below criteria, you'll most likely be approved for your Skills Fund financing:

  • U.S. citizen or permanent resident (green card holder)

  • A fair credit score or better
  • No history of loan default or bankruptcy

Don't check the credit history boxes? Add a cosigner and secure the same low rate.

HOW MUCH CAN I BORROW AND FOR WHAT SPECIFIC USES?

  • Borrow from $2,000 up to $5,000
  • $4,500 goes towards tuition
  • $500 goes towards cost of living

I NEED TUITION & COST OF LIVING. HOW DO I SELECT THE AMOUNT I WANT FOR EACH?

Within the loan application, you will find two fields for financing: one for tuition and one for cost of living. Within each field, you are able to input the exact amount you want to borrow. To borrow cost of living, finance at least $2,000 in tuition.

WHAT ARE MY IN-PROGRAM PAYMENTS?

For the Weekday Program: Make interest-only payments while in program and for two months following graduation. For a $5,000 loan, the interest only monthly payment is approximately $39.

For the Weeknight & Weekends programs: There is no deferment period. You will start to make full payments roughly one month into program. For a $5,000 loan, the full monthly repayment is approximately $165.

DO I NEED A COSIGNER?

You can (1) apply individually, and should you not be approved, you can reapply with a cosigner; or (2) initiate your loan process with a cosigner.

Please note: We advise you to apply individually to begin. If you apply on your own and are not approved for your loan, a cosigner counteroffer may be made to you. You'll know you can add in a cosigner upon receiving an in-application notification and an email sharing details.

WHAT INFORMATION DO I NEED TO PROVIDE SKILLS FUND?

During the loan application process, we will ask you for the following information:

  • Full name
  • Address
  • Email and other contact information
  • Social Security Number
  • Date of Birth
  • Loan amount requested
  • Three personal references
  • Cosigner information (if applicable)

WHEN CAN I APPLY FOR A LOAN?

Apply for financing during your interview with an Admissions Team member. Your program must begin within 90 days of the date that you apply for a loan.

WILL YOU CHECK MY CREDIT?

Yes, we will check your credit, including your credit score.

WILL I GET CHARGED ANY FEES FOR TAKING OUT THIS LOAN?

You will be charged an origination fee of 4.0%. This amount will be added to the amount of tuition you borrow, and included in the total loan principal amount you finance. This fee helps cover the administrative fees associated with originating the loan and charged by our partner bank. Please see terms in "More Info on Terms" above.

Please note: this fee is already reflected in the general APR outlined above and in the loan calculator. Interested in learning more about your interest rate vs. APR? Check out our blog post here.

I'VE APPLIED FOR A LOAN >

HOW DO I KNOW IF I’VE BEEN APPROVED FOR A LOAN?

Shortly after completing your loan application, you will receive provisional credit approval details via a confirmation window in the application. If you are credit approved, your loan will then be certified by Smith & Solomon. If you are not credit approved, you may be given the opportunity to amend your application with a cosigner.

WHEN WILL I RECEIVE MY COST OF LIVING?

Your cost of living will be sent to you on the second Wednesday after your program starts.

Please allow 1 - 5 business days for your electronic wire transfer to be reflected in your bank account. If you elect to have funds mailed to your address, please allow 5 - 10 business days for your check to arrive via U.S. Standard Mail.

I AM APPLYING FOR A SCHOLARSHIP. SHOULD I WAIT TO APPLY FOR FINANCING?

You may apply for financing and a scholarship at the same time. If you are awarded your scholarship prior to the disbursement of your tuition financing to Smith & Solomon, please email CustomerTrust@Skills.Fund with the amount of your scholarship, and your tuition 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 pre-payment 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 will prevent you having to apply for additional funds, should you not be awarded your scholarship, as loans may not be upward adjusted. Simply email CustomerTrust@Skills.Fund with your approved scholarship amount.

WHAT HAPPENS TO MY LOAN IF I DROP OUT FROM SMITH & SOLOMON?

Regarding your tuition: You are responsible for the full amount you borrow, plus accrued interest and fees. If you are owed a refund by Smith & Solomon, the refund transaction will be made to Skills Fund in the amount of the refund due (but in no event greater than what we paid to Smith & Solomon on your behalf). If there is a balance on your loan after any applied refund, you will be required to immediately start making monthly payments for the balance.

Regarding your cost of living: You are responsible for returning these funds to Skills Fund. If there is a balance on your loan after any applied refund, you will be required to immediately start making monthly payments for the balance.

I'M READY TO REPAY MY LOAN >

HOW AND WHEN WILL I REPAY MY LOAN?

For the Weekday Program: You will start paying interest on your loan roughly one month after you start Smith & Solomon. Two months after you finish the program, you will start making full monthly repayments (interest plus principal).

For the Weeknights & Weekends Programs: You will start making full monthly repayments (interest plus principal) one month after you start Smith & Solomon.

Upon loan acceptance, we will provide you with several options for making payments, including automated payments. You may create an account at www.studentloan.org at any time to manage your payments and account balance.

CAN I PAY MY LOAN OFF AT ANY TIME?

Yes, you can pre-pay your loan without penalty.

ABOUT SKILLS FUND >

WHO IS SKILLS FUND?

Skills Fund's mission is simple: we transform lives and careers by accelerating the growth of and access to training programs. With a team of leaders in student lending, higher education and consumer protection, Skills Fund pulls upon extensive expertise to create a financing platform that is transparent, fast, and offers students financial flexibility. Skills Fund believes bootcamps, lenders, and industry should share in ensuring student success - and that’s what we’re working daily to make happen.

WHO IS SOUTHEAST BANK AND HOW IS IT RELATED TO SKILLS FUND?

Southeast Bank is a Tennessee-chartered bank, and is the lender for all Skills Fund loans.

WHO IS ASPIRE RESOURCES INC. AND HOW IS IT RELATED TO SKILLS FUND?

Aspire Resources Inc. is a wholly owned, for-profit subsidiary of Skills Fund's non-profit partner, Iowa Student Loan. Aspire Resources Inc. provides post-disbursement customer service on behalf of Skills Fund, and Aspire's logo will be seen within communications specific to your Skills Fund loan.

HOW DO I ASK MORE QUESTIONS NOT COVERED IN THIS FAQS SECTION?

We are more than happy to answer any additional question you might have. Just fill the form below and we will be in touch soon!

CONTACT US