Interest Rates

Skills Fund Loan 60 Month Loan
Cosigners Note: Up to 1 cosigner might be required in some instances.
Origination Fee 3.0% of loan requested (1)
Interest Rate (2) Fixed
10.49%
Capitalization of Interest No interest will be capitalized.
Payments Required While Enrolled? Monthly interest payments are required.
Separation Period (after the in-school period and before interest and principal repayment begins) Two months after official graduation (3)
Note: interest-only type loans require interest-only payments while in school and during the separation period.
Principal and Interest Repayment Term 60 months (5 years)

This example shows the monthly payments of a $9,750 interest-only type Skills Fund loan:

Example on a $9,750 loan 60 Month Loan
Annual Percentage Rate (4) 10.11%
Finance Charge $3,637
Interest-Only Monthly Payment $105
Monthly Payment $216
  • (1) The 3.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $9,750 will result in a $293 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $10,043.
  • (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) Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $9,750, a 3.0% origination fee, paying interest on the loan for 3 months while enrolled in the program and 2 month of grace, then the 60 month principal and interest period.