|Skills Fund Loan||36 Month||60 Month|
|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% interest rate, 11.16% estimated APR
10.99% interest rate, 12.51% estimated APR
|Capitalization of Interest||Interest-Only Loans: Interest not capitalized unless payments not made.|
|Payments Required While Enrolled?||Interest-Only Loans: Monthly interest payments are required.|
Two-month period after the in-school period, following official program completion, and before interest and principal repayment begins. (3)
Interest-Only Loans: Interest-only payments are required while in school and in the grace period.
|Post-Grace Period||Interest-Only Loans: Full repayments (principal and interest) are required.|
|Principal and Interest Repayment Term||36 months (3 years)||60 months (5 years)|
This example shows the monthly payments of a $10,000 interest-only Skills Fund loan:
|Example on a $10,000 loan||36 Month||60 Month|
|Annual Percentage Rate||11.16% (4)||12.51% (5)|
|Finance Charge (the dollar amount the credit will cost you)||$2,293.64 (4)||$4,040.39 (5)|
|Interest-Only Monthly Payment||$77.91 (4)||$95.25 (5)|
|Full Monthly (Principal and Interest) Payment||$330.67 (4)||$226.07 (5)|
- (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, a $10,000 will generate a $400 origination charge that will increase the loaned amount to $10,400.
- (2) Interest rates are fixed and never vary.
- (3) Program completion 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 estimated based upon borrowing $10,000, a 4.0% origination fee, paying interest on the loan for 3 months while enrolled in the program and for a two-month grace period, then the 36-month principal and interest period.
- (5) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $10,000, a 4.0% origination fee, paying interest on the loan for 3 months while enrolled in the program and for a two-month grace period, then the 60-month principal and interest period.