I WANT TO APPLY FOR A LOAN >

DO I QUALIFY FOR A SKILLS FUND LOAN?

We’ve worked closely with Metis to provide students - of all backgrounds and walks of life - access to competitive financing. As long as you meet the basic underwriting criteria, such as you are a US citizen / permanent resident, with no recent bankruptcies or history of default on a public or private loan, you'll most likely qualify for a Skills Fund loan.

HOW MUCH CAN I BORROW AND FOR WHAT SPECIFIC USES?

Students may borrow between $2,000 and $24,500 ($14,500 tuition + $10,000 cost of living).

Please note: Students are responsible for paying Metis' cash deposit directly to the school in full accordance with Metis' deposit policy.

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 precise amount you would like to borrow. Students are required to take at least $2,000 in tuition financing in order to receive any cost of living financing.

Should you want to apply for a scholarship through Metis, it is recommended to apply for max tuition financing, and once your scholarship is awarded, please email CustomerTrust@Skills.Fund with your scholarship amount. Skills Fund will then downward adjust your requested tuition financing. This will prevent you from having to apply for additional funds, should you not be awarded your scholarship, as loans may not be upward adjusted.

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

You may apply for financing in parallel to applying for your scholarship. If you are awarded your scholarship prior to the disbursement of your tuition financing to Metis, 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.

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!

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 IS THE DEFERMENT PERIOD?

The deferment period is defined as the time you are attending the course, plus an additional two months after completion. These additional two months are considered your repayment grace period.

  • Interest-only type loans: These loans require interest payments during the deferment period. This means lower payments during the full loan repayment phase of 36 or 60 months.
  • Deferred-type loans: These loans have the advantage of requiring zero payments during the deferment period. But, the interest is capitalized at the end of this period, and the monthly payments will be slightly higher than interest-only type loans.

HOW MUCH ARE INTEREST PAYMENTS DURING THE DEFERMENT PERIOD?

Interest payments during the deferment period depend on the type of loan you choose:

  • Interest-only type loans: They require the payment of interest on a monthly basis during the deferment period. These payments ensure that no interest will be capitalized into your borrowed principal at the beginning of the 36- or 60-month full repayment phase. Interest-only payment amounts depend on the amount borrowed and the term of the loan. For a $10,000 loan 36-month loan, for example, these payments equal approximately $74/mo.
  • Deferred type loans: These loans require zero ($0) payments during the deferment period. But the simple interest generated every month accrues, and is capitalized into your loan principal at the end of this period. This translates into slightly higher monthly payments vs. interest-only loans. For example, for a $10,000, 60-month loan, a deferred type loan will pay more over its life than an interest only loan.

Please see terms in "More Info On Terms" above.

DO I NEED A COSIGNER?

If you do not meet the loan underwriting criteria, a cosigner will be needed. 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, and should you not be credit approved, you may be given the opportunity to amend your application with a cosigner.

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 the loan after your acceptance into a program. Your program cohort 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.