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No Income or Employment Data Used in Underwriting
Daytime and Nights & Weekends Track Options
For Daytime Tracks, borrow from $2,000 to $25,250 depending on your program selection.
Make interest-only payments in program and for two months following graduation. To add cost of living, borrow at least $2,000 in tuition financing.
For Nights & Weekends Tracks, borrow from $2,000 to $18,500 for tuition, depending on your program code.
Make full payments (interest + principal) one month after your program starts.
Select a repayment amount that works best for you:
For Code Fellows, students may borrow from $2,000 to $25,250 depending on program
*General APR - General Annual Percentage Rate. The APR shown is a general calculation based upon an example loan amount and 4.0% origination fee. 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.
|Skills Fund Loan||36 Month Loan||60 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||Interest-Only type loans: no interest will be capitalized.
Immediate Repayment type loans:
none, since full (interest + principal) payments are mandatory 30 days after the loan is disbursed.
|Payments Required While Enrolled?||Interest-Only type loans: monthly interest payments are required.
Immediate Repayment type loans: none, since full (interest + principal) payments are mandatory 30 days after the loan is disbursed.
|Separation Period (after the in-school period and before interest and principal repayment begins)||Two months after official graduation (3)
Interest-Only type loans Interest-only payments are required while in school and during the separation period.
Immediate Repayment type loans: none, full repayments start one month into program.
|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 type Skills Fund loan for Daytime Tracks:
|Example on a $10,000 loan||36 Month Loan||60 Month Loan|
|General APR (annual percentage rate) for 201 and 301||10.74% (4)||10.51% (5)|
|General APR for 401 and 201 + 301 bundle||10.74% (4)||10.51% (5)|
|General APR for 301 + 401 bundle||10.65% (4)||10.47% (5)|
|General APR for 201 + 301 + 401 bundle||10.57% (4)||10.44% (5)|
|Finance Charge (the dollar amount the credit will cost you) for 201 and 301||$2,038 (4)||$3,682 (5)|
|Finance Charge for 401 and 201 + 301 bundle||$2,112 (4)||$3,773 (5)|
|Finance Charge for 301 + 401 bundle||$2,185 (4)||$3,864 (5)|
|Finance Charge for 201 + 301 + 401 bundle||$2,259 (4)||$3,955 (5)|
|Interest-Only Monthly Payment||$74 (4)||$91 (5)|
|Monthly Payment||$328 (4)||$224 (5)|
This example shows the monthly payments of a $10,000 Immediate Repayment Skills Fund loan for Nights & Weekends Tracks:
|Example on a $10,000 loan||36 Month Loan||60 Month Loan|
|General Annual Percentage Rate||11.18% (3)||10.68% (4)|
|Finance Charge (the dollar amount the credit will cost you)||$1,817 (3)||$3,409 (4)|
|Monthly Payment||$328 (3)||$224 (4)|
Before you begin, please read these important notes:
While in the application, please note:
We’ve worked closely with Code Fellows 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 bankruptcies or history of default on a public or private loan, you'll most likely qualify for a Skills Fund loan.
Students are eligible to borrow the appropriate Code Fellows program bundle amount for tuition and cost of living. Please see below for details:
For Daytime Tracks, you may borrow from $2,000 up to $25,250 for tuition and cost of living, depending on your program code.
For Nights & Weekends Tracks, you may borrow from $2,000 up to $18,500 for tuition, depending on your program code.
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 Code Fellows, 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.
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 Code Fellows, 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.
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 payments during the deferment period depend on the type of loan you choose:
Please see terms in "More Info On Terms" above.
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.
During the loan application process, we will ask you for the following information:
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.
Yes, we will check your credit, including your credit score.
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.
Shortly after completing your loan application, you will receive provisional credit approval details via email and a confirmation window in the application. If you are credit approved, your loan will then be certified by Code Fellows. If you are not credit approved, you may be given the opportunity to amend your application with a cosigner.
Your lump sum living stipend will be sent to you on the second Wednesday after your program start. All students applying for a Skills Fund loan can elect to have their cost of living disbursed via ACH wire transfer or mailed directly to the address provided in their loan application.
Please allow 1 - 5 business days for your ACH wire transfer to be reflected in your bank account. For all students who elect to have funds mailed to their address, please allow 5 - 10 business days for your check to arrive via U.S. Standard Mail.
Please note: Cost of living may not be financed apart from tuition financing and is not available for the Nights & Weekends track.
Regarding your tuition: You are responsible for the full amount you borrow, plus accrued interest and fees. If you are owed a refund by Code Fellows, the refund transaction will be made to Skills Fund in the amount of the refund due (but in no event greater than what that we paid to Code Fellows 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.
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 payments and account balance.
Yes, you can pre-pay your loan at any time without penalty.
Skills Fund's mission is simple: we transform student lives and careers by accelerating the growth of and access to high-quality skills education. 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.
Southeast Bank is a Tennessee-chartered bank, and is the lender for all Skills Fund loans.
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.
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!
Questions on your Skills Fund Student Application?