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Skills Fund Loan Application Tips & Tricks

So, you’ve gotten into a skills training program! Now you have to figure out how to pay for it. You’ve weighed the options – credit card? 401k? Payment plan? – and landed on Skills Fund. Congrats! Skills Fund is dedicated to enabling all students with clear-cut and easy financing, because money shouldn’t be an obstacle to keep you from getting a transformative education.

Here’s what you need to do in order to apply for a Skills Fund Loan (it’s easier than you think!)

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GET ACCEPTED INTO A PROGRAM

Apply for financing after you’ve applied and been accepted into a Skills Fund partner program. Need some interview tips? Check out our blog post here.

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FACTOR IN TIMING

Your program must begin within 90 days of the date that you apply for a loan. If you fall out of the 90-day window, you’ll need to reapply for financing.

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DETERMINE HOW MUCH YOU NEED TO FINANCE

If you’re leaving your current employment to attend a program, you’ll need to budget for yourself without including that paycheck. For programs that are in an area different from where you currently live, you should take moving and housing costs into account. When it comes to applying for a Skills Fund loan, it’s best to overestimate the amount you need to borrow. There are no prepayment penalties, so if you find yourself budgeting better than anticipated, you don’t have to worry about fees associated with paying off your balance.

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GATHER YOUR IMPORTANT INFORMATION

We’ll need the following information from you when you apply for your loan:

  • Full name
  • Address
  • Email and other contact information
  • Social Security Number
  • Date of Birth
  • Loan amount requested
  • Three personal references
  • Cosigner information (if applicable)
  • US citizenship/permanent resident
  • Current employment information (not used in credit decision)
  • Current income (not used in credit decision)
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LEAVE THE REST TO US

After you submit your loan application, you’ll receive a decision within 10 minutes. If you’re credit-denied, you may be given the opportunity to reapply with a cosigner.

If you have any questions on the status of your application, we’re always available at CustomerTrust@Skills.Fund.