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Your Future Game Plan: Is a Skills Fund Student Loan Right for You?

First things first: congratulations! You've taken the first step in applying for an alternative form of higher education, and you're well on your way to transforming your skills, your income, and your future. So let's get down to business: you need to pay for your tuition. Is a Skills Fund loan the right option for you?

BEFORE APPLYING FOR A LOAN, ASK YOUR SCHOOL ABOUT THE FOLLOWING:

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SCHOLARSHIPS

Many schools offer scholarships for students, including specialized scholarships for women, minority groups, and veterans. For coding bootcamp scholarships, visit Course Report for a comprehensive list.

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GI BILL BENEFITS

If you're an active or retired member of the military, your program may be able to accept funding through the GI Bill.

NOW, MOVE ON TO FINANCING.

You're on the way to a new future - financing should be the least of your worries. Thankfully there are options available to help you quickly and easily pay for your tuition and cost of living.

While student loans have a bad rap - and in some cases, justifiably so - Skills Fund is astronomically different than a traditional student loan. With clear-cut and fixed rates, no prepayment penalties, and the option to calculate your monthly payment amount before applying, Skills Fund makes everything student-first. No barriers, no confusion, no bait-and switch.

LEARN MORE ABOUT HOW WE SET OURSELVES APART

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With student debt at an all-time high, and more and more lenders emerging onto the market, it can be hard to determine your best option when it comes to selecting your educational loan.

Applying for, and taking out, any sort of debt is a decision that carries a lot of weight - so it should be clear-cut, right? Why do lenders make it so difficult to understand the real cost of a student loan?

The answer is disappointingly simple: their incentives are not aligned with yours.

Skills Fund is education financing done right. We've blown up the expected smoke and mirrors of a student loan to introduce a solution that is simple, inherently transparent, and (most importantly) true to our mission of placing your success first....

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WHAT ABOUT INCOME SHARE AGREEMENTS (ISAs)?

Income Share Agreements (ISAs) have recently come to light as an alternative payment vehicle for various forms of higher ed (including coding and technology bootcamps). To put it simply, when you enter an Income Share Agreement with your school, you're agreeing to pay no or little tuition upfront, and in return, you're giving the school a big chunk of your paycheck after you've secured employment.

Most income share agreements, while an attractive option at first, will end up costing you much more in the long run, without the added benefits of a loan (like an improved credit score and credit history - more on that below.)

Interested in learning more about our opinion on ISAs? Read on.

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THE BENEFITS OF TAKING OUT A LOAN

Each and every opportunity that you have to borrow money is also an opportunity to repair, grow, and enhance your credit score. When you make on-time monthly payments, you demonstrate to future lenders that you are responsible when you are loaned money, and your credit score may increase. Having a high credit score allows you to spend less on mortgages, car payments, and other utilities in your future.

There's a difference between good debt and bad debt - and Skills Fund recognizes that. It's the driving force behind why we don't finance students to attend crappy programs. Student loan debt is a nationwide problem because lenders are allowing students to borrow money to pay for programs that aren't providing them with a return on their education.

FURTHER READING