Q: Given Skills Fund loans are not private student loans, what are some of the key differences?

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There are several key differences, and we encourage applicants to perform their own research into this topic. However, some of the high-level differences between a Skills Fund loan and a private student loan include:

  • For private student loans, interest paid may be tax deductible. For bootcamp loans, interest is not tax deductible.
  • Skills Fund loans may be treated differently in the event of a borrower bankruptcy.
  • Private student loans may typically only be used for qualified education expenses as defined by the IRS.