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