Q: What happens to my loan if I drop out of my program?
While it is our hope that every student graduates and finds an awesome job in your chosen field, we understand that other circumstances may intervene.
Regarding your tuition: You are responsible for the full amount you borrow, plus accrued interest and fees. If you are owed a refund by your partner school, 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 the school 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. For Deferred Repayment, Interest-Only Repayment, Immediate Repayment loans, you will immediately begin making full payments (interest + principal) when you withdraw from your program. For Thinkful Deferred Tuition loans (only available for programs at Thinkful), you will have a 3 month grace period after withdrawing from your program before you begin making payments.
Regarding your cost of living: Because you've received the funds, you're responsible for repaying them 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.