Additional Expense Financing

Additional Expense Financing

Additional Expense Financing

Skills Fund stands out from the rest when it comes to our financing for a multitude of reasons, including our clear-cut financing (our loan calculator displays our rates for all to see), and our students-first mission (we won't partner with schools that don't offer a Return on Education).

Another way we've changed the game is with our unique offering of additional expense financing (a.k.a. cost of living or living expense financing) to help students with extra costs associated with them attending their program. For some schools like diesel mechanic training, the additional expense could be uniforms or tools. For coding bootcamp students, laptops aren't cheap – so their additional expense stipend could be used to cover that cost.

Many schools offer immersive programs, which often demand a large time commitment. If you're attending an immersive program, you might want to use the additional expense funds to cover your living costs – rent, utilities, etc.

How Do I Sign Up For Living Expense Financing?

If you're interested in applying for funds to help you cover your cost of living, check your school's partnership site to determine if they offer living expense financing.

Within the loan application, you'll have the option to input both tuition financing and living expense financing. You'll need to borrow at least $2,000 in tuition financing to apply for living expense financing.

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How It Works

After you accept your Skills Fund loan terms, your loan will be certified by your school. Your tuition financing will be sent directly to your school, and your additional expense financing will be sent directly to you via electronic deposit or check (whichever you indicate in your application.)

Skills Fund Cost of Living Loan Application

If you'd like to have your cost of living disbursed directly into your bank account, simply provide your bank account's routing number and account number when you fill out your loan application. The easiest way to find your routing and account numbers is to look at one of your checks. You can also call your bank or look on your bank's website to find your information.

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Prefer to receive a check?

If you'd prefer to receive your additional expenses via paper check, leave the fields in the application empty.

WHEN WILL I RECEIVE MY ADDITIONAL EXPENSES?

Skills Fund will send your cost of living funding directly to you on the second Wednesday after your program starts.

QUESTIONS?

If you have any questions about cost of living financing, please contact our Customer Trust team at CustomerTrust@Skills.Fund.

Originally published February 13, 2018. Updated June 18, 2019.