How Do I Pay Back My Skills Fund Loan?

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How Do I Pay Back My Skills Fund Loan?

The process of making on-time loan payments is one of the most important steps to becoming a knowledgeable and credit-worthy borrower. Everything we do at Skills Fund is students-first - so we've taken the extra step to outline how to make payments on your Skills Fund loan.

To make payments on your Skills Fund loan, visit AspireServicingCenter.com.

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To create our financing platform, Skills Fund has teamed with the largest non-profit student loan company, Iowa Student Loan, and their subsidiary, Aspire Resources. Together, our mission is to help as many students and families as possible obtain the best resources to succeed in postsecondary education. We've built a model that works with technology that scales to fit the fast-paced nature of a bootcamp education. Iowa Student Loan's subsidiary, Aspire Resources, is the loan servicer for all Skills Fund loans. Southeast Bank is the lender of record on all Skills Fund loans.

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A student loan servicer is a company that manages student loans. Student loan servicers work with borrowers to help manage their repayments. For Skills Fund loans, customer service and billing processes are executed by Aspire Resources.

FREQUENTLY ASKED QUESTIONS

WHEN DO I START TO MAKE PAYMENTS?

Your payment start date depends on the type of loan you have. For Interest Only loans, you’ll start making interest-only payments roughly one month after your loan is disbursed. Two months after graduation, you’ll start making full payments (interest + principal). For Non-Deferred / Immediate Repayment loans, you’ll start making full payments (interest + principal) roughly one month after your loan is disbursed. For Deferred loans, you will make no payments while in program. You will make full payments (interest + principal) starting two months after you graduate.

HOW WILL I MAKE PAYMENTS?

There are three ways to make payments on your Skills Fund Loan. 1. Set up autopay through your bank account. 2. Pay by check or money order via mail. 3. Pay by phone. To set up payments on your Skills Fund loan, please visit AspireServicingCenter.com or call our customer service team at 1-800-243-7552. To set up your account, you’ll need your loan account number, SSN and date of birth.

HOW DO I AVOID PENALTIES IN MAKING PAYMENTS?

The easiest way to avoid penalties is to set up autopay. That way you won’t have to remember to make payments every month. The only way you’ll face penalties is if you are late on your payments. There’s no prepayment penalties associated with Skills Fund loans: You can pay off your balance at any time without paying extra fees.

WHO AM I RECEIVING NOTICES FROM?

You will receive communications and notices from Skills Fund and Aspire Resources throughout the lifespan of your loan. All mail communications are sent from Aspire Resources.

WHO DO I CONTACT WITH QUESTIONS?

For questions about your loan application or payments, we’ll be more than happy to help.

Need help finding a bootcamp to attend? Our blog is the place to start. Read about our bootcamp partners (they're the best of the best!) and program types. Get ready to jumpstart your future!