Skills Fund Financing FAQs
Skills Fund Borrower Information Center
Skills Fund Financing FAQs
DO YOU WORK WITH MY SCHOOL?
We're continuously adding new partners to the Skills Fund family. You'll find our most up-to-date list of partner programs on our "students" page.
For information on a specific program or track offered by a school, visit your specific school's partner website.
DO I QUALIFY?
We’ve worked closely with our partner programs to provide students - of all backgrounds and walks of life - access to competitive financing. Our basic underwriting criteria includes being a US citizen / permanent resident and having no bankruptcies and no history of default on a public or private loan.
International Students: At this time we are only able to issue loans to U.S. citizens and permanent residents.
WHAT ARE YOUR INTEREST RATES?
We worked with partner schools to ensure as many of their students as possible have access to competitive financing. Please see your specific program's website for further details.
HOW DO I APPLY FOR A SKILLS FUND LOAN?
After you've been accepted into a Skills Fund partner program, apply for a Skills Fund Loan on the specific partner website. The URL usually mimics "https://yourschoolurl.skills.fund." For example, Galvanize students will visit https://galvanize.skills.fund.
Within the partner website, you'll find all the information you need about the amount you can borrow, loan terms, payment schedule, acceptance notification, and specific program eligibility.
WHAT INFORMATION DO I NEED TO PROVIDE SKILLS FUND?
During the loan application process, we will ask you for the following information:
- Full name
- Email and other contact information
- Social Security Number
- Date of Birth
- Loan amount requested
- Three personal references
- Cosigner information (if applicable)
- Citizenship / Permanent Resident Information
- Current Income
- Current Employment
I NEED TUITION & COST OF LIVING. HOW DO I SELECT THE AMOUNT I WANT FOR EACH?
Within the loan application, you will find two fields for financing: one for tuition and one for cost of living. Within each field, you are able to input the precise amount you would like to borrow. Students are required to take at least $2,000 in tuition financing in order to receive any cost of living financing. Cost of living financing is not available for some schools.
CAN I APPLY FOR COST OF LIVING ONLY?
Students must apply for at least $2,000 in tuition financing in order to add cost of living financing.
WHAT IS THE STATUS OF MY APPLICATION?
Shortly after completing your loan application, you will receive provisional credit decision details via a confirmation window in the application. If you are credit approved, your loan will then be certified by your school. If you are not credit approved, you may be given the opportunity to amend your application with a cosigner.
To find out the specific status of your application, contact our Customer Trust team at CustomerTrust@Skills.Fund.
CAN I PAY MY LOAN FASTER THAN THE INITIAL TERM?
Yes, you can pre-pay your loan at any time without penalty.
WILL YOU CHECK MY CREDIT?
Yes, we will check your credit, including your credit score.
WHEN CAN I APPLY FOR A LOAN?
Apply for the loan after your acceptance into a program. Your program cohort must begin within 90 days of the date that you apply for a loan.
DO I NEED A COSIGNER?
If you do not meet the loan underwriting criteria, you may be invited to add a cosigner and reapply. You can (1) apply individually, and should you not be approved, you may be offered the ability to reapply with a cosigner, or (2) initiate your loan process with a cosigner.
Please note: we advise you to apply individually to begin, and should you not be credit approved, you may be given the opportunity to amend your application with a cosigner.
HOW/WHEN WILL MY LOAN DISBURSE?
Funds (tuition + living stipend) disburse the second Wednesday following your program start date. On this day, the tuition portion will be sent directly to the school and the living stipend sent either by electronic funds transfer or mailed check (whichever you indicated within your application.)
I AM APPLYING FOR A SCHOLARSHIP. SHOULD I WAIT TO APPLY FOR FINANCING?
You may apply for financing in parallel to applying for your scholarship. If you are awarded your scholarship prior to the disbursement of your tuition financing to your school, please email CustomerTrust@Skills.Fund with the amount of your scholarship, and your tuition will be downward adjusted.
Should you receive your scholarship following the second Wednesday after program start, you can apply your funds to your loan balance at any time without pre-payment penalty.
Please note: Should you want to apply for a scholarship, it is recommended to apply for max tuition financing, and once your scholarship is awarded, Skills Fund can downward adjust your requested tuition financing. This will prevent you having to apply for additional funds, should you not be awarded your scholarship, as loans may not be upward adjusted. Simply email CustomerTrust@Skills.Fund with your approved scholarship amount.
WHAT HAPPENS TO MY LOAN IF I DROP OUT FROM MY PROGRAM?
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.
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.
I WANT TO CANCEL MY LOAN
Please email CustomerTrust@Skills.Fund to request a loan cancellation.
WHO IS SKILLS FUND?
Skills Fund's mission is simple: we transform student lives and careers by accelerating the growth of and access to high-quality skills education. With a team of leaders in student lending, higher education and consumer protection, Skills Fund pulls upon extensive expertise to create a financing platform that is transparent, fast, and offers students financial flexibility. Skills Fund believes bootcamps, lenders, and industry should share in ensuring student success - and that’s what we’re working daily to make happen.
WHO IS SOUTHEAST BANK AND HOW IS IT RELATED TO SKILLS FUND?
Southeast Bank is a Tennessee-chartered bank, and is the lender for all Skills Fund loans.
WHO IS ASPIRE RESOURCES INC. AND HOW IS IT RELATED TO SKILLS FUND?
Aspire Resources Inc. is a wholly owned, for-profit subsidiary of Skills Fund's non-profit partner, Iowa Student Loan. Aspire Resources Inc. provides customer service on behalf of Skills Fund, and Aspire's logo will be seen within communications specific to your Skills Fund loan.
HOW DO I MAKE PAYMENTS ON MY SKILLS FUND LOAN?
To set up payments on your Skills Fund loan or to learn more about your payment options, visit www.AspireServicingCenter.com or call 1-800-243-7552 (Monday-Friday, 8am - 4:30pm Central). You can make payments on your Skills Fund loan using AutoPay, one-time payments, or payment by mail.
The timing of your payments depends on your loan type. All payments are monthly.
- For Interest-Only Loans, you will start making interest-only monthly payments roughly one month after your loan is disbursed. (Disbursement occurs on the second Wednesday after program start.) You'll make interest-only payments for the duration of your program, plus an additional two months of grace. After the period of grace, you'll begin full (interest + principal) repayments on your loan.
- For Immediate Repayment Loans, you will start making full (interest + principal) repayments roughly one month after your loan is disbursed. (Disbursement occurs on the second Wednesday after program start.)
You'll find more information about repayment amounts and scheduling on your specific school's partner website, as outlined above.
More Info: How Do I Pay Back My Skills Fund Loan