Skills Fund Loan Application Tips & Tricks

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Skills Fund Loan Application Tips & Tricks

So, you’ve gotten into a skills training program! Now you have to figure out how to pay for it. You’ve weighed the options – credit card? 401k? Payment plan? – and landed on Skills Fund. Congrats! Skills Fund is dedicated to enabling all students with clear-cut and easy financing, because money shouldn’t be an obstacle to keep you from getting a transformative education.

Here’s what you need to do in order to apply for a Skills Fund Loan (it’s easier than you think!)

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GET ACCEPTED INTO A PROGRAM

Apply for financing after you’ve applied and been accepted into a Skills Fund partner program. Need some interview tips? Check out our blog post here.

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FACTOR IN TIMING

Your program must begin within 90 days of the date that you apply for a loan. If you fall out of the 90-day window, you’ll need to reapply for financing. Once your program start date is 90 days away or less, it's time to apply for your Skills F.

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DETERMINE HOW MUCH YOU NEED TO FINANCE

Find your school at Skills.Fund/Students to see what you're eligible to borrow for your program's tuition. (For some programs, we also offer cost of living loans. If you’re leaving your job to attend a program, you’ll need to budget for yourself without including that paycheck. You might also need to consider moving costs.) When you apply for a Skills Fund loan, it’s best to overestimate (vs. underestimate) the amount you need to borrow. There are no prepayment penalties if you're able to pay off your loan early, and we can even downward-adjust a loan within a certain timeframe.

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GATHER YOUR IMPORTANT INFORMATION

We’ll need the following information from you when you apply for your loan:

  • Full name and date of birth
  • Email address, physical address, other contact info
  • Social Security Number
  • Loan amount requested
  • Three personal references
  • US citizenship/permanent resident
  • Current employment info (not used in credit decision)
  • Current income (not used in credit decision)
  • Cosigner information (if you're using a cosigner)
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LEAVE THE REST TO US

After you submit your loan application, you’ll receive a decision within 10 minutes. If you’re credit-denied, you may be given the opportunity to reapply with a cosigner.

Your Guide to Cosigner Options

  • If you decide to include a cosigner on your application, you have a few options: (1) You can apply individually to begin, and if you receive a denial, you might be given the opportunity to add a cosigner to your original application. (2) Or, you can initially apply with a cosigner.
  • When you have a cosigner, both you and your cosigner will complete the application and credit approval process.
  • Cosigners provide just two references instead of three.

Our Application Tips

  • To give online permission for Skills Fund to review your credit, check the credit authorization box when you start the application. We review your credit history when you apply, and checking this box can help speed up the process.
  • To quickly finish the application online, select "E-Sign" at the end of the application. If you choose an option other than E-Sign, you'll need to sign and send back a physical document to finish your application.

If you have any questions on the status of your application, we’re always available at CustomerTrust@Skills.Fund.

Originally published May 17, 2017.