How to Apply for a Loan
Before You Apply
We make it easy to explore your options! Here’s what to do before you apply:
Check to make sure you meet our baseline approval criteria: you are a U.S. citizen or green card holder with an established, healthy credit history and no defaults on an educational loan.
Consider your cosigner options. You can apply with or without a cosigner.
Decide which loan type is best for you. Depending on your school and program, you’ll have the choice between an Interest-Only or Immediate Repayment loan.
Gather the information you’ll need.
Apply to your school and get accepted! As soon as you’re within 90 days of starting your program, you can apply for financing.
When You’re Ready to Apply
We keep things simple so you can focus on transforming your career. Follow these steps to apply for your loan:
- Start the online loan application: Once you’ve been accepted to your school and you’re within 90 days of your program’s start date, you can apply. Apply directly from your school's Skills Fund partnership website – find it at Skills.Fund/Students.
- Enter your information: Provide your contact information, school information, and details about the loan options you’ve chosen. To see the information you’ll need, click here.
- Submit your application: The application takes less than 10 minutes from start to finish!
- Receive a credit decision in minutes: If you're approved, you'll know instantly! If you receive a denial, you may have the opportunity to add a cosigner to strengthen your application. To learn more about the approval process, click here.
- Finalize your loan: Once you’re approved, your school will certify your loan and you’ll sign your final loan documents. We can usually have your loan finalized within 24 hours.
- We’ll take it from here! Once your program starts, we send your tuition funds to your school and any cost of living funds directly to you.
Common Application Questions
What Information Will I Provide? ▾
The Skills Fund loan application will ask for the following details:Your School
- The name of your school
- The name of your program
- The name of the campus you'll be attending.
In-person programs: Choose your campus location.
Online programs:The loan application will automatically assign your school's default campus for you.
- Your first and last name
- Your phone number
- Your email address
- Your citizenship status- Select from the following options: US Citizen, US Permanent Resident Alien, or Non-US Citizen
- Your Social Security Number
- Your birth date
- Your address
- Your current level of education (not used in your loan approval decision)
- Your current employment status and income (not used in your loan approval decision)
- Your planned employment status during your program (not used in your loan approval decision)
- The tuition loan amount you are requesting
- The living expenses loan amount you are requesting. Living expense loans are available for certain programs only.
- Your cosigner decision. You can choose to apply with or without a cosigner.
- Your choice of repayment plan (interest-only or immediate repayment)
- Your choice of loan term (36-month or 60-month repayment term)
What are my repayment options? ▾
Depending on your school and program, you’ll have the choice between two repayment plans and two loan terms. Your repayment plan and term will determine how you’ll repay your loan and how many payments you’ll make. No matter which options you choose, you can be sure that your interest rate won’t change during repayment, and you’ll always have the flexibility to make early payments without any prepayment fees. Before you apply, you can use our repayment calculator to see all of the options available for your school / program and preview your payment amounts. Learn more about your repayment choices here.
Can I Increase/Decrease My Loan Amount? ▾
We can decrease your loan amount at any time without fees or penalties. For example, you might apply for a loan, then receive a scholarship – when that happens, you can simply get in touch with us and request a decrease. We want to make sure you’re able to borrow no more than what you need!
Increase: No, we can’t increase your loan.
Once you’ve submitted your application, we can’t increase your loan amount.
Some additional details on decreasing your loan amount: we disburse (send) funds on the second Wednesday after your program start date. Our process changes depending on when you request a decrease. If you have more questions, check out our Financing FAQ. If you’d like to request a loan decrease, email us at CustomerTrust@Skills.Fund and we’ll get the process started for you!
Can I Cancel My Loan? ▾
We understand that your plans might change. With Skills Fund, you have the flexibility to easily cancel your loan without penalties or fees if you give us enough notice.
Here are the details on the cancellation process:
If you’ve been approved for a loan, your funds are scheduled to be disbursed (sent) on the second Wednesday after your program start date. You can contact us and cancel your loan without any penalties or fees until the Monday before that disbursement date.
For example: if your program starts on Monday, July 1, your funds will be scheduled to be sent on Wednesday, July 10, and your loan can be cancelled without fees until Monday, July 8.
Once your program has started and your loan has been disbursed, you can request a refund, but we’ll need to involve your school. We follow your school’s refund policy, so please check with your school first.
If you have questions or need to request a loan cancellation or a refund, email us at CustomerTrust@Skills.Fund and we’ll get the process started for you!