Pay Your Loan
Making monthly, on-time payments on a loan is one of the best ways to maintain - and build - your credit health.
When Do I Start Making Loan Payments?
You’ll make your first loan payment about one month after your program starts, and then you’ll make payments monthly until your loan is fully repaid. You also have the option to pay off your loan early with no prepayment penalties or fees!
How Do I Pay Off My Loan?
You have several options, including automated payments! After you are approved for a loan, we’ll help you set up your repayment account.
Aspire and Launch are the loan servicers for Skills Fund’s loans. This means Aspire or Launch will collect your monthly payments during the repayment phase of your loan. All loans applied for before December 26th, 2019 will be serviced by Aspire. All loans applied for on or after December 26th, 2019 will be serviced by Launch.
If you applied for your loan before 12/26/2019, visit Aspire online or at 1-800-243-7552.
If you applied for your loan on or after 12/26/2019, visit Launch online or at 877-354-2629.
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.
- Repayment plans:
- Interest-only loans allow you to make low, interest-only payments while you’re in school and for two months after. Then you’ll start making full payments (interest + principal).
- Immediate repayment loans allow you to quickly get started on repayment. You’ll start making full payments about one month after your program starts.
- Loan terms:
- 36-month loan: Make 36 monthly payments
- 60-month loan: Make 60 monthly payments
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. No matter which options you choose, you can be sure your interest rate won’t change during repayment, and you have the flexibility to make early payments without any prepayment fees.