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?
Depending on the repayment option you’ve selected, you can choose to make interest-only or full (principal + interest) payments about one month after you start your program, or you can opt for our deferred repayment option and defer payments until 3 months after you complete your program. After the 3 month grace period, you’ll make full (principal + interest) 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 June 9th, 2019 will be serviced by Aspire. All loans applied for on or after June 10th, 2019 will be serviced by Launch.
If you applied for your loan before 06/09/2019, visit Aspire online or at 1-800-243-7552.
If you applied for your loan on or after 06/10/2019, 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 several repayment plans and two loan terms. Your repayment plan and term will determine how and when 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 three 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.
- Deferred repayment allows you to make no payments while you’re in school and for three months after. Then you’ll start making full payments (interest + principal).
- Loan terms:
- 36-month loan: Make 36 monthly payments (Note: a benefit of the 36 month loan is that you'll pay it off faster)
- 60-month loan: Make 60 monthly payments (Note: a benefit of the 60 month loan is that you'll make lower monthly payments)
Before you apply, you can preview the loan options available for your school / program. 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.