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Credit and Loan Eligibility Criteria

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We’re all-in on transparency, and we believe you deserve all the information we can give you upfront. Since we carefully evaluate each applicant, we can’t make a credit approval decision until you submit your loan application. However, this guide to our approval process might help you determine if you’re likely to be eligible for a Skills Fund loan.

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Our Approval Criteria

There are two ways to qualify for a Skills Fund loan: on your own, or with a cosigner. (And remember – with Skills Fund, every approved borrower qualifies for the same interest rate, regardless of cosigner!)

If you’d like to review your credit before applying, we recommend using Credit Karma’s online soft credit check. When you apply for a Skills Fund loan, we will do a hard credit check.

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Qualifying On Your Own

You might qualify for a loan on your own if you meet our basic underwriting criteria, including:

  1. You are a U.S. citizen or green card holder
  2. You haven’t defaulted on an educational loan
  3. You have an established credit history with fair credit or better

In other words – so long as you’re a U.S. citizen or permanent resident with fair credit or better, haven’t defaulted on a student loan, haven’t filed for bankruptcy, and don’t have a number of bills sitting with a collection agency, you could be approved for a Skills Fund loan on your own.

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Qualifying with a Cosigner

If you decide to apply with a cosigner, we’ll evaluate them with the same underwriting criteria we use to evaluate you. You can also choose to apply individually to begin, and if you receive a denial, you may have the opportunity to add a cosigner to your original application.

You might qualify for a loan with a cosigner if:

  • You are a U.S. citizen or green card holder
  • You haven’t defaulted on an educational loan
  • Your cosigner is a U.S. citizen or green card holder
  • Your cosigner hasn’t defaulted on a public or private loan
  • Your cosigner has an established credit history with fair credit or better

Cosigners can strengthen your application’s overall credit health. However, if you have previously defaulted on an educational loan, or you’re not a U.S. citizen or green card holder, applying with a cosigner will not result in an approval.

If you’re applying with a cosigner, you’ll apply first, then they’ll apply by providing your application ID.

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What We Don’t Use

No Income? No Problem.

Here’s what won’t affect your approval decision: your requested loan amount, income details, or employment status. The Skills Fund loan application might request some of this information, but it’s not being used in your approval decision.

To Sum Up...

  • We evaluate each application individually based on our basic underwriting criteria.

  • You can apply with or without a cosigner. If you receive a denial, you may have the opportunity to add a cosigner to your original application.

  • We won’t use income, employment, or your loan amount to evaluate your application.

We’ve worked closely with our partner schools to provide students – of all backgrounds and walks of life – access to our financing. If you're within 90 days of your program start date and ready to apply, our application takes just minutes. You'll receive a credit decision quickly so you can start creating a future you love.