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Clearly Defined Interest Rates
Make Interest-Only Payments or Full Repayments
Select a repayment amount that works best for you:
For CodeCraft, students may borrow from $2,000 to $13,000 depending on program
*APR - Annual Percentage Rate. The APR shown is a general calculation based upon an example loan amount, and 4.0% origination fee. An actual APR calculation is based upon an individual borrower's specific details, so it may deviate slightly from the general APR example provided above.
|Skills Fund Loan||36 Month Loan||60 Month Loan|
|Cosigners||Note: Up to 1 cosigner might be required in some instances.|
|Origination Fee||4.0% of loan requested (1)|
|Capitalization of Interest||None, since interest payments are mandatory 30 days after the loan is disbursed|
|Payments Required While Enrolled?||-Interest-only type loans: monthly interest payments are required.
-Non-deferred type loans: full payments (interest + principal) are required.
|Separation Period (after the in-school period and before interest and principal repayment begins)||Two months after official graduation (3)
Note: interest-only type loans require interest-only payments while in school and during the separation period.
|Principal and Interest Repayment Term||36 months (3 years)||60 months (5 years)|
This example shows the monthly payments of a $10,000 Interest-Only Skills Fund loan for an eligible CodeCraft full-time program:
|Example on a $10,000 loan||36 Month Loan||60 Month Loan|
|General Annual Percentage Rate||11.16% (4)||12.51% (5)|
|Finance Charge (the dollar amount the credit will cost you)||$2,294 (4)||$4,040 (5)|
|Interest-Only Monthly Payment||$78 (4)||$95 (5)|
|Monthly Payment||$331 (4)||$226 (5)|
This example shows the monthly payments of a $9,500 Immediate Repayment type Skills Fund loan for an eligible CodeCraft part-time program:
|Example on a $9,500 loan||36 Month Loan||60 Month Loan|
|General Annual Percentage Rate||11.69% (3)||12.71% (4)|
|Finance Charge (the dollar amount the credit will cost you)||$1,809 (3)||$3,386 (4)|
|Monthly Payment||$314 (3)||$214 (4)|
For Full-Time Programs ONLY: The deferment period is defined as the time you are attending the course, plus an additional two months after completion. These additional two months are considered your repayment grace period.Interest only payments are required during the deferment period. After the deferment period ends, payments of principal and interest are required.
Please note that we are not currently accepting applications for CodeCraft School programs.
For Full-Time Programs ONLY: For a 36-month $10,000 loan, the interest only monthly payment is approximately $78. For a 60-month $10,000 loan, the interest only monthly payment is approximately $95.
Note that even though the 60-month loan has higher interest payments during the deferment phase, it has lower monthly payments during the 60 months full repayment phase than the 36-month loan. Please see terms in "More Info On Terms" above.
Skills Fund is not currently accepting applications for CodeCraft School programs.
You will be charged an origination fee of 4.0%. This amount will be added to the amount of tuition you borrow, and included in the total loan principal amount you finance. This fee helps cover the administrative fees associated with originating the loan and charged by our partner bank. Please see terms in "More Info on Terms" above.
Please note: this fee is already reflected in the general APR outlined above and in the loan calculator.
Interested in learning more about your interest rate vs. APR? Check out our blog post here.
Full-Time Students: you will start paying interest on your loan roughly one month after your CodeCraft program start date. Two months post-graduation, you will start making full monthly payments (interest plus principal). This 60-day grace period helps you to keep your eye on finding the perfect job post-graduation.
Part-Time Students: you will start making full payments (interest + principal) one month after your CodeCraft program start date.
Upon loan acceptance, we will provide you with several options for making payments, including automated payments. You may create an account at www.studentloan.org at any time to manage payments and account balance.
Yes, you can pre-pay your loan at any time without penalty.
Regarding your tuition: You are responsible for the full amount you borrow, plus accrued interest and fees. If you are owed a refund by CodeCraft, the refund transaction will be made to Skills Fund in the amount of the refund due (but in no event greater than what that we paid to CodeCraft on your behalf). If there is a balance on your loan after any applied refund, you will be required to immediately start making monthly payments for the balance.
Regarding your cost of living: You are responsible for returning these funds to Skills Fund. If there is a balance on your loan after any applied refund, you will be required to immediately start making monthly payments for the balance.
Skills Fund's mission is simple: we transform student lives and careers by accelerating the growth of and access to high-quality skills education. With a team of leaders in student lending, higher education and consumer protection, Skills Fund pulls upon extensive expertise to create a financing platform that is transparent, fast, and offers students financial flexibility.
Skills Fund believes bootcamps, lenders, and industry should share in ensuring student success - and that’s what we’re working daily to make happen.
Southeast Bank is a Tennessee-chartered bank, and is the lender for all Skills Fund loans.
Aspire Resources is a wholly owned subsidiary of Skills Fund's non-profit partner, Iowa Student Loan. Aspire Resources provides billing and customer service on behalf of Skills Fund, thus your payment notices and other loan communications will arrive with Aspire's logo on them (it's not junk mail!).
We are more than happy to answer any additional question you might have. Just fill the form below and we will be in touch soon!