I WANT TO APPLY FOR A LOAN >

DO I QUALIFY FOR A SKILLS FUND LOAN?

We’ve worked closely with Flatiron School to provide students - of all backgrounds and walks of life - access to competitive financing. As long as you meet the basic underwriting criteria - such as you are a US citizen / permanent resident, with no bankruptcies or history of default on a public or private loan, you'll most likely qualify for a Skills Fund loan.

HOW MUCH CAN I BORROW AND FOR WHAT SPECIFIC USES?

Students may borrow between $2,000 and $12,000 for the Flatiron School's Software Engineering Immersive and Data Science Immersive programs. You may use your loan proceeds for Flatiron School's tuition while enrolled in the program.

Please note: Students are responsible for paying the Flatiron School's cash deposit directly to the school in full accordance with their deposit policy.

I AM APPLYING FOR A SCHOLARSHIP. SHOULD I WAIT TO APPLY FOR FINANCING?

You may apply for financing in parallel to applying for your scholarship. If you are awarded your scholarship prior to the disbursement of your tuition financing to The Flatiron School, please email CustomerTrust@Skills.Fund with the amount of your scholarship, and your tuition will be downward adjusted.

Should you receive your scholarship following the second Wednesday after program start, you can apply your funds to your loan balance at any time without pre-payment penalty.

Please note: Should you want to apply for a scholarship, it is recommended to apply for max tuition financing, and once your scholarship is awarded, Skills Fund can downward adjust your requested tuition financing. This will prevent you having to apply for additional funds, should you not be awarded your scholarship, as loans may not be upward adjusted. Simply email CustomerTrust@Skills.Fund with your approved scholarship amount.

WHAT IS THE DEFERMENT PERIOD?

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.

HOW MUCH ARE INTEREST PAYMENTS DURING THE DEFERMENT PERIOD?

The interest only payments depend on how much you borrow; the less you borrow, the less you will pay.

For a 36-month $10,000 loan, the interest only monthly payment is approximately $78.

There is no deferment period for immediate repayment loans. Payments are due roughly one month after loan after the loan is disbursed.

DO I NEED A COSIGNER?

If you do not meet the loan underwriting criteria, a cosigner will be needed. You can (1) apply individually, and should you not be approved, you can reapply with a cosigner, or (2) initiate your loan process with a cosigner.

Please note: we advise you to apply individually to begin, and should you not be credit approved, you may be given the opportunity to amend your application with a cosigner.

WHAT INFORMATION DO I NEED TO PROVIDE SKILLS FUND?

During the loan application process, we will ask you for the following information:

  • Full name
  • Address
  • Email and other contact information
  • Social Security Number
  • Date of Birth
  • Loan amount requested
  • Three personal references
  • Cosigner information (if applicable)

WHEN CAN I APPLY FOR A LOAN?

Apply for the loan after your acceptance into a program. Your program cohort must begin within 90 days of the date that you apply for a loan.

WILL YOU CHECK MY CREDIT?

Yes, we will check your credit, including your credit score.

WILL I GET CHARGED ANY FEES FOR TAKING OUT THIS LOAN?

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.