Please note: In order to finance cost of living, borrow at least $2,000 in tuition financing. You will pay your cash deposit directly to The Software Guild.
The Software Guild & Skills Fund are proud to offer a new take on financing; one in which capable students have no barriers to professional opportunity and success. Students credit denied for a traditional Skills Fund loan may be eligible for the Skills Fund & The Software Guild Access Program.
How It Works:
Within 48 hours of receiving a credit denial, Skills Fund will email you with details of your Access Loan eligibility. Please note: not all students will be eligible for an Access Loan.
Loan Terms Include:
Same interest rates, fees, and loan duration as a traditional Skills Fund loan, for which you already applied.
Ease of Access:
You do not need to reapply to qualify for an Access Loan. Simply respond to the Skills Fund email sent within 48 hours of your credit denial or email CustomerTrust@Skills.Fund.
Only in-person programs are eligible for cost of living.
Your lump sum living stipend will be sent to you on the second Wednesday after your program start. You can elect to have your cost of living disbursed via electronic funds transfer or mailed directly to the address provided in their loan application.
Please allow 1 - 5 business days for your electronic funds transfer to be reflected in your bank account. For all students who elect to have funds mailed to their address, please allow 5 - 10 business days for your check to arrive via U.S. Standard Mail.
Upon loan acceptance, we will provide you with several options for making payments, including automated payments. You may create an account at AspireServicingCenter.com at any time to manage payments and account balance.
You will start paying interest on your loan roughly one month after your loan is disbursed to the school. Disbursement occurs on the second Wednesday after program start. You will make interest-only payments while in program and for 60 days following program completion.
You will start making full monthly payments (interest plus principal) after your two-month grace period ends. This 60-day payment grace period helps you to keep your eye on finding the right job following program completion.
The deferment period is defined as the time you are attending the course, plus an additional two months after program completion. These additional two months are considered your grace period.
Interest-only payments are required during the deferment period. After the deferment period ends, payments of interest and principal are required. Paying interest on your loan during the deferment period will result in lower interest + principal payments during the full loan repayment phase of 36 or 60 months.
The interest-only payments depend on how much you borrow; the less you borrow, the less you will pay.
Please see terms in "More Info On Terms" above.
Please note: The Annual Percentage Rate (APR) is estimated and may change slightly based on the loan type, origination fee, and approximate program length. To learn how an Annual Percentage Rate (APR) is calculated, visit our blog.
You will be charged an origination fee of 4.0%. This amount will be added to the amount of tuition you borrow and is included in the total loan principal amount you finance. This fee helps cover the administrative fees associated with originating the loan and is charged by our partner bank. Please see terms in "More Info on Terms" above.
Please note: This fee is already reflected in the APR outlined above and in the loan calculator. Interested in learning more about your interest rate vs. APR? Check out our blog post here.
You may apply for financing in parallel to applying for your scholarship. If you are awarded your scholarship prior to the disbursement of your financing, please email CustomerTrust@Skills.Fund or notify your Admissions Counselor with the amount of your scholarship, and your requested financing amount 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 a prepayment 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 may prevent you having to apply for additional funds, should you not be awarded your scholarship, as loans may not be upward adjusted.
If you do not meet the loan underwriting criteria, a cosigner may be needed. You can (1) apply individually, and should you not be approved, you may be given the opportunity to amend your application 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.
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.
During the loan application process, we will ask you for the following information:
Yes. When you apply we will check your credit, including your credit score. Interested in learning more about what goes into your credit score? Visit our blog and explore our credit history resources today.