We’ve worked closely with The Software Guild 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.
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.
Within the loan application, you will find two fields for financing: one for tuition and one for cost of living. Within each field, you are able to input the precise amount you would like to borrow. Students are required to take at least $2,000 in tuition financing in order to receive any cost of living financing.
Should you want to apply for a scholarship through The Software Guild, it is recommended to apply for max tuition financing, and once your scholarship is awarded, please email CustomerTrust@Skills.Fund with your scholarship amount. Skills Fund will then downward adjust your requested tuition financing. This will prevent you from having to apply for additional funds, should you not be awarded your scholarship, as loans may not be upward adjusted.
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 Software Guild, 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.
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.
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. For a 60-month $10,000 loan, the interest-only monthly payment is approximately $95.
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. 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.
Please note: Within the Skills Fund and The Software Guild Access Program, regardless as to if you are applying on your own or with a cosigner, credit denied applicants may be given the opportunity to proceed with an Access Loan. Please see the Access Loan FAQ above.
During the loan application process, we will ask you for the following information:
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.
Yes, we will check your credit, including your credit score.
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.