Finance The Full Cost of Tuition & Tools
Pay Only Interest for the First 5 Months
Below you'll find your honest & upfront rate, even if you opt to add a cosigner.
Borrow from $2,000 up to $11,730 for tuition & supplemental costs (certification, equipment, tools, & CDL fee)
Make low interest payments for the first 5 months
Now, let's calculate your full monthly repayment (interest + principal):
Students may borrow from $2,000 to $11,730
|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)|
|Interest Rate (2)||Fixed
|Capitalization of Interest||No interest will be capitalized.|
|Payments Required While Enrolled?||Interest-Only Type Loans: Monthly interest payments are required.|
|Separation Period (after the in-school period and before interest and principal repayment begins)||Two months after official graduation (3)
Interest-Only Type Loans: Interest-only payments are required 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 type Skills Fund loan:
|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)|
We believe in you & your future, so we do not use income or employment history in our credit decision. Here's what will get you approved:
U.S. citizen or permanent resident (Green Card holder)
Don't check the credit history boxes? Add a cosigner and secure the same low rate.
Before you begin, please read these important notes:
While in the application, please note:
For the Lineworker Training program, you may borrow from $2,000 to $11,730 ($8,700 for tuition, and $3,030 for your certification, equipment, tools, & CDL fee).
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 NALTC, 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.
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 start making full monthly payments (interest plus principal) after your two-month post-graduation repayment grace period ends. This 60-day grace period helps you to keep your eye on finding the right job following program completion.
Upon loan acceptance, we will provide you with several options for making payments, including automated payments. You may create an account at www.AspireServicingCenter.com at any time to manage payments and account balance.
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.
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.