ONE CLICK TO START YOUR TRANSFORMATIVE EDUCATION
Tuition + Living Expense Financing
Clearly Defined Interest Rates
Ease of Application + Credit Review
Empowered Decisions
No teaser rates, cosigner trickery, or barriers ahead. Expect clear-cut and upfront loan terms to jump start your transformative journey.
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No Income or Employment Data Used in Underwriting
Full Time & Flex Program Financing
FLEXIBLE FINANCING OPTIONS
Only Finance What You Need: Borrow from $2,000 to your applicable program max for tuition and cost of living.
- Full Stack Immersive Program: Chip away at your loan by making interest-only payments in program plus two months after graduation.
- Full Stack Flex Program: Get ahead by making full payments (interest + principal) one month after your program starts.
- Example loan amounts and estimated payments can be found in the More Info On Terms section.
| PROGRAM | TUITION | COST OF LIVING |
|---|---|---|
| FULL STACK IMMERSIVE | $13,950 | $6,000 |
| FULL STACK FLEX | $9,500 | NOT AVAILABLE |
Here's What You Need To Know
- To apply for cost of living financing, you'll need to borrow at least $2,000 towards tuition.
- Scholarships may be applied to financing at any time - just let us know!
- To officially reserve your seat in class, you must pay a $1,000 deposit directly to the school, or be approved for a loan in the total amount of your tuition including deposit.
- Your cohort start date must be within 90 days of the day you apply for a loan.
- Questions? Please email CustomerTrust@Skills.Fund!
LOAN CALCULATOR
Select a repayment amount that works best for you:
For DigitalCrafts, students may borrow from $2,000 to $19,950 depending on program
*APR - General Annual Percentage Rate. The APR shown is a general calculation based upon an example loan amount, 4.0% origination fee, and varying program length. 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.
MORE INFO ON TERMS
﹀
| 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 8.99% |
Fixed 10.99% |
| Capitalization of Interest | -Interest-Only type loans: No interest will be capitalized. -Immediate Repayment type loans: 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. -Immediate Repayment 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 the Full Stack Immersive Program:
| Example on a $10,000 loan | 36 Month Loan | 60 Month Loan |
|---|---|---|
| General Annual Percentage Rate | 11.08% (4) | 12.48% (5) |
| Finance Charge (the dollar amount the credit will cost you) | $2,372 (4) | $4,136 (5) |
| Interest-Only Monthly Payment | $78 (4) | $95 (5) |
| Monthly Payment | $331 (4) | $226 (5) |
- (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $10,000 will result in a $400 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $10,400.
- (2) Interest rates are fixed and never vary.
- (3) Graduation dates are determined by the school, and full repayment begins 2 months after that date.
- (4) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 4.0% origination fee, paying interest on the loan for 4 months while enrolled in the program and 2 months of grace, then the 36 month principal and interest period.
- (5) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $10,000, a 4.0% origination fee, paying interest on the loan for 4 months while enrolled in the program and 2 months of grace, then the 60 month principal and interest period.
This example shows the monthly payments of a $9,500 Immediate Repayment Skills Fund loan for the Full Stack Flex Program:
| Example on a $9,500 loan | 36 Month Loan | 60 Month Loan |
|---|---|---|
| Annual Percentage Rate | 11.69% (4) | 12.71% (5) |
| Finance Charge (the dollar amount the credit will cost you) | $1,809 (4) | $3,386 (5) |
| Monthly Payment | $314 (4) | $215 (5) |
- (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $9,500 will result in a $380 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $9,880.
- (2) Interest rates are fixed and never vary.
- (3) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $9,500, a 4.0% origination fee, paying interest and principal on the loan starting one month after your program start date.
- (4) General Annual Percentage Rate (APR): finance charge and monthly payments are based upon borrowing $9,500, a 4.0% origination fee, paying interest and principal on the loan starting one month after your program start date.
READY TO TRANSFORM YOUR CAREER? APPLY NOW:
Before you begin, please read these important notes:
- Customer identification policy:
- For the purpose of the following notice, the words "you" and "your" mean the Borrower and the Cosigner. All applicants: Important Federal Law Notice - Important information about procedures for opening a new account: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
- Consent to share data:
- By clicking the box below and beginning the application, I consent under Federal and state privacy laws to DigitalCrafts providing to Skills Fund information related to my application, enrollment, and completion, including but not limited to information contained in my original application and supplements as well as information regarding my completion, graduation, and post-graduation outcomes information.
SELECT YOUR DIGITALCRAFTS PROGRAM
If you are a cosigner, begin the addendum now by clicking here.
While in the application, please note:
- DO NOT use the browser Back button. Using the browser Back button may cause invalid information and delay the processing of your loan.
- Your application will not be complete until it has been signed and submitted along with any required documentation.
- You will need the address and phone number of 3 references to complete your application, including one relative not living with you. Others may be friends, employers, etc.
FREQUENTLY ASKED QUESTIONS
﹀
Do I qualify for a Skills Fund loan?
We’ve worked closely with DigitalCrafts 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?
- Full Stack Immersive students are eligible to borrow between $2,000 and $19,950 ($13,950 tuition + $6,000 supplemental cost of living).
- Full Stack Flex students are eligible to borrow between $2,000 and $9,500.
Please Note: To officially reserve your seat in class, you must pay a $1,000 deposit directly to the school or be approved for a loan in the total amount of your tuition, including deposit.
I NEED TUITION & COST OF LIVING. HOW DO I SELECT THE AMOUNT I WANT FOR EACH?
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 DigitalCrafts, 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.
WHEN WILL I RECEIVE MY LIVING STIPEND?
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.
Please note: Cost of living may not be financed apart from tuition financing.
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 DigitalCrafts, 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 type loans: These loans require interest payments during the deferment period. This means lower payments during the full loan repayment phase of 36 or 60 months.
- Immediate Repayment type loans: These loans have no deferment period.
How much are interest payments during the deferment period?
Interest payments during the deferment period depend on the type of loan you choose:
- Interest-Only type loans: 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.
- Immediate Repayment type loans: These loans require full payments (interest + principal) one month after program start. There is no deferment period.
Please see terms in "More Info On Terms" above.
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.
How do I know if I’ve been approved for a loan?
Shortly after completing your loan application, you will receive provisional credit approval details via a confirmation window in the application. If you are credit approved, your loan will then be certified by DigitalCrafts. If you are not credit approved, you may be given the opportunity to amend your application with a cosigner.
How and when will I repay my loan?
You will start making payments on your loan roughly one month after your DigitalCrafts program start date.
- For Interest-Only type loans: 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.
- For Immediate Repayment type loans: You will start making full monthly payments (interest plus principal) one month after your 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 AspireServicingCenter.com at any time to manage payments and account balance.
Can I pay my loan faster than the initial term?
Yes, you can pre-pay your loan at any time without penalty.
What happens to my loan if I drop out from my program?
Regarding your tuition financing: You are responsible for the full amount you borrow, plus accrued interest and fees. If you are owed a refund by DigitalCrafts, 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 DigitalCrafts 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.
Who is Skills Fund?
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.
Who is Southeast Bank and how is it related to Skills Fund?
Southeast Bank is a Tennessee-chartered bank, and is the lender for all Skills Fund loans.
Who is Aspire Resources Inc. and how is it related to Skills Fund?
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!).
How do I ask more questions not covered in this FAQs section?
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!
CONTACT US
- Questions on your Skills Fund Student Application?
- Please contact CustomerTrust@Skills.Fund