Start making full payments 1 month after start of program. Sample loan amounts and estimated payments for the 301 + 401 financing bundle can be found below. Please see terms at the bottom of the page.
|Loan Amount (Examples)||Term (Months)||Interest Rate||General APR*||Monthly Payments|
*General APR = Annual Percentage Rate. General APR shown on a 16-week program. The general APR that is charged for borrowing includes a 4.0% origination fee.
Get accepted to Code Fellows, and commit to completing 201 + 301 + 401; 301 + 401; or 401 program.
Ease of application: Less than ten minutes to complete your online loan application. Receive provisional credit approval within minutes.
Skills Fund disburses your tuition financing directly to Code Fellows once you start your program.
Start making full payments 1 month after start of program.
We’ve worked with Code Fellows to provide as many of their students as possible have access to competitive financing. As long as you meet the underwriting criteria, such as no recent bankruptcies or no history of default on a public or private loan, you'll most likely qualify for a Skills Fund loan.
For part-time programs, you are eligible to borrow between $2,000 and $18,000 (tuition - deposit) depending on program. Part-time students may use loan proceeds to pay for tuition expenses, and financing will be disbursed directly to Code Fellows for ease of tuition payment.
Full payments (principal + interest) start one month after your cohort start date. A deferment is not applicable to part-time programs.
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 amend your application with a cosigner.
During the loan application process, we will ask you for the following information:
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. Please see terms at bottom of page
You will be sent a link to apply for a Skills Fund loan following your acceptance to a Code Fellows program. You can also access the application site here. Please note: only accepted students can apply for a Skills Fund loan.
Shortly after completing your loan application, you will receive credit approval details via a pop-up window in the application. If you are credit approved, your loan will then be certified by Code Fellows. If you are not credit approved, you may amend your application with a cosigner.
For non-deferred type loans: You will start making full payments (interest plus principal) about one month after you being your program.
Yes, you can prepay your loan at any time without penalty.
You are responsible for the full amount you borrow, plus accrued interest and fees. If you are owed a refund by Code Fellows, 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 Code Fellows 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.
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. Read our Manifesto here.
Southeast Bank is a Tennessee-chartered bank, and is the lender for all Skills Fund loans.
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!
|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)|
|Capitalization of Interest||None, since interest payments are mandatory 30 days after the loan is disbursed|
|Payments Required While Enrolled?||Yes, monthly interest payments only|
|Separation Period (after the in-school period and before interest and principal repayment begins)||Two months after official graduation (3)
Note: interest-only payments required while enrolled
|Principal and Interest Repayment Term||36 months (3 years)||60 months (5 years)|
This example shows the monthly payments of a $10,000 Skills Fund loan for an eligible Code Fellows program:
|Example on a $10,000 loan||36 Month Loan||60 Month Loan|
|General Annual Percentage Rate||7.98% (4)||9.46% (5)|
|Finance Charge (the dollar amount the credit will cost you)||$1,828 (4)||$3,240 (5)|
|Monthly Payment||$317 (4)||$211 (5)|