HOW MUCH CAN I BORROW AND FOR WHAT SPECIFIC USES?
For Thinkful's Full Stack Flex program, you may borrow from $2,000 to $13,350 for tuition.
On average, students complete the program in six months at a cost of $9,750. The maximum amount of $13,350 is based on an eight-month completion timeline. Borrow the maximum you'll need to complete the program, as loans cannot be adjusted upward after the application has been completed.
If you request a higher tuition amount and complete the program earlier than anticipated, contact your Thinkful adviser or the Skills Fund Customer Trust team to initiate a refund. There is no prepayment penalty for paying off the balance of your loan term early.
HOW AND WHEN WILL I REPAY MY LOAN?
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.
Interest-Only Loans: 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.
Immediate Repayment Loans: You will start making full monthly payments (interest plus principal) roughly one month after your loan is disbursed to your school. Disbursement occurs on the second Wednesday after program start.
There is no prepayment penalty with a Skills Fund loan.
WHAT IS THE DEFERMENT PERIOD FOR INTEREST-ONLY LOANS?
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 months.
Please note: Immediate repayment loans do not have a deferment period. Full (principal and interest) monthly payments are due roughly a month after your loan is disbursed.
HOW MUCH ARE INTEREST-ONLY PAYMENTS DURING THE DEFERMENT PERIOD?
The interest-only payments depend on how much you borrow; the less you borrow, the less you will pay.
- For a 36-month $9,750 loan: The interest rate is fixed at 8.99% / 10.94% estimated APR. The interest-only monthly payment is approximately $75.97.
Please see terms in "More Info On Terms" above.
Please note: The Annual Percentage Rate (APR) is estimated and may change slightly based on program start date. To learn how an Annual Percentage Rate (APR) is calculated, visit our blog.
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 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.
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 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.
DO I NEED A COSIGNER?
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.
WHEN CAN I APPLY FOR A LOAN?
Apply for the loan before enrolling in your Thinkful program. Your program cohort must begin within 90 days of the date that you apply for a loan.
- After applying for your loan, complete the enrollment form for the Full Stack Flex program. Your loan will be certified one week after your first session.
WHAT INFORMATION DO I NEED TO PROVIDE SKILLS FUND?
During the loan application process, we will ask you for the following information:
- Full name
- Email and other contact information
- Social Security Number
- Date of Birth
- Loan amount requested
- U.S. Citizenship/Permanent Resident Status
- Current Income (not a factor in credit decision)
- Current Employment Status (not a factor in credit decision)
- Three personal references
- Cosigner information (if applicable)
WILL YOU CHECK MY CREDIT?
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.