Finance Tuition + Living Expenses
Pay Only Interest for the First 5 Months
Here it is - your honest & upfront rate: 8.99% & 10.99% for all (including you), even if you opt to add a cosigner.
Borrow up to $13,900 for tuition & $3,000 for cost of living
Make low interest payments for the first 5 months
Now that you know your rate, let's calculate your monthly repayment (interest + principal):
Students may borrow from $2,000 to $16,900
|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?||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)
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 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 Carolina Code School, students may borrow from $2,000 up to $16,900: $13,900 for tuition and $3,000 for cost of living.
Borrow at least $2,000 in tuition financing to add cost of living. Students are not eligible to finance only cost of living.
Your lump sum living stipend will be sent to you on the second Wednesday after your program start. All students applying for a Skills Fund loan can elect to have their 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.
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.
You will start paying monthly interest on your loan roughly one-and-a-half months after your Carolina Code School program start date. You'll make interest-only payments while in-program and for two months following graduation. This grace period helps you to keep your eye on finding the right job following program completion.
Beginning month six, you will start making full monthly payments (interest plus principal.)
Upon loan acceptance, we will provide you with several options for making payments, including automated payments. You may create an account at www.studentloan.org at any time to manage payments and account balance.