Students can borrow between $2,000 and $18,000 ($10,000 tuition - $1,000 deposit + $9,000 supplemental cost of living). Make interest-only payments while in program and for two months following graduation. Example loan amounts and estimated payments can be found below. Please see terms at the bottom of the page.
Please note: Supplemental cost of living can only be added to max tuition financing.
|Loan Amount (Examples)||Term (Months)||Interest Rate||General APR*||In-School Payments (Interest Only)||Post-Graduation Payments|
*APR = Annual Percentage Rate. General APR shown on a 12-week program. The APR that is charged for borrowing includes a 3.0% origination fee.
Get accepted to an immersive program at The New York Code + Design Academy (NYCDA).
Ease of application: Less than ten minutes to complete your online loan application. Receive provisional credit approval within minutes.
Skills Fund disburses your tuition and supplemental cost of living financing directly to NYCDA once you start your program.
Full repayment grace period: Your full loan payments will start two months after you graduate.
We’ve worked with NYCDA to provide as many of their students as possible with access to competitive financing. As long as you are a US citizen or permanent resident and meet the underwriting criteria, such as no recent bankruptcies nor history of default on any private or government student loan, you will most likely qualify for a Skills Fund loan.
For the Web Development Intensive program, you are eligible to borrow between $2,000 and $18,000 ($10,000 tuition - $1,000 deposit + $9,000 supplemental cost of living). You may use your loan proceeds for New York Code + Design Academy's tuition and to help pay for supplemental cost of living while enrolled in the program.
The deferment period is defined as the time you are attending the course, plus an additional two months after completion. Interest-only payments are required during this period. After the deferment period ends, payments of principal and interest are required.
Interest-only payment amounts depend on the amount borrowed and the term of the loan. For a $10,000, 60-month loan, for example, these payments equal $90/mo.
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 3.0%. 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 The New York Code + Design Academy's Web Development Intensive 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 NYCDA. If you are not credit approved, you may amend your application with a cosigner.
You will start paying interest on your loans thirty days after we disburse funds to The New York Code + Design Academy. Two months post-graduation, you will start making full monthly payments (interest plus principal). We will provide you with several options for making payments, including automated payments.
Your lump sum cost of living will be sent directly to NYCDA 14-21 days after your program start date.
Yes, you can pre-pay 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 The New York Code + Design Academy, 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 The New York Code + Design Academy 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||3.0% of loan requested (1)|
|Capitalization of Interest||-Interest-only type loans: 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)
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||10.18% (4)||11.65% (5)|
|Finance Charge (the dollar amount the credit will cost you)||$2,068 (4)||$3,730 (5)|
|Interest-Only Monthly Payment||$73 (4)||$90 (5)|
|Monthly Payment||$325 (4)||$221 (5)|