The Deferred Tuition loan option is available to students who meet the requirements of the Springboard Guarantee. Please get in touch with a Springboard Admissions advisor for more details. Skills Fund qualification depends on your credit profile. Applicants must be U.S. citizens or permanent residents with established credit history and no outstanding education loan defaults. You can also choose to add a cosigner, which can help strengthen your application’s credit health or meet U.S. citizenship requirements. Minimum credit requirements may vary by school and loan term. To see if you pre-qualify for Skills Fund Deferred Tuition financing, submit an application. In the pre-qualification process, we’ll conduct a soft credit check with no impact on your credit score. In addition to learning more about your eligibility, you can also see the rates and terms you pre-qualify for.

No, payments are not required during school and while you’re in the six-month job search period.

You have several options, including automated payments! After you apply, we’ll help you set up your repayment account. You’ll make your first payment when you receive a qualifying job offer, or six months after completing your program, whichever comes first.

You’ll make monthly payments for 36 months, and we’re happy to say there’s no prepayment penalty or fee for early payments. You can choose to pay the minimum monthly payment, or you can make larger payments. If you choose to make larger monthly payments, you will incur less interest and your total Deferred Tuition loan cost will be less. You have the flexibility to pay off your loan anytime before your loan term ends!

If you do not find a job during the six-month job search period, you may defer repayment for up to an additional six months. Please get in touch with your servicer.
Launch Servicing is the servicer for your Deferred Tuition loan. This means Launch will collect your monthly payments during the repayment phase of your loan. Need to pay your loan? Have a question about repayment on an existing loan? Visit Launch online or at 877-354-2629.

Once you’ve begun full repayment (after the grace and/or interest only period), your loan term will be 36 months.

Yes, you can pre-pay your loan at any time without penalty. You will actually incur less interest and bring down the total cost of your Deferred Tuition loan by paying back your loan more quickly. Get in touch with Launch Servicing for details.

You will be charged an origination fee of 5.0%. This will be added to the amount you borrow and is included in the total loan principal amount you finance. It helps cover the administrative fees associated with originating the Deferred Tuition loan. It is the only fee charged for taking out this loan. The APR for Skills Fund loans includes the origination fee and interest rate. Interested in learning more about your interest rate vs. APR? Check out our blog post here.

Springboard offers a refund policy in certain situations. Please refer to the Springboard Job Guarantee. Please note that the Deferred Tuition Loan option is available to students who meet the requirements of the Springboard Guarantee. Please get in touch with a Springboard Admissions representative for more details.

If you meet the requirements of the Springboard Job Guarantee and do not find a qualifying job within six months, your loan will be canceled and you will owe nothing. If you do not meet the requirements of the Springboard Job Guarantee and do not find a qualifying job within six months, you may continue to defer payments on a monthly basis for up to an additional six months with your loan servicer. If after one year you still do not have a qualifying job offer, you will begin repayment one year after completing your program.

If you withdraw from your program within the seven-day refund period, your Deferred Tuition loan will be refunded and you will owe nothing. If you withdraw after the seven-day refund period, you will be charged a prorated amount per month, as determined by Springboard. You will have a three-month grace period after withdrawing from your program before you begin making payments, then you’ll make 36 monthly payments that total the prorated amount you owe.

Yes, you can add a cosigner to your Deferred Tuition loan. There are two ways to qualify for a Skills Fund loan: on your own, or with a cosigner. Depending upon your credit health, a cosigner might be required. Cosigners may strengthen your application’s overall credit health. If you’re concerned about your eligibility for a Skills Fund loan, consider adding a cosigner with strong credit health. Additionally, a student who is not a U.S. citizen or U.S. permanent resident or has Deferred Action for Childhood Arrival (DACA) status may apply with a creditworthy cosigner who is a U.S. citizen or U.S. permanent resident.

We’ve made this process easy. You can choose to add a cosigner before you submit your loan application, or may be given the option to add a cosigner after you apply.

If you’d like to add a cosigner when you apply, you can select this option in the application. If your cosigner is with you, they can start their portion of the application right away. If not, we’ll send them an email asking them to complete their part. Your cosigner’s portion of the application will look very similar to yours.

We’ll keep you and your cosigner updated on the status of your application throughout the process. You’ll receive an email or a notification in the application if you or your cosigner have any required steps to take.

Richland State Bank, member FDIC, is the lender for all Skills Fund loans.