Education and Training Loans

Education and Training Loans are recommended to participants in specific IRC Career Programs.

• Applicants must complete training on credit.
• CEO also requests applicants engage in a 1:1 “Financial Fitness” check-in with a Financial Coach before or during the application process.
• All Education and Training loans are reviewed by IRC expertise in workforce development and career programs to ensure the educational institution is a reputable business and the tuition costs are reasonable relative to the program value.

It is important to note that eligibility to apply for a loan differs greatly from approval. Please review the document entitled How CEO Makes Loan Decisions to familiarize yourself with the various factors that influence the approval process for a CEO loan.

Generally, you need proof of income verifiable by pay stubs, receipts, or other documentation. There is no exact income threshold, as we consider your debt-to-income ratio during the application review process.

Please review the document entitled How CEO Makes Loan Decisions to familiarize yourself with the various factors that influence the approval process for a CEO loan.

The monthly payment amount will depend on the total loan amount and the number of months to repay.

• Generally, the longer the repayment on a loan, the lower the monthly payments will be, but the total interest paid will be higher.
• As with all CEO loans, rates are fixed and will never increase after you sign your contract.

The table below offers examples of total costs and estimated monthly payments for various loan sizes and terms.

Example Loans:

** Total interest and fees paid include the 2% closing fee and assume the maximum interest rate of 4.99%.

• There may be cheaper ways to finance your education! Please thoroughly explore the support available from public workforce programs, federal financial aid, and other free support for which you may be eligible.
• Loan funds must be used to pay for tuition and/or direct expenses required to enroll in or complete training in an industry-recognized certificate or credential program.
• Up to 20% of loan funds may be used for non-tuition expenses like equipment, supplies, materials, or tools.
• Loan funds may NOT be used to pay for living expenses while attending school or for other general purposes.
• CEO generally issues payment to you directly and requests a copy of the invoice from the school to verify tuition program cost.

1. Visit your local office to complete a CEO Loan Application and meet with a financial coach. Here’s a list of the items you’ll need for the loan request:
   • Personal email address
   • Valid government-issued photo ID
   • A U.S. checking bank account with routing and account number
   • 2 most recent monthly bank statements (personal and business)
   • 2 most recent pay stubs or other verifiable income statements
   • A copy of the invoice from your training program
2. Your financial coach can help you complete your application (loan decisions are usually made within three weeks of application).
3. If approved, your contract will be ready for signature within three (3) business days of approval notification. You can review and electronically sign your loan contract.
4. Funds are deposited directly into your bank account via electronic ACH and are available within one to three business days after signing the loan contract, depending on bank processing times.

Your local contact will be able to answer any additional questions you might have.