Training & Certification Loans
Loans to support expenses related to professional training, vocational school, or certification programs.
Loans to support expenses related to professional training, vocational school, or certification programs.
The Training & Certification Loan Program provides interest-free loans to low- and moderate-income residents of New York City’s five boroughs, Westchester, or Long Island to support expenses related to professional or vocational training and certification programs that will help a borrower build their skill set, improve their job prospects, and/or increase their income.
Training & Certification Loans are only for non-degree granting programs, and graduate school students are therefore not eligible. If you need financial support for graduate studies, please apply for a $7,500 General Needs Loan here.
Since HFLS lends to households, a married couple is considered one borrower. If an applicant is married or partnered, he or she must include their spouse’s/partner’s information in the application.
Loan applicants must have annual pre-tax household income at or below the income limit for their household size. If your annual pre-tax household income is slightly above the limit in the chart below, please contact Loan@HFLS.org to speak with a Loan Officer about your specific situation; you may still qualify for an HFLS loan.
The program offers two different types of loans depending on the program cost and the borrower’s needs:
If the student is the borrower: The monthly loan repayment amount will be based on the borrower’s ability to repay until three months after the expected program completion date, after which the remaining balance is repaid in monthly installments of $300. Students may only be the borrower if they are financially independent from their parents.
If the borrower is a parent or guardian taking the loan to assist their child or dependent: Loans are repayable in monthly installments of $300 beginning the month after the loan is received. Parents should be the borrowers if their child is a dependent on their tax return.
All loans have a one-month grace period before repayments begin. Repayments are made on either the 5th or the 20th of each month; borrowers select their preference before HFLS disburses the loan. All loan repayments are made by electronic debit of a checking account.
Loans of up to $7,500 require one guarantor; loans of more than $7,500 require two guarantors. Both guarantors must complete and sign Guarantor Forms. A married couple is considered one guarantor. If a guarantor is married or partnered, his or her spouse/partner must also complete and sign the Guarantor Form.
Each guarantor is “jointly” and “severally” liable for the loan in the event a borrower is unable to pay for any reason. This means that, while HFLS would expect two guarantors to share equally in the responsibility of repaying a loan, each is liable legally for the full amount, and any one guarantor could be called upon to repay the balance due.
Guarantors must meet the following criteria:
Even if they meet the requirements above, the following people may not guarantee a loan:
The information and documents below are required for a Training & Certification Loan.
From the borrower:
From the guarantors:
After receiving your online loan application and guarantor forms, an HFLS Loan Officer will contact you to schedule a 15-minute loan interview (by phone).
During the loan interview, an HFLS Loan Officer will review your application and other required documents with you, determine whether any additional information is needed, explain the loan closing process, and answer any questions you have.
Due to the high volume of loan applications received by HFLS, we ask that you please do not contact HFLS regarding the status of your loan application. A Loan Officer will reach out to you directly as soon as possible.
HFLS reviews and decides on loan applications daily. If we have questions about your application or guarantor, you may receive a call or email from a Loan Officer asking for further information before HFLS will make its decision.
HFLS, in its discretion, may decline to make a loan, make a loan in an amount less than that requested, or require different or additional guarantors.
If your loan is approved, you will receive an email with loan closing documents for you to complete and sign electronically via DocuSign. The loan closing paperwork includes:
Once HFLS receives the electronically signed documents above, we will disburse your loan funds directly into your checking account within three business days. (Please note that it may take a few extra days after the disbursement for the loan funds to appear in your checking account.)