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Clasp, formerly Stride Funding, or FinWise Bank's loans are not endorsed by Coder Foundry. Clasp and FinWise Bank are not affiliated with Coder Foundry.
The PPL Program
Upfront, non-cosigner financing with payment protection², so you can focus on learning now and paying later.
With a Payment Protection Loan (PPL) made available through Clasp, formerly Stride Funding¹, you pay back your funding in fixed monthly installments for a fixed period of time—after you leave the program and are earning at least the minimum income threshold.
Once payments begin, you can request that your payments be deferred in any month that you are unemployed or earning less than the minimum income threshold, up to a maximum of 25 months.²,³
Get StartedHow it Works
Focus on Class, Not Cost
With a PPL, you don't pay until you leave your program and are earning at least $40,000 per year²,³
Make Fixed Payments
In months when you're earning the equivalent of at least the minimum income threshold, you’ll start paying $383.95²,³ for 48 months.²,³
Access Your Payment Protection Benefits
In months when you’re unemployed or earning less than the minimum income threshold (the equivalent of $40,000/year, or $3,333.33/month), you can request to defer your payments for that month, extending your payment term on a one-for-one basis, for a maximum of 25 months.²,³
PPL Full-Time Program Terms²,³
A fixed amount that never changes
These are extended on a one-for-one basis in any month you defer payments via your Payment Protection Benefits.²,³
In months when you are not earning at least the equivalent of this income, you can request to defer your payments, for a maximum of 25 months, extending your monthly payments on a one-for-one basis.²,³
No payments for 1 month after graduation. Focus on getting a great job, not making payments.
When accessing your Payment Protection Benefits, you can request to defer your payments on a month-by-month basis for a maximum of this many months.²,³
Frequently Asked Questions for PPLs
¹ Loans may be issued by Clasp, formerly Stride Funding, Inc, or FinWise Bank, a Utah-chartered bank, Member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
² In any month during the Payment Term that you believe you are eligible for Payment Protection Benefits, you must contact the Loan servicer or Processing Agent to let them know that your Monthly Gross Income is below the Minimum Income Threshold, and to provide documentation or other verifiable information evidencing that you are either unemployed or earning below the Minimum Income Threshold.
Months you are in deferment will extend your Payment Term on a one-for-one basis, and you remain responsible for all interest accruing during any period of forbearance. The maximum number of months you can utilize the Payment Protection Benefit is 25 months. If you use all 25 months of Payment Protection Benefits, you will need to resume making Monthly Payments under your Loan regardless of your Monthly Gross Income during the next month of your Payment Term.
³ The 10.00% interest rate is fixed at the time of application and does not change during the life of the loan. The Interest Rate may be lower or higher than your Annual Percentage Rate (“APR”) because the APR considers certain fees you pay to obtain the Loan, the Interest Rate, whether you defer (postpone) payments while in school, and your use of Payment Protection Benefits as detailed in the Payment Protection Program Terms and Conditions included in your Promissory Note and Credit Agreement. This repayment example uses typical loan terms for a student borrower with a 48 month term, has a $14,650 loan that is disbursed in one (1) disbursement and an 10% Fixed Interest Rate: 48 monthly payments of $383.95 while in the repayment period, for a total amount of payments of $18,429.60, and an 9.98% Annual Percentage Rate (“APR”). The Monthly Payment owed in the final month of payment may be less than the payment amount described in the example. The Interest on your student loan begins to accrue (grow) on the first day we disburse your loan funds to your school.
⁴ There is no credit check required to receive a quote. If you choose to submit an application for funding, a hard credit pull will be performed at that time. There is no minimum FICO score, and your credit score or history isn't the main thing that decides your approval or denial, but your credit will be checked.
Information valid as of September 24, 2024.