FOCUS ON YOUR CAREER, NOT THE COST
We’re proud to offer Income Share Agreements (ISAs) in partnership with MentorWorks to help you finance your programs
ISAs are a flexible alternative to loans. In this model, students will pay a small percentage of their future income for a fixed period of time, up to a maximum cap without incurring interest.
Students do not pay unless they find a job and reach the minimum income threshold.
ISA payments adjust according to levels of income Monthly payments are calculated by applying your income share rate to your total monthly earned income.
ISA obligations can be ended earlier by marking early payments as listed in the early payment schedule
3 Steps to get ISA Funding
Review Your Budget
Before you apply, think about your budget, including monthly expenses in conjunction with the cost of tuition. Consider the living expenses you will need to support yourself during the program and while you are searching for a job. Be sure to talk to your financial aid advisor at your school
Gather Your Information
In your application, you’ll be asked to provide details including the following:
- Personal Details
- Contact information for two references
- Current resume
- US work authorization documentation
- Desired funding amount
Get a Decision
Once you submit your application, the MentorWorks team will let you know if your application has been approved. If you are approved, you will be presented with the terms of your Income Share Agreement (ISA).
Read this document carefully as it has critical legal information including what will be expected of you. Taking the time to read it now will help you to avoid surprises along the way. Once you’ve read your contract carefully, e-sign your contract.
Frequently Asked Questions
I don't understand some of the terms used above.
Income Share: Percentage of monthly income that you will pay
Payment Cap: Maximum amount that you will be expected to pay; expressed as a multiple of the ISA amount. you can pay a lower amount if you decide to pay earlier. This protects you from over paying
Payment Term: Maximum number of monthly payments required to fulfill the ISA
Deferment Period: Number of months over which ISA payments can be deferred if your salary goes below the salary floor
Minimum Income Threshold: Income below which your payments are paused
What will my income share rate look like?
Your income share rate will be determined by the program you choose and the amount of funding you decide to take.
What are the ways ISAs end?
An ISA is completed when the first of these events occurs:
- You complete the required number of payments
- You hit the payment cap or the prepayment amount
- Your payment window ends
What are the benefits to students?
ISAs offer an alternative to student loan debt. Debt can create a substantial risk to students if they cannot afford their payments. ISA payments adjust according to levels of income. The minimum income threshold and payment cap ensure students who use the program will not pay if they do not earn a minimum income level, while those who earn a substantial amount of income will not pay above a certain amount.
How do ISA payments work?
Monthly payments are calculated by applying your income share to your total monthly earned income. You will receive a monthly bill for this amount, and you can make your payments online, over the phone, or via mail.
Do I still have to pay i f I don’t finish school?
Yes. You will still share your income according to the terms of the ISA.
Can I make early payments?
Yes, you can finish your ISA obligation earlier by making early payments. Early payment amounts will be listed in your ISA offer.
Am I required to pay the amount I received as a tuition credit?
You are required to pay the agreed-upon small percentage of your income for the prescribed term of the contract. The amount you pay is not tied to the value of the tuition benefit you received.
Will students be required to pursue a specific career?
Absolutely not. There are no requirements stipulating the nature or type of employment that students choose after graduation.
What happens if my income falls below the minimum income threshold?
If your income falls below the minimum income threshold, your payments will pause. Your payments will resume when your income increases above the threshold. If your payments are paused during the deferment period, your payment term will not change. If your payments are paused beyond the deferment period, your payment term will decrease with each month of paused payment.
What is the process to apply and how long does it take?
You can apply through our website at mentorworksedcap.com. After our first screening process, we will invite you to submit additional information. When you receive your invitation, you can complete your application. The application will only take a few minutes to complete, and you will receive a decision in one to two weeks.