Our new ISA program reduces the up-front, out-of-pocket cost of college, so that you can focus on what really matters: your education. We are committed to your future, and with an ISA, you’ll only pay when you succeed.
Through our ISAs, you can access limited up-front college funding for all four years of your education. In return, you’ll make 84 monthly income-based payments after a 6-month grace period as long as your income meets the income threshold. Make timely monthly payments after you leave, and you’ll never pay more than the maximum payment amount. Any month you earn below the minimum income threshold, you’ll pay nothing and if you reach 120 months below the threshold, your contract will be fulfilled. It’s that simple: receive college funding up front and make income-based payments later.
What Is an Income Share Agreement (ISA)?
An ISA is a contract between you and your school that provides funding for your education. In exchange, you agree to share a fixed percentage of future income for a fixed period of time. Here are some of the key terms you should know before you sign an ISA:
Benefits of an ISA
ISA payments adjust according to your income, so you always know what percentage of your income you will pay.
ISAs are built to end, faster. As soon as you make the maximum monthly payments, hitthe payment cap, or reach the close of the payment window—whichever comes first—your ISA ends.
Built-in protections include an automatic ISA expiration date, a payment cap that limits total payments, and deferment options that let you enroll in grad school or take a gap year without accruing interest.
Fulfilling an ISA
To fulfill an ISA, you’ll either make the maximum number of monthly payments or hit the payment cap—whichever comes first. If your payment window closes before you fulfill one of those obligations, your ISA will automatically expire, even if you’ve paid little or nothing at all.
Make the Maximum Monthly Payments
Your ISA will define a maximum number of monthly income-based payments. Once you make that number of payments, your ISA ends—even if you’ve paid less than the initial funding amount.
Hit the Payment Cap
Over the course of making monthly income-based payments, you may hit the payment cap (equal to your ISA amount). Hitting the payment cap will end your ISA*—even if you’ve made fewer than the maximum number of monthly payments.
Like any new finance tool, ISAs can seem complicated. In reality, they’re simple: You sign an ISA, receive education funding, and make income-based payments when you earn above the minimum income threshold or more. If you’re considering applying for an ISA, here are the first steps you can take toward career success.
Evaluate all your financing options
Visit the Student Resources page to find the Financial Fitness Quiz, and consult with a trusted Financial Aid advisor about whether an ISA is right for you. If it is, ask for an invitation to apply for an ISA.
Review your email invitation to apply for an ISA
You may apply online, and pending approval, sign the contract digitally. Your ISA amount will then be funded to your account on the designated disbursement date(s).
Submit income and employment documentation
After your grace period ends (six months after you leave school), start making timely income-based payments every month your income exceeds the minimum income threshold or more. Continue to submit employment and income documentation once a year and any time your income changes, until your ISA ends.