So, you’re heading off to college (or already there) or thinking about going to grad school. One of the most loaded questions that students must confront once they make the decision to pursue higher education is “How in the HECK am I going to afford this?!”. We’ve pretty much all been there, so if this is you right now, fear not! In this article, we are going to do a deep-dive into Income Share Agreements, discussing the many pros, the few cons, and everything in between. We’ve also partnered with Stride Funding (an ISA provider) to create the $500 Hitting Your Stride Scholarship, designed to help you learn more about ISA’s and decide if they’re a good fit for you - keep reading for more info!
Income Share Agreements are programs that work with students to help them fund their higher education by providing them with a certain amount of money each year, which varies depending on each student’s specific criteria. Once you graduate from college or graduate school and secure a job, a percentage of your income goes towards paying off that ISA.
Essentially, ISA’s are a type of loan. However, you are not required to start paying back the money you have borrowed until you secure a job post-graduation. The terms of each ISA (percentage and term length) and are unique to each student because they take your area of study into consideration. Also, you only have to start paying back once you are earning above a certain amount of money, which, for current and recently graduated students, is great because it means less added stress when it comes to navigating the “real world” upon graduation.
With Stride Funding ISA’s, students can receive a maximum of $25,000 each year, and the percentage of your future post-graduation salary that you must pay back is anywhere between 3-9%.
Here are some of the major comparisons between Stride Funding ISA’s and traditional student loans:
At the end of the day, each person and their payments are unique, so you will have to sit down and do the math to determine if your quoted ISA is the smartest money move for you.
As I mentioned at the beginning of this article, we have partnered with Stride Funding to encourage students to explore the options available for using Income Share Agreements to fund your college or graduate school education. The first step in the learning process is requesting a free quote. Two good things will come from requesting your quote:
You will be able to learn more about if an ISA is a good fit for you, and you will automatically be entered to win our $500 scholarship!
Happily! Essentially, any student who is eligible for an ISA is eligible to win the scholarship. How do you know if you’re eligible?
Eligible students include:
If you're eligible, get going and request your free quote, so you can learn more about Stride Funding ISA’s, and automatically be entered to win our $500 Hitting Your Stride scholarship. Happy days (and good luck!!).