Income Share Agreements

ENTITY Academy has partnered with Leif in order to offer Income Share Agreements (ISAs) to help make the Data Science Virtual Academy more affordable! 

 

With an ISA, you pay $0 for the program until you secure a job post-graduation from the Data Science Virtual Academy. Payment only occurs when you’re employed and earning above a predetermined minimum salary of $45,000. Our ISAs also have “payment caps” so you’re guaranteed to never pay us more than 2x your program’s tuition. 

PAY $0 UNTIL YOU GET A FULL-TIME JOB

MONTHLY PAYMENTS ARE BASED ON WHAT YOU MAKE

STOP PAYING ONCE YOU’VE MADE 24 MONTHLY PAYMENTS OR REACHED THE PAYMENT CAP

You must be eligible for full-time employment immediately upon program completion to qualify for an ISA (i.e. currently enrolled college students who have more than 4 weeks left until graduation do not qualify).

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How Payment Works:

$45,000

ISA only kicks in once you’re making at least $45,000.

$0

Then you'll pay 16% of your income for 24 months.

If your income falls below $45,000, your payments pause. We don’t charge you interest. 

16%

Payments End When One of These Things Happen:

24 months

OR

Your ISA is over when you’ve made 24 monthly payments.

$30,000

Your ISA is over when you’ve paid a total of $30,000.

OR

5 years

Your ISA obligation ceases if you haven’t been able to find qualified employment above $45,000 for 5 consecutive years.

Your payments end based on what happens first.

Find Out How Much You'll Owe Each Month With Our Sliding Scale: 

24 months

OR

Your ISA is over when you’ve made 24 monthly payments.

$30,000

Your ISA is over when you’ve paid a total of $30,000.

OR

5 years

Your ISA obligation ceases if you haven’t been able to find qualified employment above $45,000 for 5 consecutive years.

Your payments end based on what happens first.

Frequently Asked Questions

The FAQs below explain certain tuition and ISA features and terms, but do not override any terms in the Income Share Agreement (ISA) itself. Students should read their enrollment agreement and ISA contract(s) to carefully understand their terms.

WHAT IS AN ISA?


An Income Share Agreement (ISA) is a way for you to pay for the Data Science Virtual Academy. We wanted to make this program more accessible, so we started offering ISAs to allow students to pay for the program only after landing a job post-graduation from the Data Science Virtual Academy.




HOW DOES IT WORK?


If you are approved for an ISA contract, you will be able to start the program without having to pay anything.

After graduating from the Data Science Virtual Academy, you agree to pay 16% of your gross income (e.g. before taxes) for 24 months, but only once you’re making at least $45,000 a year. If you are laid off from your job, your payments pause until you are making at least $45,000 per year again. The ISA is also capped at a maximum repayment of $30,000, so you won’t pay more than $30,000 under any circumstances.

Your ISA will end if you’ve paid 24 monthly payments at 16% of your gross income or if you’ve paid ENTITY a total of $30,000 whichever happens first.
We also have a deferment period of 5 years (or 60 months) in place. If after graduating from the program you are unable to make payments for 5 consecutive years, your ISA obligation will be forgiven, whether you have paid or not.




WHY IS THE DATA SCIENCE VIRTUAL ACADEMY OFFERING AN ISA?


This is our way of investing in you and your success. ENTITY wants to provide you with an opportunity to achieve your career goals without having to take a large financial risk.

An ISA is a viable alternative to paying tuition upfront, which waits for you to be in a financial position to pay for your education with no added interest. Not only do ISAs adjust to your income, but they are also paused if you no longer meet the minimum income level. We get it, sometimes life just happens.




CAN I PAY TUITION UPFRONT INSTEAD OF SIGNING AN ISA?


Yes. You will be presented with all your payment options before enrollment, and if you’d like to pay upfront instead of signing an ISA, you can indicate it on your paperwork or notify the ENTITY Academy Director, Angelica, via email at angelica@entityacademy.com.




HOW DOES AN ISA DIFFER FROM A TRADITIONAL LOAN OR SCHOLARSHIP?





WHAT ARE THE INTEREST RATES FOR AN ISA?


Because ISAs are not a form of debt nor a loan, they involve no interest rate or principal balance. It’s a flat percentage that goes away once you’ve reached the $30,000 payment cap, you’ve made 24 payments, or you’ve reached your 5 year deferment period (even if you still owe us money).




WHO MANAGES THE ISA?


Leif is our current ISA Program Manager. You will make an account on Leif’s platform to apply for your ISA, review and sign your contract, and eventually to report income and make payments.




WHAT IS THE PROCESS TO APPLY FOR AN ISA? HOW LONG DOES IT TAKE TO GET APPROVED?


You can apply for an ISA using this link. The application is all online and typically takes less than 5 minutes to complete and applying will not affect your credit score. It typically takes 1-3 days for Leif, our ISA Program Manager, to review your application. If approved, you’ll sign any necessary paperwork and your account with Leif will be active.




WHAT IF I START THE DATA SCIENCE VIRTUAL ACADEMY AND REALIZE IT'S NOT RIGHT FOR ME?


If you feel like your program is not right for you, you may withdraw and receive a prorated refund of upfront tuition (if applicable), and your ISA is also prorated, based on the terms of your contract. (Note: Refund and withdrawal policies vary from program to program, so make sure to fully review your ISA contract.)
However, if you leave the program because you received a job, you will not be considered “withdrawn,” and your ISA will be due in full, based on the terms of your contract.




WHAT IF I DON’T GET A JOB OR IF THE JOB DOESN’T PAY WELL?


If your annual salary falls below $45,000 or you’re unemployed, your payments are paused. Your ISA will only continue once your salary reaches at least $45,000 a year. Even if you still owe money, the ISA will automatically expire if you are unable to make payments for 5 consecutive years (60 months), also referred to as a “deferment period.”




IF I ACCEPT A JOB OUTSIDE THE FIELD I STUDIED, DO I STILL HAVE TO MAKE PAYMENTS?


Yes, you are still responsible for making payments as outlined in your ISA contract.




HOW LONG DOES IT TAKE TO PAY BACK AN ISA?


It depends on the student’s situation. Every ISA contract has a “deferment period” in place. After graduating from the Data Science Virtual Academy, the ISA immediately kicks in. However, you are only obligated to pay when you are making at least $45,000 a year. If you are unable to pay regular monthly payments because of unemployment or because you’re not making at least $45,000, you enter a deferment period. If you are in the deferment period for 5 consecutive years (60 months), then your ISA is canceled, even if you still owe us money.




WILL I BE ABLE TO KEEP TRACK OF MY PAYMENTS?


Our ISA Program Manager, Leif, will provide you with an account where you can keep track of your payments. Leif also provides customer support to answer more detailed questions.




HOW DO I VERIFY MY INCOME AND JOB STATUS?


The ISA contract requires you to report your job status and income to Leif, our ISA Program Manager. You can do this on the account you create with Leif, after getting approved for an ISA.




FOLLOWING GRADUATION, WHEN DOES THE ISA REPAYMENT PROCESS TAKE EFFECT?


Your ISA kicks in upon graduating from the Data Science Virtual Academy. However, you will only start paying once you land a job where you earn a minimum of $45,000 a year. If your annual salary falls below $45,000, your payments are paused.
The ISA automatically expires if you are unable to make payments for 5 consecutive years (60 months), also referred to as a “deferment period.”




WHO IS ELIGIBLE FOR AN ISA?


ISA eligibility is not determined on the basis of prior income, sex, race, sexual orientation, religion, national origin, or protected class. Instead, there are certain minimum requirements you must meet to be eligible.

Every ISA applicant must have a valid social security number and must be eligible to work in the United States. Because ISAs require employment in full-time jobs, you must be eligible for full-time employment to qualify for an ISA (i.e. currently enrolled college students in their freshman to junior year do not qualify). ISAs are also not available to individuals who already have an obligation to pay under an ISA with another institution.




WHAT IF I LOSE MY JOB?


If you lose your job or earn below the Minimum Income Threshold, you will be placed into the Deferment Period and no payments will be due again until you are earning above the Minimum Income Threshold again.





About

Leif is a technology company dedicated to increasing access to quality and affordable education. The company has developed an end-to-end platform that enables the design, origination, and program management of Income Share Agreement programs. As the infrastructure layer that powers the Income Share Agreement ecosystem, Leif partners with schools to provide students with an outcomes-aligned form of education finance.

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