What is an Income Share Agreement?
An Income Share Agreement, commonly referred to as an ISA, is an innovative solution to afford education and ensure you are getting a return on your investment as a student. Essentially, you pay zero for school until you are making over over the minimum agreed upon amount. Once you are making over the minimum agreed upon amount, you will pay a percent of your income until you pay tuition back. If your tuition isn't paid back within an agreed amount of years of graduating, we waive the rest of your balance to $0.

NexGenT will pay for your education upfront, and you agree to pay us back once you can afford it.


How much will I pay in total?
It depends on your specific deferred amount. Although, if you don't reach the minimum criteria to pay back the ISA, then you may end up paying less than this amount. You can pay this amount in full at anytime to fulfill the entire obligations of your ISA.


What is the maximum amount of payments I will make towards my ISA?
Our maximum ISA payments are 48 payments.



Why do I have to pay a percent of my income instead of a fixed amount?
We ensure that you'll be able to afford your payments by using a percentage and not a fixed amount. We never want you to pay back something you can't afford.



Can I get a copy of the agreement/contract?

Yes, a sample ISA can be provided if requested.


What are the interest rates for the income share agreement?

The income share agreement does not accrue interest. The payback amount is a flat percentage of 10% of your monthly income, assuming you are making more than $3,333/month ($40,000/yr). The contract is fulfilled once you have reached the cap amount or you have made 48 total payments.


How old do you have to be to sign the ISA?

18

Is the repayment amount on an ISA calculated before or after taxes?
The repayment amount is based on your gross income, which means before taxes.



When do I let NexGenT know my salary and start paying back tuition?
When signing your ISA, you are agreeing to report your monthly income, report your job status and submit your tax returns for the length of your ISA.

Your ISA goes into effect once your cohort ends, and you earn an income greater than the minimum salary agreed upon in the Income Sharing Agreement.

NexGenT uses a partner, Leif, to handle all of the collecting, reporting, and other administration related to our Income Share Agreements. Leif will contact you to remind you to report your income, but it’s important to understand that the ISA contract obligates you to self-report your income, job status, and submit your tax returns for an income reconciliation. These are serious requests, and we don’t make them lightly. 


Can I decide halfway through class that I’d prefer to pay tuition instead of my ISA?
No. To start class, you must either have a signed ISA or have made your upfront tuition payment. You do not have the option to pay upfront tuition once you have a signed ISA. Although, once graduating, you are welcome to pay off the full amount of the ISA at anytime you wish.



What happens if I decide I want to withdrawal from the program?

If a student is approved and offered the payment option of an ISA and decides to sign an Income Share Agreement (ISA), the following withdraw policy will be applicable.


For more information on the withdraw policy for ISA's and other programs, please see this help document here: NexGenT Refund, Withdrawal, & Cancellation Policy.


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