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In general terms, an Income Share Agreement (ISA) is a contractual agreement in which a student receives education funding in exchange for an agreed upon percentage of post-graduation income over a defined number of years.
No. It is an alternative offering which offers students another option to pay for their education should they need additional resources or favor a more income-flexible funding alternative. An ISA could be a good alternative to private student loans and Parent PLUS Loans.
ISAs offer students an alternative to debt: debt creates substantial risks to students if they cannot afford their payments during and after college, whereas ISA payments adjust according to levels of income. In addition, there will be a minimum income threshold, so students who use the program will not pay if they do not meet a minimum income level, while those who earn a substantial amount of income will not pay above a certain maximum amount.
We are trying to make this available to as many students are possible and are allocating anywhere from $3,000 to $10,000 per year. Having said this, the amount may vary.
Students are afforded a one-month grace period after graduation or the commencement of employment before payments are required.
The program is available to undergraduate, graduate, post-graduate students as well as to trainees in boot-camp, professional, or trade certificate programs
Other eligibility requirements include:
If you would like for us to notify you when the applications are open for freshmen and sophomores, please complete this short application.
In cases where a student is unable to make the minimum monthly payments either due to a sudden loss of work, or some other financial hardship, we will work with the student to devise a new workable plan for the student.
If the student is capable of making the payments but refuses to repay the loan, we will take all legal actions as illustrated in their agreement.
Yes, for instance, if you take one as Junior you may also take one as Senior. Each ISA is a contract on its own, so term lengths and rates may vary, but your payment will be the sum of the percentages.
We do not base our approval on a particular credit score. However, we will look for major credit issues and will decline if any issues exist.
Nope! Most schools treat ISAs just like private student loans. You must check with your college/ university before applying at 313 Funding.
If you don't find a question being addressed here, please submit us a question here.
Yes.
Our program is designed to help US Citizens and Permanent Residents only.
Applications are open in January. Please check the Students section for more information. If you would like for us to notify you when the applications are open, please complete this short application.
Our application cycle will run until end of April. Please check Students section for more information.
Our goal is to notify the accepted students by the middle of June.
For refinancing applicants, please complete the same student application under the Student section. Also, send us an email at 313funding@gmail.com
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