In this section, you will find the most frequently asked questions about your ISA
What is an Income Share Agreement (ISA)?
An ISA is a contractual agreement through which your tuition fee will be covered and you will receive benefits such as education, career support, mentoring, etc. In exchange, you agree to share a fixed percentage of your post-graduation income.
What does the process look like?
- Ask your school if they offer a StudentFinance(SF) ISA.
- Get accepted by the school.
- Apply for your ISA online in minutes (you can find more information of this in the following section: SF APPLICATION PROCESS)
- Get accepted by SF.
- Go to school and focus on your education.
- Get a job and launch your career.
- Pay a fixed % of your salary once you earn at least the minimum income threshold.
- Enjoy a brighter future.
What are the ways an ISA ends?
An ISA is completed when the first of these events occurs:
- the Student reaches the Maximum Number of Payments (Payment term);
- the student reaches the Payment Cap; or
- the Final Maturity Date is reached (7 years from the signing date).
What are the benefits for me?
ISA payments adjust according to your income after you graduate from the bootcamp, so you always pay what you can afford. In addition, the minimum income threshold ensures you will not pay until you earn equal or above that level.
Is there an interest rate?
In an ISA there is no interest, no debt burden. Since only income is shared, the obligation to make payments pauses when income falls below the minimum threshold. This means that ISAs never make the situation worse when someone faces financial hardship making them a socially responsible alternative to loans.
What happens if I don't get a job or my income falls below the minimum income threshold?
You don't have to pay anything. For example, if your Minimum Income Threshold for your ISA is €1,333.33/month or €16,000/year you won't have to pay if your income falls below €16,000/year or €1,333.33/month. Your payments will resume when your income is above the threshold established in your ISA contract.
Important: For any month where your income exceeds your monthly minimum income you will have to pay (regardless of your annual income. For example: if you receive a bonus for Christmas and that month your income is above the min threshold, we will collect the agreed % for that month. You will only pay if your monthly income or your annual income is above the min threshold.
Is there an early payment option if you want to settle your ISA agreement in advance?
Yes. You may satisfy your ISA at any time with no penalty at all. The amount due will be the Payment cap minus any payments you’ve already made
Do I still have to pay if I don’t finish the program?
The total amount you are contractually obliged to pay back will reflect your school dropout policy. The day you inform both the school and StudentFinance of your intention to terminate the course will be considered your drop out day and will be used to calculate the amount outstanding on a prorated basis. If your ISA needs to be prorated, we will always first check the percentage of days you studied (start date - informed drop out date), and we will use this same percentage to calculate the remaining amount to pay from your ISA CAP.
Am I required to repay the ISA Amount I received as a value of the tuition fee?
You are required to pay the agreed-upon percentage of your income for the prescribed term of the contract. The amount you pay back is not tied to the value of the tuition benefit (ISA Amount) you received.
Will I be required to pursue a specific career?
Absolutely not. There are no requirements stipulating the nature or type of employment that you choose after graduation.
What would happen if you fail to report your income?
We automatically assume that your income is twice the minimum threshold
What would happen if I underpay or overpay my monthly obligations?
StudentFinance will undertake a payment reconciliation on an annual basis by reviewing all of your income streams based on multiple sources, such as your tax returns. If it turns out that you were underpaying or overpaying, you will need to make additional payments to cover the insufficient amounts or get a discount for your future payments, respectively.