Income Share Agreement (ISA)

Don’t pay while learning, pay after you get hired. ISA is a legal contract between a student and Clarusway. Leif is our school’s ISA Program Manager.

Income Share Agreement (ISA) Overview

An ISA is a legal contract between a student and Clarusway. ISAs are not a form of debt, nor are they a loan. They have no interest rate or principal balance. The ISA contract outlines that in exchange for the provision of an education to a student, said student agrees to pay a fixed percentage of their income for a fixed duration of time. Payment occurs when the student is employed and earning above a predetermined minimum salary. ISA contracts have Payment Caps that clearly indicate the most a student would pay given the terms of their ISA contract. 

The Benefits Of Income Share Agreement

No unnecessary financial risk
Attend school for no money down
Only make payments when you achieve career success

The Terms Of Income Share Agreement

 In Consideration for 9-Month IT Training Programs*

Fixed percentage of pre-tax
income 9.9%

Payment Term
Set number of payment
months 24 months

income share agreement chart

Minimum Income Threshold
Student doesn’t pay unless earning
above $40,000

Payment Cap
The maximum a student
(obligor) all ever pay $25000

Maximum Deferment Period
ISA forgiven if reached
60 months

*The terms of ISA for 6-month IT Training programs are different regarding the payment cap and the payment term. The payment cap for 6-month programs is  $16000 and the number of payment months is 15 months.

Key Takeaways About ISA

  • Instead of paying tuition upfront, enrolled students may choose to sign an ISA.
  • An ISA is a legally binding agreement representing a responsibility to pay Clarusway a portion of future income.
  • ISAs are not a form of debt, nor are they a loan. They have no interest rate or principal balance.
  • Students who elect the ISA option agree to pay 9.9% of post-Clarusway gross income (i.e., before taxes) with 24 monthly payments, but only when students are earning equal to or more than $40,000 per year.
  • The ISA option is capped at a maximum of $25,000.
  • If the student has earned less than $40,000 for a total of 60 months after completing the Clarusway program, their ISA is cancelled, regardless of amount paid to date.
  • If students get a job before graduation, they are not considered withdrawn and their ISA will be due in full.

ISA Calculator

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

Your school will guide you to a secure application page tied to the specific program you are looking to attend. The application is all online and typically takes less than 5 minutes to complete and applying will not affect your credit score.

ISA’s are designed to increase access to quality education. Consult with your school as to whether ISAs are a fit for you given their approval parameters. A co-signer is not needed.

Once you complete the program, Leif will work with you to verify your income. Once you are earning above the Minimum Income Threshold, you will make monthly payments of 9.9% of your pre-tax monthly income through the Leif portal.

Because ISAs are not traditional debt, there is no set interest rate or accrued interest.

You will stop making payments once you reach the sooner of 24 Qualified Payment Months or when you hit the Payment Cap. You will never pay more than the Payment Cap and if you don’t earn $40K or above, your ISA will be forgiven after 5 years even though you paid nothing at all.

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.