The University of Utah is no longer accepting applications for new Income Share Agreement (ISA) contracts. ISA information provided on this website is for historical and informational purposes only. If you are a current or past ISA recipient and have questions, please contact the University Office of Scholarships and Financial Aid.
WE ARE INVESTING IN OUR STUDENTS
Your college degree is in reach, but money is an obstacle. That’s where Invest in U comes in. This innovative income share agreement pilot program is designed to fill funding gaps so you can finish your degree and launch your professional career. Once employed, you'll fulfill your contract by paying a small percentage of your earnings and your payments will go back into the Invest in U fund, allowing you to help perpetuate and fund the success of future students. Given the current uncertainty surrounding the impact of the coronavirus pandemic on our global economy, the flexibility of an ISA makes it an ideal tool to help you complete your education.
Pay Today's Tuition with Tomorrow's Success
Invest in U provides income share agreements (ISAs) for students in all majors who are within two years of completing their degrees. Students may receive a $3,000 to $10,000 ISA to fill funding gaps after grants and scholarships. Once employed, students fulfill their ISA contract by paying a fixed percent of their earned income for a fixed period of time, depending upon the ISA amount and their major. All ISA payments go back into the Invest in U fund to propel other students toward the finish line.
We know there may be uncertainty at this time around income and job prospects and also that a student’s career path may change over time.
This innovative financing option provides the flexibility students need as their interests, passions, jobs and the workforce change. Payments may be paused for students pursuing graduate degrees, engaged in voluntary service, and working full-time and making less than $20,000. An early payback option is also available.
Who is Eligible?
The pilot program is available to students in all majors who are within two years of graduating. Eligibility requirements include:
- Undergraduate student at the University of Utah
- Must be within 64 hours of completing a degree
- U.S. citizen or permanent resident
- 18 years or older at time of contract execution
- Meet Satisfactory Academic Progress (SAP) toward degree as defined by the University of Utah
- We encourage students to enroll full time (12+ credit hours)
A More Flexible and Potentially Less Expensive Option
An ISA may provide a more flexible and potentially less expensive option than other loans. However, we encourage you to explore all available funding options in order to make the best choice.
Here's one example: You are a senior economics major who needs 12 credit hours to finish your degree, but after receiving other grants and scholarships, you have a funding gap of $7,500. You receive a $7,500 ISA and are able to enroll full time and graduate.
Next, you get a financial analyst job with a starting salary of $45,000. To fulfill your ISA contract, you will pay 2.97 percent of your monthly income for 90 months, accounting for anticipated salary increases. At the end of your contract, you would have paid a total of $12,453.
Comparison: If you would have taken out a Direct Parent PLUS loan of $7,500, with a fixed interest rate of 5.3% over a 120-month term, you would pay a total of $10,464.
With an alternative/private loan of $7,500, at a fixed interest rate of 9.5% over a 120-month term, you would pay $12,383.
Note that Federal Direct Loan options (not shown here) may provide better funding and flexibility, depending upon your circumstances.
*Note: This illustration assumes that students pay-off their student loans within the 10-year/120-month term. The Department of Education notes that the average student takes 20 years to pay-off their student loan obligations, substantially increasing the total amount paid.