UC San Diego Extension, in collaboration with San Diego Workforce Partnership, is proud to announce an innovative new way to finance education – the ISA, or Income Share Agreement – deepening our commitment to serving critical lifelong learning and skill development, particularly to underrepresented individuals in the tech community. It’s not a loan. It costs you nothing up front. And if the program leads to high paying jobs, you will “pay it forward” to the next cohort with a small percentage of your income. Everyone has a stake in your career success.
What is an Income Share Agreement (ISA)?
An Income Share Agreement is an alternative way to pay for education, where there are no upfront costs, but an agreement to pay a small proportion of income for a set period of time, after the student has landed a job with a minimum salary. An ISA offers access to education without having to worry about student loans, interest rates and decades of repayments. The fund fronts the cost of a student’s education, which the student pays back in payments based on a percentage of income over a set period of time.
How Does It Work?
- Selected student agrees to pay a percentage of monthly income and number of monthly payments to fulfill payment term, after completion of program.
- ISA Amount is credited to student's account.
- Extension will provide education and training in one of the 4 certificates below and provide program evaluation. SDWP will provide case management and wraparound services, including career and job placement.
- While the specific terms vary slightly depending on the program, students will pay back between 5% and 8% of their income for 36–48 months.
Eligible Programs (Courses start July 2019)
In addition to the courses, students will receive:
- A mentor currently employed in the field relevant to your coursework and career path
- A career consultant who will walk with you every step of the way
- Exclusive networking events sponsored by San Diego’s technology community
- Career readiness training, resume assistance and interview preparation support
- Internship and job placement services
- A free computer and network of support for transportation, child care and other services to empower you to be successful inside the classroom and on the job
Terms & Protections
The income share: While the specific terms vary slightly depending on the program, students will pay back between 5% and 8% of their income for 36–48 months.
No income, no repayment: Since payments are based on income, no payment is owed if you do not get a job after graduation that pays you at least $45,000. This minimum income threshold also means payments stop if your income falls below this wage or you experience a period of unemployment.
Payment Cap: The cost of the program is $6,500. For these programs, no student will pay more than $12,000. These payment caps equal approximately what you would pay for a federally subsidized student loan if you made all of your payments on time.
Payment Window: Required payments will end after payment term even if all payments due haven't been collected.
Ready to Get Started?
If you're interested in participating in the ISA program, send us your information to be invited to info sessions happening in March. You will also be notified when the application goes live. Your information will be sent directly to San Diego Workforce Partnership using the form below.
Get Started >>
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