Overview
The United Way Miami Workforce Project offers the Income Share Agreement (ISA) as a way for students to finance their training program. Through an ISA, you pay nothing upfront for your job training. After graduation, there is a 3-month grace period before payments start.
Payments start only if you secure a job earning more than the minimum income threshold. This threshold is around $3,170 a month (equivalent to an annual salary of $38,000).
As part of the verification process, you will be asked to upload documentation confirming your employment status and income.
Details
After the grace period, if your monthly income exceeds $3,170:
- You pay 8% of your monthly income each month during your payment term.
- Your payment term can vary from 32 to 60 months depending on your ISA amount. Your ISA amount is the program tuition plus any living stipend you received.
- Generally, your payment term is 3 years (36 months) without the living stipend option, and 5 years (60 months) with the maximum living stipend option.
- Your ISA contract ends when:
- You reach the end of your payment term OR
- Your payments hit the maximum amount (“payment cap”) you need to repay, which is calculated based on your ISA amount. The payment cap is 1.5 times your ISA amount.
If you earn less than $3,170 in a given month, you do not need to make a payment that month. Your payment obligation will be paused until your monthly income goes above the minimum income threshold again.