Income Share Agreements
An Income Share Agreement Is Like A Student Loan, But Better - There's No Debt.
We think Income Share Agreements are pretty cool. And we think they're a better choice than student loans for most people. Income Share Agreements are an innovative new financial tool that allows students to receive money for school with no debt, which means there's no principal, no interest, no default, no foreclosure, and no garnishment. Instead, you pay back a small fraction of your income every month. The percentage you pay back depends on how much money you receive from Bisota. The amount you pay back will vary month-to-month depending on your income, and might be zero for some months. The really cool part is that since repayments are tied to your income, you'll never have a payment you can't afford. If you're income is $0, your payment will automatically be $0 - so if you don't have a job then there's no payment.
Payments automatically adapt to reflect changes in your life like a new job or an exit from the workforce all together. That means your payments are determined by your decisions, which lets you manage your repayments. Plus Bisota provides students with comprehensive protection through our Minimum Income Protections and Payment Caps..
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Payments Last Until:
The absolute longest that payments can last is 15 years. After 15 years your Income Share Agreement automatically ends, regardless of how much (or how little) you've paid back.
All of our Income Share Agreements come with a Payment Cap, which is the maximum you can pay back to Bisota. Once you hit the Payment Cap, the Income Share Agreement is over. End of story.
All of our Income Share Agreements come with a buyout provision so you can terminate the Agreement early. That means you can pay money to end your Income Share Agreement early if you want to.