income share agreements Post

Income Share Agreements: Students Answer Your Questions

Anna Klawitter June 21, 2021

Being such a new form of educational financing,  Income Share Agreements (ISA) can seem unfamiliar, leaving many to wonder if they're a good choice for them. Because they are so different from traditional student loans, it can also be hard to know what going through an ISA contract can look like. 

 

That’s why we’re here, to help you understand if an Income Share Agreement is right for you. We think Income Share Agreements are a great alternative to student loans to fund your education but don’t just take it from us.

 

We gathered three students from three different educational programs on the Meratas platform to talk to us about their ISA journey, why they chose an ISA, and what it's been like to fund their education through an Income Share Agreement.

 

 

Zach Petersen - Lambda School

 

What career were you in before you went into your educational program and what made you want to make a career change?

Before my educational program at Lambda School, I have a bit of an eclectic background. I’ve worked in film, I was an extra (background actor) for a while. I also had a realty company. I was kind of trying to find my place in the world. 

I started my program back in May of 2020. I was in the pre-course work and then started the actual program, beginning of June. I decided on Lambda School to get involved with tech. 

 

Why'd you choose the field you chose?

I started my program back in May of 2020. I was in the pre-course work and then started the actual program, beginning of June. I decided on Lambda School to get involved with tech. Tech is kind of just involved in everything. You can’t really find an industry where somehow tech isn't involved.

 

Why'd you decide to fund your education with an ISA?

My reasoning for ISA funding was that I don’t have the best credit and traditional school loans, or college loans in general are quite expensive. ISAs kind of maximize the potential of you learning while the school only profits if you profit. It was kind of an interesting idea in the sense that they don’t make the money unless they make sure you’re the best you could possibly be. And that offered kind of so many different opportunities that really traditional college, or at least my experience with them, doesn’t offer. So ISA was really the only choice that made sense for me.

 

How has your ISA been after you graduated? What do you like about it? Would you enter another agreement down the line?

Since graduation, my ISA has been flexible. I’m not quite yet meeting the threshold of the amount of money to start paying the ISA back. But, Lambda School’s done nothing but try to help finding the jobs that really will get you to that point that you’re making money and then they’re making money. So it kind of invests their interest in you and teaching you whatever they can. Whether that be career services, or the actual program in tech. I’ve learned so much over the past year and a half.

Down the line I would definitely do another ISA. I don’t know that there’s an ISA that really would make sense for me right now. But, everything since I’ve graduated at Lambda School has been really smooth working. I work the ISAs through Meratas and they’ve been nothing but helpful in trying to figure out timing, and making sure that everything is paid back, and it’s really been nothing but an enjoyable experience.

If I were to give somebody advice about ISAs I would say, “take the bet on yourself”. The only way that the ISA works is if you maximize your potential and if you’re really ready for that career change, making your life better, I don't see a reason why an ISA would be a bad choice.

 

 

What advice do you have for people that are considering a career change who think they may not be able to afford going back to school?

As for my advice for people considering an ISA, I think it’s really nothing but a great choice. There’s so much flexibility in the way that you learn, and it’s all about maximizing your potential. So the school, in general, is invested in your potential and without that, it’s kind of just like a free-for-all. Lambda School has been great with career services and Meratas has been great with helping me with my ISAs so I don’t see the reason why you couldn’t take that chance and bet on yourself. 

 

Dylan Riha - Prehired 

 

What career were you in before you went into your educational program?

I was working as a Lifeguard, barely skating by, living paycheck to paycheck thinking I would amount to nothing. I spent my days renting out rooms and living hotel to hotel not wondering what was next for me. I was constantly depressed trying to figure out what my next move was going to be.

 

What made you want to make a career change?

I was tired of working really hard for little money, I wasn’t passionate doing what I did whatsoever-- I was also tired of getting harped on by my parents all the time about how I needed to do something with my life. All in all, I just wanted to feel fulfilled and to be excited about my future.

 

Why'd you choose the field you chose?

I chose the field I am in because I am very competitive by nature, competition is what gets my juices flowing in the morning, I also chose the Sales Development career path because I am socially gifted by nature. I can spark up a conversation with anybody, any time of the day.

 

Why'd you decide to fund your education with an ISA?

I decided to fund my program with an ISA because I honestly didn’t have the funds, as much as I wanted to make the change, I needed the money. Getting an ISA gave me the option to pay through my paychecks which helped me get where I am today. I like to think of an ISA as a student loan, the only difference is you don’t have to pay anything unless you produce a lot of success.

 

How has your ISA been after you graduated? What do you like about it? Would you enter another agreement down the line?

My ISA has been great since I’ve graduated, everything is income-based so you aren’t paying a hefty portion unless you are making a hefty amount of money. What you make, determines this. While I was in training and working off my base, I didn’t have to worry at all while I was waiting for the commissions to roll in. The ISA hasn’t gotten in the way of my financial freedom whatsoever.

 

What advice do you have for people that are considering a career change who think they may not be able to afford going back to school?

My advice is to jump in and make the decision, I was beyond skeptical at first and if I didn’t have someone to give me that extra push I wouldn’t be where I am today. Also to pay attention to every single detail of the program, when I started working at ZoomInfo I already felt like a rock star and like I was ahead of the game because preHIRED didn’t only train me how to use their tech-stack, I also had all the skills to make calls and to book my meetings. If you are socially gifted and competitive by nature, don’t think twice, this is the role for you.

 

Randall Rommell - Product Gym 

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What career were you in before you went into your educational program?

​I started in tech as a programmer in New York and then I left corporate life to join my family's real estate firm.

 

What made you want to make a career change?

​I saw more value in driving revenue; researched products and found how much one can generate revenue in such an industry.

 

Why'd you choose the field you chose?

​Product Management helps me improve the muscle of finding out what is not known and pushing past that; my eclectic background also made sense for PM.

 

Why'd you decide to fund your education with an ISA?

​Someone talked the talk and walked the walk knowing about ISAs, which convinced me.

​I also reached out to many Product Managers from Product Gym to ask about PG.

 

How has your ISA been after you graduated? What do you like about it? Would you enter another agreement down the line?

​I enjoy how highly the ISA speaks confidently to the services Product Gym provides.

 

What advice do you have for people that are considering a career change who think they may not be able to afford going back to school?

​Advice for current members: Before live sessions, listen to old sessions, print the notes out, procure valid questions to ask to be asked live, and do this for every live session

​Focus on your strengths and keep grinding; failure is a state of mind

​The alumni base is valuable; it's not about what you know, but who you know; this is also what makes PG very valuable.

 

 

About Meratas

Meratas is the leading Income Share Agreement (ISA) software company, providing a full-service, turnkey, SaaS platform to design, originate, and manage ISAs. We help universities, bootcamps, trade schools, and membership programs increase enrollment and open accessibility to their programs. All through the power of Income Share Agreements.

We also help those looking to get an education, up-skill, or re-skill get into the career of their dreams. All at, generally, no upfront cost. We pair individuals looking for fresh new career with the best educational programs on the Meratas platforms to reach their professional goals. If you're looking to break into your new career, check out our student page and we'll help you find the job of your dreams.

Want more career advice, education news, and student success tips? Follow us on Twitter, LinkedIn, and Instagram!

 

Although every effort has been made to provide complete and accurate information, Meratas Inc. makes no warranties, express or implied, or representations as to the accuracy of the content contained herein. Meratas Inc. assumes no liability or responsibility for any error or omissions in the information contained herein or the operation or use of these materials.

Topics: income share agreements

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