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Paying for college usually involves big checks and often loans, even after scholarships are awarded and discounts applied. Now a third way to finance the rising cost of higher education, known as an income share agreement, is getting some traction.
ISAs are a substitute for loans. Instead of a student repaying the money they’ve borrowed plus interest starting soon after graduation, they forfeit a portion of their employment earnings for a number of years, usually up to 10.
The percentage of income collected and the duration of the forfeiture depends on a student’s major, and payments are usually suspended when they have little or no income.
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