In 2018, nursing students graduated with an average of $30,000 in student loans (added on top of a national average of $30,000 for undergraduate education), and 70% graduated with some form of student debt. The state of student loan debt for dental and pharmacy students is similarly high. These figures highlight the crisis that is disrupting higher education in the United States: there is a $1.6 trillion student debt bubble. Physician assistant students, who generally spend four years in an undergraduate program, and two years in graduate school (after obtaining some professional experience in the field!), are at the crux of the issue. We have good news: in a sea of student debt, Income Share Agreements offer a way out.
What is an Income Share Agreement?
An Income Share Agreement, or ISA, is an agreement where a student receives an upfront payment for tuition and, in return, agrees to pay a percentage of their income for a set number of payments. It is an extremely attractive and beneficial alternative to student loans that allows students to fund their education in a more flexible and affordable way. This is a particularly great funding option for nursing and physician assistant students, as they have a stable salary level and can then focus on caring for patients.
Income Share Agreements change the game of education funding completely. Because the payments are actually calculated based on income, they’re easily affordable and even remove the burden of continuous interest from traditional student loans. Graduates’ futures, then, are no longer dictated by the loans they took on to pay for school.
Patient Care Comes First
PAs and nurses are in the medical field for the love of helping patients. By eliminating the burden of student loan debt, Income Share Agreements allow physician assistants and nurses to focus on what matters - their patients - without having to stress about monthly payments they can’t afford. These graduates are also able to explore different specialties within the field more freely, as they aren’t weighed down by continuous interest.
Finally, aside from allowing medical professionals to focus on their patients, ISAs also enable them to focus on setting aside earnings for progress in other areas of life. Without a mountain of student loan debt and monthly payments that barely cover interest amounts, these graduates are able to focus on other life goals. Buying a house. Buying a new car. Going on a vacation. Saving for retirement. CNBC reports that “buying a home can be almost impossible with massive student loan debt.” Income Share Agreements help make this dream a reality.
Income Share Agreements allow PA and nursing students to invest in themselves and in their futures. The goal of any medical professional is simple: to help others and care for their patients. Without the burden of student loan debt, these graduates can focus on what matters, while planning for their future.