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Enroll in college and pay nothing upfront.
 

Pay back when you leave school, and only

when you earn more than $40k a year.

Pay It Forward

Rivet School Income Share Agreements (ISAs) explained

Stride supports Rivet School students via affordable and flexible Income Share Agreements (ISAs)

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No Upfront Tuition

Pay nothing while in school. Afterward, pay nothing until you earn more than $40,000 per year.
 

Affordable By Design

After leaving school, make flexible monthly payments based on a small percentage of your salary.

Keep the Upside

No matter how much you earn, you’ll never pay more than 1.3 times the amount you’ve received.

Simple and Convenient

Don't worry about reapplying for funding each year. Rivet School's ISA offers funding to support you through to graduation

When will you start paying?

After you complete the program and find a job paying at least $40,000 year

When will you stop paying?

When you've made 78 monthly payments, 126 months have elapsed from the end of your post-graduation grace period, or you hit the 1.3x tuition payment cap, whichever comes first

To see your monthly payment amount, payment cap, and ISA percentage, please use this calculator

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Check out your terms!

.5%

per $1,000 funded

An affordable, fixed percentage that never changes

78

monthly payments

Allowing you to save for the future and major milestones

$40k

minimum income threshold

Only pay when you have meaningful earnings

1.3x

payment cap

6

month grace period

We want to see you succeed, not penalize your success

Focus on getting a great job, not making payments

Take Our Quiz!

Take our quiz to see how well you understand the terms & how a Rivet School ISA works

Frequently Asked Questions

FAQs for ISAs

What is the application process?


Interested students should begin applying for a Rivet School ISA by completing the pre-application form here. After verifying that you've been accepted by Rivet School, submitted a FAFSA, and have uploaded your award letter, you will be given a link to the ISA application.




Why is Rivet School offering this program?


Rivet School's mission is to help working adults earn a job-relevant, affordable college degree. While program tuition is low compared to other institutions, most students rely on some federal financial aid to afford access. And for applicants and students who do not have access to federal financial aid, cost can be prohibitive. Rivet School has launched the Pay it Forward Program to increase access to Rivet School for all students, and to provide an alternative to traditional student loans for students who would otherwise rely on them.




Am I eligible to participate in the Pay it Forward Program?


You are eligible to receive funding from PIF as long as you:

  • Are accepted as a Rivet School student, and are enrolled in one of our partner university programs (Southern New Hampshire University’s College for America program, or Brandman University’s MyPath program).
  • Are at least 18 years old
  • Are a US Citizen, Permanent Resident, DACA recipient (DREAMer), or TPS designee.
  • Have already submitted your FAFSA (Free Application for Federal Student Aid), have received an award letter, and have accepted all Pell Grant or Federal Direct Subisidized loans that you’ve been offered. (Rivet School does not expect you to accept any unsubsidized loans.)
  • Over the past sixty months, have had no significant adverse credit events greater than $1,000 or a bankruptcy in the past twenty four months




How does the Pay it Forward Program work?


  • Apply: Accepted applicants and current Rivet School students can begin by submitting an application to the Program. Students who meet the application and eligibility criteria will receive an offer of Pay it Forward funding.
  • Select funding amount, review disclosures, and sign contract: Selected students will be eligible to receive up to $7,500 per year (the maximum amount of program tuition) and up to $30,000 over the time at Rivet School and must request at least $6,000 over the course of the student's degree order to participate. Students will then review a list of program disclosures and sign a contract with Rivet School covering the terms of participation.
  • Receive funding: Once a student has signed their Pay it Forward contract, Rivet School will directly transfer funding to your student account at your partner university. Rivet School will disburse Pay it Forward funding one term at a time (disbursing as much approved funding as is needed to cover a student’s outstanding balance). For example, if you’ve applied for $4,000 in Pay it Forward funding for a given year, and you have an outstanding balance (after Pell Grants and Direct Subsidized Loans) of $1,500 for your first term, we’ll disburse $1,500 to your student account (reserving the rest for subsequent terms).
  • Study (without stressing): While you’re in school, you won’t need to make any payments or pay any fees. Once you graduate Rivet School, you’ll have a 6-month grace period before you have to begin making payments. (Again, you’ll only make payments if and when you’re earning more than $40,000 per year.)‍
  • Repayment: Following your 6-month post-graduation grace period, you’ll begin making monthly payments back to the Pay it Forward program. Your payment amount will vary based on how much funding you’ve received and on your income. (See more in “What are the terms of the program?” below.) You’ll make payments for 78 months, or until you’ve hit the “repayment cap” (or, in other words, paid back 1.3 times the amount of funding you received). You can also prepay or accelerate your payment at any time (see more below).




What are the full terms of this program?


  • Funding amounts: Pay it Forward funds any amount between $6,000 (the minimum) and $30,000 (the maximum).
  • Repayment: For each $1,000 of funding you receive, you’ll pay back 0.5% of your annual income for 78 months, until 126 months have passed since the end of your grace period, or until 1.3x your funding amount - whichever comes first!
  • Income threshold: You’ll be required to make payments only in years where you earn more than $40,000. If you make less than the Income Threshold for a given year, you won’t have to pay anything.
  • Grace period and hardship forbearance: Students who graduate will have a 6-month grace period before you’re required to start making payments. You can also request up to 6 months of “hardship forbearance” (3 months continuously) during your payment term. “Forbearance” excuses you from making payments during a period of financial difficulty (even if you’re earning more than the $40,000 income threshold).
  • Prepayment and prepayment discount: At any time, you can “prepay” your Pay it Forward obligation. Through prepayment, you may be able to pay back significantly less than what you would repay otherwise. The repayment schedule reduces the maximum payment cap as follows:
    • 0-6 months post-graduation: you are required to repay 1.1x your funding amount (for example, if you finance $10,000 and pay $11,000 within 6 months of graduating, your payments are complete)
    • 7 - 42 months post-graduation: you are required to repay 1.2x your funding amount
    • 43 - 60 months post-graduation: you are required to repay 1.25x funding amount




What is the difference between an educational loan and a Pay-It-Forward ISA?


An educational loans has:

  • Fixed payments regardless of earnings
  • Rigid payment schedules that require you to pay even if you don't have a job
  • Require a co-signer or higher current income from students
  • Up to 10 years of repayments
The Pay-It-Forward ISA contains features that protect you:
  • Payments tied to income, giving you confidence that your payments will remain affordable
  • Pay nothing during months when you're below the minimum income threshold of $40,000 annually, or $3,333 monthly
  • The Pay-It-Forward ISA does not require a co-signer for students
  • Your repayments stop after you've made 78 payments, hit the maximum repayment cap of 1.3 times the funded amount, or have gone past 126 months.
Please note that we still encourage you to take advantage of Pell Grants, subisidized federal loans, and any other scholarships of low-cost sources of funding available to you. The Rivet team can help you decide which external funding sources are right for you.




Can you show me what my payments would like under the ISA program?


You can see what your monthly and total payments based on your funding amount if you follow this link.





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If you have questions regarding your payments,

visit our servicing partner, Knowledge Finance.

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