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As part of our innovative “fund and support” model, the MentorWorks Income Share Agreement (ISA) program – issued by Blue Ridge Bank, N.A. – offers ISA financing with career development and professional mentoring, as well as access to employers through our online Talent Accelerator Platform.
To accelerate career paths for individuals interested in becoming certified automotive technicians, CAD Design professionals and electricians, we’ve partnered with Benjamin Franklin Institute of Technology, enabling the school to offer ISA financing to complete their programs. Unlike a loan, students do not pay until they find a job and reach the minimum income threshold.
WHAT IS AN ISA?
Income Share Agreements (ISAs) are a flexible alternative to traditional fixed payment installment loans. Basically, students pay an affordable percentage of their future income for a set period of time, up to a maximum cap, without accruing interest. Unlike a loan, students do not pay until they find a job and reach the minimum income threshold. The payments adjust according to the level of the student’s income – providing downside protections for the student. ISAs may be issued by Blue Ridge Bank, N.A.
HOW PAYMENT WORKS
- Students do not pay until they find a job and reach the minimum income threshold
- The payments adjust according to levels of the student’s income
- Monthly payments are calculated by applying the income share rate to the total monthly earned income
- ISA obligations can be ended earlier by making early payments as listed in the early payment schedule
ISA vs. STUDENT LOAN COMPARISON
|Income Share Agreements VS. PLUS/Private Loans|
|Interest does not accrue or capitalize.||Interest accrues and capitalizes.|
|Your credit score does not affect the terms of your ISA.||Your credit score may affect the terms of your loan and could impact your eligibility.|
|Monthly payments are based on a percentage of your income.||You pay a fixed amount each month, regardless of your income.|
|Payments don’t start until you make above the minimum salary level in your ISA contract.||You make payments, even if you are not making an income.|
|You only make ISA payments within a specific timeframe, usually 5-7 years. After that your obligation is over.||Loan payment term can extend indefinitely until you pay off the principal and interest.|
|You know the maximum amount you’ll pay, no matter what.||Interest is capitalized, so the final payoff amount can increase over the life of the loan if you do not make minimum monthly payments.|
Benjamin Franklin Institute of Technology (BFIT) is an affordable, urban, private college serving the Boston region and committed to student success and career readiness in technology fields. Through personalized support, hands-on learning, and industry-informed curricula, BFIT prepares graduates for work, life-long learning, and citizenship.
BFIT’s goal is to be a best-in-class college that provides a supportive learning environment and offer innovative, practical and entrepreneurial education resulting in career-ready, productive and civically-engaged citizens.
BFIT values their diverse community and the fostering of a supportive learning environment. They are committed to creating opportunity by working closely with industry and community partners to prepare their students for lifelong learning in an increasingly interdependent world. BFIT’s academic programs and co-curricular efforts reflect their commitment to the fundamental principles of an educated person. They value the following skills and attributes and actively promote their development through college-wide initiatives, so that each student:
- Possesses the technical skills to enter the workforce or go on to further education
- Demonstrates professionalism through leadership, a strong work ethic, and teamwork
- Communicates effectively both professionally and personally
- Utilizes critical thinking and various approaches to problem solving
- Possesses the lifelong skills to locate, evaluate and use information effectively
- Understands the impact of sustainable development
- Is globally and ethically responsible and civically engaged
BFIT offers short-term certificates that can get you back into the job market quickly, as well as associate and bachelor’s degree programs that can boost your long-term earning potential. Many technical fields are hiring right now—let BFIT help you decide which program can help you reach your career goals.
Bachelor’s Degree Programs (4-year)
- Automotive Management
- Electrical Engineering
- Health Information Technology
Associate Degree Programs (2-year)
- Automotive Technology
- Computer Information Technology
- Construction Management
- Health Information Technology
Certificates (4 months to 12 months)NOTE: Certificates marked with an asterisk are “stackable,” which means they can serve as a pathway to an associate degree.
- Automotive Technology* – 10 months
- CAD/SolidWorks – 8 months
- CNC Machining – 8 months
- Cybersecurity* (offered in partnership with CyberWarrior Academy) – 4 months
- Electronics Technology – 8 months
- HVAC&R Technology – 8 months
- Network and Systems Support* – 4-8 months
- Practical Electricity – 12 months
- Software Development* – 4-8 months
- Web Design Multimedia* – 4-8 months
School-reported Market Data
Benjamin Franklin Institute of Technology focuses on giving you the skills to prepare you for a good paying job in high-demand technology fields, such as Automotive Technology, Computer Information Technology, Construction Management, Electrical Engineering, Electronics Technology, HVAC&R, Opticianry, and more.
Workers in Science, Technology, Engineering, and Math (STEM) fields are in high demand in Massachusetts:
- $46,125 average entry-level wage with an Associate’s degree
- Projected 11 percent increase in jobs by 2026
- 47,000 job openings a year
Source: Commonwealth Corporation
Choose a Certificate, Associate’s, or Bachelor’s Degree program. BFIT welcomes new students in both the Fall and Spring terms.
Apply online in three (3) steps:
- Choose one of the high-demand majors.
- Complete the online application.
- Submit your High School or GED/HiSET Transcript to admissions
Tuition & Fees
Benjamin Franklin Institute of Technology believes that a quality technical education leading to a rewarding technical career should be within reach for all interested individuals. As a result, tuition and fees are kept as low as possible without compromising educational quality. Tuition and fees outlined below are costs before financial aid is awarded to a student.
2020 – 2021 Rates
- FULL-TIME (12-21 credits)
- All Certificate and Associate Degree Programs – $8,475 per semester
- All Bachelor Programs – $9,095 per semester
- PART-TIME (1-11 credits)/OVERLOAD (22+ credits)
- All Certificate and Associate Degree Programs – $707 per credit
- All Bachelor Programs – $758 per credit
- All Courses – $250 per credit
- TECHNOLOGY FEE
- Required for all Associate/Bachelor Degree Seeking Students – $300/semester (max 2 times per year)
Income Share Agreement
You may be eligible to pay for tuition through the MentorWorks Income Share Agreement (ISA) program. With an ISA, a student has his or her education supported by an investor, in return for a contract to pay a specified percentage of income for a fixed period of time after graduation.
- ISA payments adjust according to levels of income
- Monthly payments are calculated by applying the student’s income share rate to their total monthly earned income
- ISA obligations can be ended earlier by making early payments as listed in an early payment schedule
Check ISA availability at this or another school.
Income Share Agreements may be issued by Blue Ridge Bank, N.A.
Federal Financial Aid *
Financial aid can come from federal, state, school, and private sources to help you pay for college or career school. Federal student aid from the U.S. Department of Education (ED) covers such expenses as tuition and fees, room and board, books and supplies, and transportation. Aid can also help pay for other related expenses, such as a computer and dependent care. Thousands of schools across the country participate in the federal student aid programs.
There are also special aid programs or additional aid eligibility for serving in the military or for being the spouse or child of a veteran. And, Federal student aid may be available for studying at a school outside the United States, whether you’re studying abroad or getting your degree from an international school.
- Grants – A grant is a form of financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund, or you receive a TEACH Grant and don’t complete your service obligation). A variety of federal grants are available, including Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grants, and Iraq and Afghanistan Service Grants.
- Work-Study Jobs – The Federal Work-Study Program allows you to earn money to pay for school by working part-time.
- Loans – When you receive a student loan, you are borrowing money to attend a college or career school. You must repay the loan as well as interest that accrues. It is important to understand your repayment options so you can successfully repay your loan.
Apply for federal student aid — grants, work-study, and loans — using the Free Application for Federal Student Aid (FAFSA®) form.
* Source: studentaid.gov
ISAs may be issued by Blue Ridge Bank, N.A. Information above provided by Benjamin Franklin Institute of Technology (BFIT), (2020). MentorWorks Education Capital, Inc. (MentorWorks) is not a representative of BFIT and this listing does not constitute a recommendation, endorsement, or accreditation. BFIT is not a representative or an affiliate of MentorWorks or Blue Ridge Bank, N.A. References on this website to BFIT do not guarantee ISA eligibility or serve as financial advice. You should carefully consider your choice of educational program and seek advice from a qualified advisor.
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THE MENTORWORKS MISSION
Our mission is to open pathways to education and careers for students and candidates who may not have had the financial or social capital to do it on their own.
MENTORWORKS FUND & SUPPORT MODEL
Which Students We Fund
- College juniors & seniors and Master’s degree / post-graduate students
- Trainees in boot-camp, professional or trade certificate programs
- Aspiring career-changers & experienced professionals facing unemployment
How We Support Job Candidates
- Talent Accelerator Platform (TAP) – comprehensive, personalized job search & career coaching program
- MW Labs Experience – experiential learning opportunities to propose solutions to hiring employers
- Employer Engagement – live virtual events with employers, mentoring sessions and practice interviews