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Get The Backing You Need.
PAY FOR SCHOOL WITH AN ISA.
PLAN YOUR CAREER WITH A COACH.
MentorWorks finances school tuition with Income Share Agreements (ISAs) and provides students with career coaching and job opportunities via our Talent Accelerator Platform (TAP).
WE FUND + SUPPORT STUDENTS
Income Share Agreements + Career Coaching
INCOME-DRIVEN EDUCATION FINANCING (ISAs)
Pay Only When Employed
Minimum Income Floor
Payment is a Fixed % of Income
Early Payment Options
Interest does not Accrue
TALENT ACCELERATOR PLATFORM (TAP)
Job Search Strategy
ATS Optimized Resumes
Professional Cover Letters
LinkedIn + Job Boards
How to Negotiate Offers
What Income Share Agreements Are & How It Works at MentorWorks
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
Income Share Agreements may be issued by Blue Ridge Bank, N.A.
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.|
School Partners Where You Can Pay with an ISA
Frequently Asked Questions Abouts ISAs
Does MentorWorks have eligibility requirements to apply for their ISA program?
You are eligible to apply if you are enrolled in one of the programs with our partner institutions, are a US citizen or permanent resident, are at least 18 years of age (or age of majority in your state) and are not currently delinquent on any loans. Please note these are minimum requirements only. MentorWorks has rigorous underwriting standards and applying does not guarantee funding approval.
What is the maximum amount of financing I can ask for?
Typically, MentorWorks can fund students who are in need of $5,000 – $22,500 but the team reviews each application/request on a case-by-case basis. We’ll check with your school to make sure the funding is appropriate to what you owe your institution.
How are students selected for the ISA program?
MentorWorks funds students in their only or last year of study in graduate programs, bootcamps, certificate programs with one of our partner schools.
MentorWorks does not have a set GPA requirement and we review your overall application. Selection into the MentorWorks ISA program will be measured on the basis of the candidate’s academic merit, past/current work experiences, and future potential.
What steps are required to apply for a MentorWorks ISA?
- Step 1: To apply for the MentorWorks ISA program, issued by Blue Ridge Bank, N.A., begin the process by visiting our online platform and create a login: my.mentorworks.com
- Step 2: Gather the following information:
- Unofficial undergraduate and graduate transcripts
- Two professional references
- Current resume
- Current non-expired government issued Photo ID
- Some additional items may be required:
- Outstanding student loan obligations: Educational loans
- Offer letter from employer (if currently employed and studying part time)
- US work authorization documentation (green card, passport, or scanned copy of SSN Card)
- Log into my.mentorworks.com and complete the online application
How long does it take to find out if my application is approved?
Once you submit your application, the MentorWorks team will review and let you know if you are approved. The average response time it takes to review your application and give you a decision is approximately 7-10 business days. However, additional documentation may be required so the decision time may be longer if documents are not promptly provided.
Please note: MentorWorks has rigorous underwriting standards. If approved, you will be presented with the terms of your ISA as issued by Blue Ridge Bank, N.A. Read the contract carefully and sign the final documents online to finalize.
What Is the Talent Accelerator Platform (TAP)?
WHAT TAP COVERS
The MentorWorks Talent Accelerator Platform (TAP), is a comprehensive six (6) lesson career-enhancement framework specifically built with job-seekers of all levels in mind. We provide definitive guidance in professional skill building and key insights into employment factors that make for successful job searches.
WHO TAP HELPS
- College seniors
- Continuing education students
- Graduate program students
- Bootcamp, professional or trade certificate enrollees
- Aspiring career-changers
- Experienced professionals facing unemployment
WHY TAP WORKS
The TAP curriculum was developed by career services professionals who have worked closely with thousands of students, employers and recruiters throughout their careers. Our team knows what recruiters, HR and hiring managers want and have partnerships with employers like Liberty Mutual, Wayfair and many more.
TAP User Reviews and Success Stories
More About TAP Career Coaching + Sign Up for Free
To supplement our Income Share Agreement (ISA) financing option, we provide our Talent Accelerator Platform (TAP) career enhancement tool which is delivered asynchronously via our online platform. This tool is available to all MentorWorks’ ISA students at no additional cost or as a fee-based, stand-alone career support option.
TAP is a proven approach to job search success, giving students a competitive advantage in the job market by gaining skills with a foundation + approach – foundational work needed to set students up for job search success, plus live webinars and other sessions to help set them apart from the job-seeking crowd.
The TAP curriculum was developed by career services professionals who have worked closely with thousands of students, employers and recruiters throughout their careers. The MentorWorks team knows what recruiters, HR and hiring managers want.
HAVE A QUESTION? LET US KNOW.
MentorWorks is dedicated to providing students with access – to employers, mentors, career enhancements, and student loan alternatives.
Use this form to ask us a general question. If you are interested in applying to one of our school partners and getting an ISA or want career coaching, use the following links: