News & Events
Affordable Education at your Fingertips
- January 11, 2017
- Posted by: Sila Ogidi
- Category: News
Have you ever wondered how you or your family will pay for your university education? You could apply for a scholarship. Or reach out to your community. Maybe even skip a few years to work and raise money. The truth is, a university education is expensive. According to the US College Board, the cost of a university education has increased by more 10% at an average tuition of $33,480. That is far higher than the average annual income per household across the continent.
Now imagine being able to get an even better quality education and still pay the lowest possible cost right here on the continent. That’s what ALU’s Income Sharing Agreement (ISA) can give you.
An Income Sharing Agreement (ISA) is a financing model in which an investor funds an individual who will repay the investor an agreed upon percentage of his or her future earnings over a fixed period of time. Sounds scary? Well not really. Here’s how it works:
Let’s say ALU awards you $9,000 in ISA funds. This means that throughout your time at ALU, you and your family are expected to pay only $1,000 a year instead of $10,000. Under the terms and conditions of your agreement, you agree to pay back 10% of your income for the next 10 years- once you graduate.
Unlike a traditional student loan, an ISA is interest free. An ISA gives you the opportunity to:
While a student loan has a structured payment plan, the ISA is designed to be compatible with your lifestyle. Earn $10 or $100,000 dollars a month; the percentage is still the same.
Pursue your dreams, risk-free
Pause your ISA payments when you choose to go back to school. Pay nothing if you’re unemployed or starting a business and have no money.
Because payments are time-bound, you might end up paying more (or less) than what you received. But it’s all for a good cause.
Pay it forward
Give other future leaders the opportunity to get a great education when you pay back.
Everyone deserves access to world-class education. Click here to learn more about how you can afford a university education today.