PITTSBURGH — Robert Morris University announced it will now offer students the option to participate in a university-sponsored income share agreement (ISA) that aims to help reduce the total amount of loans that students need to take out to pay for tuition and other education expenses.
The ISA, named the Colonial Success Fund, will permit select students to take up to $5,000 a year to cover education-related expenses. Six months after graduation, students will then pay a fixed percentage of their income for a maximum of 84 payments within a payment window that lasts for 120 months.
If the monthly income of a student who graduated falls below the annual equivalent of $25,000, then they will not be required to make payments on the ISA until their earnings increase. Graduates who earn higher salaries will be capped at a maximum payment of 1.8 times the total value of the ISA.