Under Lambda School's Income Share Agreement, students agree to pay 17% of their post-Lambda School gross income with 24 monthly payments, but only when they are making more than $4,166 per month (that is, $50,000 per year). For example, if a Student gets a job paying $60,000 per year, they are earning $5,000 per month. 17% of $5,000 is $850, so they pay $850 per month under their ISA.
As long as a Student is earning above the minimum income threshold (the $50,000 annually), and is working in a qualified industry or position, they will make monthly payments of 17% of their income for 24 months. If a Student's income ever drops below $4,166 per month, they will not make a payment in that month. Our ISA is also capped at a maximum of $30,000. Students will never pay more than $30,000 under any circumstances. If a Student reaches the $30,000 maximum payment amount prior to the 24 month term, their ISA will be considered complete.
Students have five (5) years after their last day at Lambda School to complete the 24 monthly payments. If 5 years go by, and they haven't made enough money to trigger the 24 monthly payments, the ISA is cancelled.
<aside> ⚠️ Important Note: This page explains certain ISA features and terms, but is not a substitute for and does not override any terms in the Income Share Agreement (ISA) contract itself. Students should read the contract carefully to understand its terms.
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If a Student's income is less than $4,166 per month for a qualified position, payments on the ISA are considered deferred for that month. After that, if that Student's monthly earned income exceeds the $4,166 again, their obligation to make monthly payments is reinstated.
There is a 60-month limit on the aggregate number of months that payments may be deferred. If a student reaches the maximum number or deferred months (60 in total), payment obligations of the ISA will end and that Student won't owe any more more payments.
Important note: there are cases where, because payments stopped and started due to deferment, the total 60 months of deferment could be more than 5 calendar years from the date the Student completes Lambda School.
<aside> ❗ Important Note: The FAQs below explain certain tuition and ISA features and terms, but do not override any terms in the Income Share Agreement (ISA) itself. Students should read their enrollment agreement and ISA contract(s) carefully to understand their terms.
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