Leif ISA Payment, Withdrawal, and Refund Policy

    1. Income Share Agreements (“ISAs”) as a Tuition Payment Option
      1. What is an ISA? An ISA is a legal contract between a student and TMIKY. ISAs are not a form of debt, nor are they a loan. They have no interest rate or principal balance. The ISA contract outlines that in exchange for the provision of an education to a student, said student agrees to pay a fixed percentage of their income for a fixed duration of time. Payment occurs when the student is employed and earning above a predetermined minimum salary. ISA contracts have Payment Caps that clearly indicate the most a student would pay given the terms of their ISA contract.
      2. ISA Contract Terms:
        1. Instead of paying the entire tuition upfront, enrolled students may choose to sign an ISA.
        2. An ISA is a legally binding agreement representing a responsibility to pay TMIKY a portion of future income.
        3. ISAs are not a form of debt, nor are they a loan. They have no interest rate or principal balance.
        4. Students who elect the ISA option agree to pay a percentage of post-TMIKY gross income with a maximum number of payments when you are earning above the Minimum Income Threshold. See your ISA contract for exact terms and conditions.
        5. If students get a job before graduation, they are not considered withdrawn and their ISA repayments will begin if they meet the Minimum Income Threshold.
    2. ISA Withdrawal and Refund Policy
  • The following framework and refund table is provided as a reference and are based on your signed Student Agreement. Any ISA refund is determined solely by the withdrawal, removal, and refund policies set forth in the Student Agreement.
  • Framework: A student who is removed from TMIKY will have their Income Share Agreements prorated as described below.
    1. Refund table: Applicable to both the ISA Percentage and ISA Payment Cap

 

If withdrawal or removal occurs:

Refund applied:

Prior to Digital Orientation

ISA is cancelled

Between Digital Orientation and Week 2 

75% reduction in ISA percentage and ISA payment cap 

Between Week 3 and Week 4 

50% reduction in ISA percentage and ISA payment cap 

Between Week 5 and Week 6

25% reduction in ISA percentage and ISA payment cap 

After Week 6

ISA Percentage and ISA Payment Cap due as stated in contract

After job placement

ISA Percentage and ISA Payment Cap due as stated in contract

 

Student Consent

 

By my signature, I agree to the conditions of this agreement.

 

Leave this empty:

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Signed by Cassie Black
Signed On: December 13, 2021


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Document name: Leif ISA Payment, Withdrawal, and Refund Policy
lock iconUnique Document ID: 2510df68fc25ce10dbcb3774b7f532bb1561d04f
Timestamp Audit
September 28, 2021 8:20 am EDTLeif ISA Payment, Withdrawal, and Refund Policy Uploaded by Cassie Black - [email protected] IP 99.190.9.234
September 28, 2021 8:34 am EDTTMIKY Documents - [email protected] added by Cassie Black - [email protected] as a CC'd Recipient Ip: 172.70.82.74
September 28, 2021 8:35 am EDTTMIKY Documents - [email protected] added by Cassie Black - [email protected] as a CC'd Recipient Ip: 172.70.82.56
December 13, 2021 10:58 am EDTTMIKY Documents - [email protected] added by Cassie Black - [email protected] as a CC'd Recipient Ip: 99.190.9.234