Leif ISA Payment, Withdrawal, and Refund Policy

1. 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 If students get a job before graduation, they are not considered withdrawn and their ISA repayments will begin if they meet the Minimum Income Threshold.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. 1. Refund table: Applicable to both the ISA Percentage and ISA Payment Cap

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Document name: Leif ISA Payment, Withdrawal, and Refund Policy

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Timestamp	Audit
August 19, 2022 1:29 pm GMT	Leif ISA Payment, Withdrawal, and Refund Policy Uploaded by Greg Goins - [email protected] IP 99.190.9.234
August 19, 2022 1:30 pm GMT	TMIKY Docs - [email protected] added by Greg Goins - [email protected] as a CC'd Recipient Ip: 99.190.9.234

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