What is an income share agreement (ISA)?
An income share agreement is used by different organizations (including universities such as Purdue) and companies (such as Pearl Shiny) as an alternative to program payment. Pearl Shiny uses income share agreements to make our online program accessible (especially for individuals from underrepresented populations) and so to also align with one of our three core values: diversity.
By the numbers
You pay nothing to start Pearl Shiny’s online program and pay nothing if you don’t clinch a job within 12 months.
Once you clinch a job, you will you contribute this percentage of your initial income for just 12 months.
There is no interest rate applied, so your payment cap doesn’t balloon over time.
More numbers
At any point during the first week that you start the program, you can cancel your income share agreement with no repercussions.
Based on initial salary
Pearl Shiny makes your income share a win-win for both you and us since it will be based on your initial income at your new job and it won’t increase if your salary increases.
If during the 12 months starting when your income share agreement enters into effect you don’t clinch a job, then you can waive your income share and pay nothing.
How does an income share agreement work?
After signing an income share agreement, you will be admitted to Pearl Shiny’s program, which will be completely free until you clinch a job. Then, you will pay us back monthly a small percentage (10%) of your initial income for a limited time (12 months).
Before signing an income share agreement, we require our program candidates to confirm that they have read the entirety of the income share agreement form by also providing their initials. We also recommend that our program candidates consult with family or friends before signing anything.
Income share agreements are common financial options in higher education and online educational platforms. Pearl Shiny is fully transparent with the requirements of its income share agreements.
Can I withdraw from the program after signing an income share agreement?
Yes! Once you have submitted your income share agreement and it immediately enters into effect (after applying and being accepted), you have 7 days (1 week) to withdraw from the program.
If 7 days have passed, the income share agreement will be valid for the remainder of the year after entering into effect. Meaning you can withdraw from the program after 12 months have passed and you haven’t received a job offer during that time.
In rare exceptional circumstances, we may approve withdrawals before the 12 months have passed, this is at our sole discretion. However, the client will be required to pay a withdrawal fee. The fee is $225 for every week the client was in the program, including the 1 week trial period, this will help compensate Pearl Shiny for the time and resources invested in every client.