What is the difference between a traditional installment loan and ISA?
Unlike traditional installment loans, an ISA is rooted in the student’s ability to make repayments on funding.
A traditional installment loan for Tech Elevator:
- Fixed payment means you have to pay regardless of what you may earn
- Rigid payment schedules force you to pay even if you don’t have a job
- Require co-signer or high current income for students
- 3-10 years
An ISA for Tech Elevator
- Payments tied to income give you confidence that payments remain affordable, no matter your earnings
- Pay nothing during months where you make less than the minimum income threshold
- Stride ISAs do not require a co-signer for students
- 48 month payment term (over a maximum of 96 months) for a the ISA Program