Income Share Agreement? Does that mean sharing my hard-earned salary??
No, it doesnt.
Let's look at it in detail. An MBA degree from a top-tier college on an average may cost you anything from Rs 8 to 12 Lakhs. Also, add the very costly MBA exam coaching classes. Then there is living, Till now the bill could rise to a whopping Rs 15-20 Lakhs or more. This financial pressure on the students and their families can ultimately leave the student with the option of giving up on their dream or take a student loan.
What if we told you never have to take an education loan to pay for your MBA? What if, instead of borrowing money from the bank or family, you simply promise a percentage of your future earnings to pay for your MBA course? The lack of resources blocks the vision of employability even for the most deserving students. This problem is to a large extent solved by the Pay after Placement MBA or other forms of the Income Share Agreement.
Read on to know what is an income share agreement and how to get your pay after placement MBA.
Working The Math of An Income Share Agreement
Let’s say, things don’t work out the way you planned, and you did not get the job opportunity you were hoping for, then it is not your complete brunt to bear. The college or university has "failed” in terms of the placements for which they will not get much in return. But if you do end up with a high paying job through your campus placements, the college will also reap the rewards.
Looking at this relation rising from an income share agreement, this could be the best option for you and your college to give you the best Return on Investment.
Take the following example of what a student will have to pay in an income share agreement like pay after placement MBA. There are various places offering courses with Income Share Agreement like AttainU, Grey atom, Sunstone etc.
However, every institute and program differ in their terms and conditions. So make sure you are well versed with the conditions of the Income Share Agreement and discuss it with your family, the alumni and faculty for a better and thorough understanding.
These programs work by taking a minimal amount at the beginning of the program. On the completion of the program, after the student is placed in a job, a certain percentage of their income goes towards paying off the ISA (Income Share Agreement), which will also be the course fee.
Income Share Agreement Has Several Benefits
An Income Sharing Agreement or pay after placement programs put the required pressure on the B school to revamp, update and provide the best curriculum, expert faculty and teaching techniques into practice. Moreover, the management institute will be taking complete accountability of the students' careers and placements.
In a gist, this is what the new financial tool of Income Sharing Agreement stands for. To reduce the financial burden on the students, B schools across the country are introducing various Income Sharing Agreement or Pay After placement programs. Start-ups like AttainU, InterviewBit, Sunstone, Pesto Tech, AltCampus, etc. offer ISA powered programs to reduce the economic strain of paying such high fees for a management program.
Sunstone is a leading higher education service provider that works with academic institutions in up-skilling students for employability. Sunstone offers career-oriented training interventions for undergraduate and postgraduate students at 30+ institutions across 25 cities.
Sunstone’s training programs are industry endorsed to enhance employability. These programs are designed for hybrid delivery with an unparalleled focus on soft skills and personality development. Sunstone’s focus is to provide students with a holistic educational experience.