Your Income Share Agreement (ISA) is a financial commitment between you and TradeUp. ISAs are the opposite of traditional loans; instead of paying us back every month you only pay us back if you are employed and making above the salary threshold. We know that life can get in the way sometimes, that’s why we built the ISA to give you the sort of downside protection you actually need.
When do I start making repayments?
When you get an ISA with TradeUp we wire your tuition directly to your school so that you’re ready to start classes on day one. You only start to make monthly repayments one month after you complete/withdraw from your training program. Students currently enrolled in programs are not expected to make any payments.
How are my monthly payments calculated?
Your monthly payments are a fixed percentage of your income. If your income goes up, so do your monthly payments. The same applies for if your income goes down with the only exception being that you can request to pay $0 monthly payments for every month that you make below the repayment threshold.
How do I request $0 monthly payments when I make below the repayment threshold?
To submit a request to defer a payment for the month you can log into your member portal or the mobile App. Simply fill out a form to share why you need to defer the next month’s payment and an agent will review it as soon as possible. Please note that you must request to defer payments for every month that you need to pay $0. You cannot request to defer payments once and expect that to defer all future payments. If TradeUp cannot contact you we assume you are employed and making the median income for your industry — charges are initiated accordingly.