| Notes | The Lambda School Income Share Agreement Lambda School was founded on the belief that while potential is evenly distributed across society, opportunity is not. Our Income Share Agreement (ISA) allows us to provide an education that usually costs tens of thousands of dollars for no upfront cost, without debt, loans, nor interest. Plus, as you make payments toward your ISA after graduation, you’re helping to fund the Lambda experience for the next cohort of students. An ISA is a legally binding document. Scroll down to learn the five top things you need to know about the Lambda ISA. 1 Once you begin making at least $50,000 a year, you will owe Lambda 17% of your monthly income until you reach the cap or the terms of your ISA expire. A Lambda School graduate making $50,000 a year would earn $4,167 a month and would pay Lambda $708.39 each month. You will not be required to make ISA payments during months in which your income was below $4,167. See the ISA calculator 2 You will owe payments toward your ISA if your job requires skills you learned at Lambda School, even if your title isn't "Web Developer" or "Data Scientist." Our ISA contract states that you only have to make monthly payments when you are working in a "Qualified Position." However, a "Qualified Position" is any type of role in any field where your participation in Lambda School helped you get the job, even if it's not directly associated with the track you were in. Qualifying positions: Employee Contractor Self-employed Temporary Second Job Job changes Salary changes Examples of qualifying jobs: Front-end developer Data scientist Sales/Support engineer iOS/Android Cyber security IT specialist UX researcher App developer QA engineer Business Analyst Technical business operations Jobs that likely do not qualify: Barista Construction worker Chef Bartender Waiter Banker Realtor Learn more 3 You must continue to make monthly payments toward your ISA until one of the following happens: You have paid 17% of your monthly income for 24 months. You have reached the maximum payment amount of $30,000. You did not make over $4,167/month or did not have a qualifying job, and therefore "deferred" your monthly payments for a total of 60 months. See the ISA calculator 4 You are responsible for the full amount of your ISA starting after Sprint 16. If you decide that Lambda School is not right for you, you can withdraw within the first 4 Sprints (Unit 1) with no tuition obligations or penalties. After you complete Sprint 5, you have vested 15% of your ISA, and will be required to repay 15% of your ISA when working in a qualified role earning at least $50k. The percentage you owe will increase again after completion of Sprint 8, 12 and 16, at which point you are responsible for the full amount of your ISA. Learn more 5 You are required to report any changes in your income to your ISA servicer. Upon withdrawal, being withdrawn, or landing a job (qualified or not) you will be required to send your ISA servicer (Meratas or Leif) a pay stub, a letter from your employer, or a contractor agreement stating your income. You must do this on a regular basis, including: No later than five days after starting your new job Every time your income increases or decreases Every 30 days, even if your job is outside of the tech industry Learn more How to get help with your ISA An Income Share Agreement is a legally binding document. It's important to us that you understand what is required of you and how it will affect your finances. Make sure have read your ISA contract in full and understand the terms before you sign. You can see the template of an agreement here. If you have any questions please reach out to Meratas, the company who will manage your ISA. Meratas Website: https://www.meratas.com/ Phone number: (877) 311-3824 (Monday through Friday, 8 am to 5 pm PST) Support email: help@meratas.com Our ISA is an investment in you Lambda School only makes money if you land a job making $50k or more. And once you complete the payment period or reach the payment cap, you are 100% free from any financial obligation to us. Not interested in an ISA? Learn about paying tuition upfront instead. Tuition & Income Share Agreement (ISA) Questions Important Note: The FAQs below explains certain tuition and ISA features and terms, but do not override any terms in the Income Share Agreement (ISA) itself. Students should read their enrollment agreement and ISA contract(s) carefully to understand their terms. What is an ISA and how does it work? When and how do I report my income? Who are Meratas and Leif? When do I have to pay my ISA? How do I calculate how much I need to pay? What jobs qualify? When does the ISA contract start? When does the ISA contract end? What does "deferment " mean and what's the process? What is the true cost of Lambda School for students who elect to use an ISA? Can I see an example ISA? What are the interest rates for the ISA? Is the repayment amount on an ISA calculated before or after taxes? Who services the ISA? Lambda School? What if I file a joint tax return? What happens to my tuition if I withdraw from Lambda School? Can I pay tuition upfront instead of signing an ISA? Do I need to be a US citizen to be a student? Can I sign another ISA with another school after Lambda? When in the month are ISA payments due? Am I eligible for an ISA? What agreement(s) will I sign with Lambda School? How can I figure out my cost of living with my ISA payment? What happens to my cost of living if I relocate for a job to a different city and or state? What options do I have if I experience financial hardship? What is the cost of Lambda School for California residents? What payment options are available to California residents? How does a California retail installment contract differ from an ISA? Can I see a sample retail installment contract? Ready to hustle? 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