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Funding your future: Rithm’s new partnership with Stride Funding

Britt Lee-Still

Jun 20, 2023

We’re excited to announce Rithm’s new partnership with Stride Funding! Stride Funding provides income share loans to bootcamp students, allowing them to pay tuition once they’ve successfully landed a job. This is a great opportunity for students who are unable to pay their tuition upfront.

Why Stride Funding?

We made the decision to switch to Stride Funding because of their flexible and friendly terms for students. We want to make funding your education as painless as possible for our students, and that means giving you more control.

Previously, students only had two options for an income share loan:

  • Pay half tuition upfront, and borrow the second half through an income share loan
  • Borrow the full tuition amount through an income share loan

With Stride Funding, students now have flexible borrowing options and more manageable repayment terms:

  • You can now borrow any amount (between $2,500 and $21,000) through an income share loan, whether that’s full tuition, half, or any other amount you need!
  • Once you land a job paying at least $40,000, you’ll pay between 1.2-9.5% of your salary for 4 years, or until you pay 1.5x the amount you borrowed.
  • Your repayment percentage will be determined by the amount you borrowed, and it will remain fixed throughout your repayment period.

Important terms

  • Income share loan (ISL): A contract in which a student receives educational funding in exchange for an agreed-upon percentage of future income over a defined period of time. Also referred to as deferred tuition or income share agreement (ISA).
  • Income share percentage (ISP): The fixed percentage of your monthly pre-tax income, ranging between 1.2-9.5%, that you will pay during your repayment period.
  • Repayment period: The period of time in which you make payments on your income share loan. The repayment period begins after a one-month post-graduation grace period and after you land a job making at least $40,000.
  • Payment cap: Your income share loan will always be capped at 1.5x the amount you borrowed. You will never pay more than this amount.

Let’s dive into an example.

Say Taylor enrolled in Rithm and decided to pay through an income share loan. They’ve paid their $3,000 deposit already, and they want to pay $11,000 upfront as well. They want to borrow the remaining $10,000 through an income share loan.

A student’s exact income share percentage is determined by how much they borrow, but will fall between 1.2% and 9.5%. In Taylor’s case, let’s say their agreement calls for a 5% income share percentage.

After Taylor graduates, they land a job making $110,000 (Go Taylor! 🎉) and their repayment period begins. Taylor’s monthly income will be $9,167 before taxes. They will pay 5% of that monthly income, or $458.35, each month. If Taylor’s income changes over time, they will continue to pay 5% of whatever their monthly income is. If they get a raise, they will pay more; if their salary falls, they will pay less. If their salary falls beneath $40,000 per year, their payments will pause altogether.

Taylor’s repayment period will end either when they pay for four years, or when they pay 1.5x the amount they borrowed, which would be $15,000. Assuming that Taylor’s salary remains the same, they would finish paying their income share loan after around 33 months.

Am I eligible for an income share loan?

Stride Funding is available for enrolled Rithm School students who are:

  • US citizens or permanent residents
  • Not living in Colorado or West Virginia (sorry!)
  • Approved through Stride Funding’s hard credit check

Why does my repayment period start once I make $40,000?

$40,000 is the amount set by Stride Funding that will kickstart your repayment period. Please note that this will kick in whether your income comes from full time or part time work, or an in-field vs. out-of-field job.

What if I have more questions?

You can read more about Stride Funding here. Or, reach out to admissions@rithmschool.com to get your questions answered!

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