Colonial Success Fund: Additional Information

Student Documents

Terms

  • ISA Amount: Amount funded to your student account
  • Maximum # of Monthly Payments: Greatest number of monthly payments you could be obligated to make
  • Payment Window: Number of months before your ISA obligation automatically expires
  • Grace Period: The six months after you leave RMU before payments start
  • Income Share: Percentage of your gross monthly income you will share
  • Payment Cap: Maximum amount you could be obligated to share
  • Minimum Income Threshold: Minimum gross monthly income you must earn before monthly payments are due.

Frequently Asked Questions

What is an ISA?
An ISA is a contractual agreement in which a student receives education funding. In exchange, the student agrees to share a fixed percentage of future income for a fixed period of time. 

What are the benefits to students?
RMU’s ISAs offer an affordable new way for students to pay for their education, which ties the amount they pay to the professional outcomes they achieve. With RMU's ISA Program, you're able to defer some of your up-front tuition and never pay more than 1.8x the original funding amount provided to you. With an ISA, payments adjust according to income. A minimum income threshold protects you from making payments whenever your monthly income falls below the annual equivalent of $25,000. And your ISA expires at the close of the payment window.

How do ISA payments work?
Monthly payments are calculated by applying your income share to your gross monthly earned income. You will receive a monthly bill for this amount, and you can make your payments online, over the phone, or via mail.  

What happens if my income falls below the minimum income threshold?
If you enroll in graduate school, lose your job, or earn below the annual equivalent of $25,000 in any month for any other reason, your payments will pause until you earn above $2,083.33/month.  

How does an ISA end?
An ISA ends as soon as a student reaches one of the following: Maximum number of payments, Payment cap, and Close of payment window.

Is there a way to satisfy my ISA early?
Yes. There is no financial benefit to prepaying your ISA, but you may do so any time by paying the payment cap, less any payments you’ve already made, plus any outstanding fees and charges.  

Do I still have to pay if I don't finish school?
Yes. You will still share your income according to the terms of the ISA.  

Am I required to pay the amount I received as a tuition credit?
You are required to pay the agreed-upon percentage of your income for the prescribed term of the contract. You may pay less than your initial funding amount, but as long as you remain in compliance with the terms of your ISA, you will never pay more. 

Will I incur additional fees or charges in the natural course of my ISA payment?
If you remain in compliance with your ISA, submitting proper income and employment documentation as well as timely monthly payments, you will not incur additional fees or charges.  

What is the process to apply and how long does it take?
You will be invited to apply via email. When you receive your invitation, you can visit rmu.vemo.com to complete your application. The application will only take a few minutes to complete, and your account will be up and running within one week.