BOSTON (PRWEB) March 25, 2021
MentorWorks announced today that they have executed an agreement with Venture University, the world's leading investor accelerator for venture capital (VC), private equity (PE), and angel investing, to offer Income Share Agreements (ISAs) to the latest cohort of students enrolled in the Venture University's program.
"Venture University's mission is to disrupt the venture capital and private equity asset class, as well as education itself by offering a program where individuals receive high quality experiential learning and professional development. In the pursuit of continuing to innovate the future of education, we're excited to now offer ISAs as an alternative and innovative payment option, which is aligned with the success of our alumni's careers," J. Skyler Fernandes, Founder and CEO of Venture University.
“MentorWorks’ mission is to open pathways to education and careers for students and candidates who may not have had the financial or social capital to do it on their own. In partnering with Venture University, we now have the opportunity to fund students who will become the next generation of investors,” said Ki Akrami, Chief Investment Officer at MentorWorks. "Startup capital is the very lifeblood of change and innovation so we are thrilled to provide a student loan alternative through Venture University to support diversity and inclusion among the future stewards of economic growth."
MentorWorks is a leader in the income share agreement funding space, having successfully originated over 200 ISAs within the past two quarters. MentorWorks has a proven “fund and support" model, which is evidenced by the 126% increase in the average income of students funded by MentorWorks. 74% of students funded by MentorWorks represent BIPOC (Black, Indigenous and Persons of Color) populations and over 60% are from low-income families. Funded students include individuals who may also not have had any other education financing options, individuals with limited or no credit histories, parents who took time off to take care of their children and wish to return to the workforce, and community college to 4-year transfer students, among others.
With an ISA, students make monthly payments which are calculated to a fixed percentage of their income, for a set period of time, up to a maximum cap, without accruing interest. Unlike a loan, students do not pay until they find a job that pays at or above a minimum income threshold to ensure affordability. The payments adjust according to the level of the student’s income – making it an outcome-based model with downside protections in place for the student. The ISA obligation can be ended early by making payments as listed in the early payment schedule. In addition, MentorWorks provides career support to its students through its proprietary Talent Accelerator Platform (TAP), which is designed to enhance employment outcomes of funded students.
About Venture University
Venture University is designed for individuals looking to gain high quality investment experience in order to break into the VC/PE industry, launch their own funds, or advance their careers. Individuals in the Investor Accelerator gain high quality VC/PE investment work experience over ~3-12 months and "build equity in their education" by receiving a Profit Sharing Agreement which has the potential to be worth none, some, all, or more than the cost of the program.
For more information about Venture University go to: https://www.venture.university
About MentorWorks Education Capital
MentorWorks Education Capital provides Income Share Agreement (ISA) programs, which enable college and non-traditional students to complete their education without incurring up-front tuition costs. ISAs are
alternatives to loans with which approved students will have their tuition paid and, once employed, will make payments calculated to a fixed percentage of their income, for a set period of time, up to a maximum cap, without accruing interest. Uniquely, MentorWorks also provides career development support, mentoring and access to employers through their online and asynchronous Talent Accelerator Platform (TAP).
MentorWorks is a Community Development Financial Institution (CDFI), certified by the US Department of the Treasury. MentorWorks is the only institution offering an ISA program that has the CDFI designation. MentorWorks ISAs for Venture University candidates are issued by Blue Ridge Bank, N.A.
IonTuition, Inc. (ION) is the servicing partner managing student payments for the MentorWorks ISA program. ION is an Education Fintech Services company that helps students and families take control of their education finances. ION is the most experienced, student-centric servicer for ISAs based on over a decade of experience providing services to colleges, universities and employers. To learn more about ION’s customized servicing platform visit: http://www.iontuition.com.
To learn more about MentorWorks Education Capital visit: https://mentorworks.com or reach out to Micha Sabovik, COO, at firstname.lastname@example.org.
Follow MentorWorks Education Capital on LinkedIn at http://linkedin.com/company/mentorworksisa.