MentorWorks Partners with BFIT to Offer Student Loan Alternative

November 18, 2019

MentorWorks Education Capital today announced a partnership with the Benjamin Franklin Institute of Technology (BFIT) that offers a new way to finance the cost of tuition through Income Share Agreements (ISAs). The collaboration also expands students’ access to mentorship and leading employers, available through MentorWorks.

Amid today’s $1.5 trillion student loan debt crisis, ISAs have gained the attention of investors, educational institutions, and students alike as an alternative to the traditional student loan system. Rather than paying tuition up front, ISAs allow students to utilize financial assistance in the final year of their education and pay back a percentage of their salary after graduating.

MentorWorks is a synergistic finance and career support mechanism that offers both education financing for students through Income Share Agreements (ISAs) and networking opportunities with valuable mentors who want to give back and employers seeking greater access to a diverse talent pool.

“We know that the lack of financial and social capital inhibits education and career opportunities for students in higher education. By partnering with BFIT, we are working to break down the expensive barriers to higher education with a feasible alternative,” said Karthik Krishnan, CEO of MentorWorks. “Students from underserved backgrounds have limited financial means and often lack the network and relationships to help them connect to the right folks to land a job. Having these connections is critical to career success. We help schools provide education to careers pathways to students through our fund and support model.”

BFIT students can take advantage of this new funding source to finance the final year of their education at the college. Upon graduation, students will begin repayment of the ISA if they meet a designated minimum income threshold. MentorWorks will also assist with wrap-around career development support as well as access to employers.

“BFIT is pleased to partner with MentorWorks Education Capital to provide BFIT students an alternative source of education financing,” said Anthony Benoit, President of BFIT. “As a private non-profit institution, we routinely explore innovative low-cost financing solutions for our students that will afford them the opportunity to advance their education and enter the workforce with high wages and manageable levels of student debt. The MentorWorks program is unique in that BFIT students also receive career development support and access to employers as part of this collaboration.”

Students can directly see the costs of this financing option using the interactive online calculator available at calculator.mentorworks.io/bfit and can apply for the program by visiting mentorworksedcap.com/apply.

About MentorWorks Education Capital 

MentorWorks Education Capital provides Income Share Agreement (ISA) financing which enables students to complete their program without incurring up-front tuition costs. ISAs are an alternative to loans with which approved students will have their tuition paid and then will pay a percentage of their future income for a fixed period of time, up to a maximum cap without incurring interest. Uniquely, MentorWorks also provides career development support, mentoring and access to employers.