Advanced Welding School has partnered with EdAid
to manage its Income Share Agreements.
Pay a deposit upfront and 15% of income for 72 qualifying months, only when earning the equivalent of $30,000 per year or more. Payments are capped at 1.6x the tuition you defer.
We believe that access to education should be universal & that financing your education should not be a barrier to economic empowerment.
How it works
Study now, pay later. Enroll in an Income Share Agreement to fund your studies. After graduation, pay 15% of total pre-tax income for 72 qualifying months or up to 1.6x the tuition you deferred. Payments are only due when earning $2,500 per month or more.
Congratulations on being selected for Advanced Welding. In order to be eligible you will need to complete EdAid’s verification checks.
Once verified by EdAid, electronically sign your Income Share Agreement to defer tuition payment until you start earning.
Monthly payments are 15% of total pre-tax income for 72 qualifying months where income is at least $2,500 per month. Total payments are capped at 1.6x the tuition you deferred.
The Important Stuff (FAQ)
Will you do a credit check? Does this hit my credit file?
We may do a soft credit check, but this will not appear on your credit report.
Our goal is to ensure your payments are affordable, so we look at a number of affordability factors instead of a hard credit check.
Do you need my SSN?
Yes, you will need to provide your Social Security Number as part of our identity verification process. You may also be required to provide a passport copy.
How soon will I know whether I am approved?
It usually takes between 1 to 3 working days to complete the application and review processes.
Do I need a cosigner?
No. There is no need for a cosigner.
Can I be declined?
A borrower’s application can be declined if the information provided is untrue, or if the applicant fails to pass our fraud, identity, and affordability checks.
Can I take out additional funds for laptop rental and other costs?
No. Unfortunately, we are unable to provide funding for additional costs.
Is there entrance counseling before being approved?
Yes, the team from Advanced Welding and EdAid are on hand for any questions you may have.
Who can I speak with for more information regarding my funding status?
You can contact EdAid at [email protected] at any time, or feel free to reach out via the chat button at the bottom of this page.
What if I can’t find a job?
The team from Advanced Welding and EdAid will be on hand to provide career support and interview prep.
How does payment work?
Once you complete your course, payments are only made when you are earning a pro-rata gross income of $30,000 per annum. Then pay 15% of gross (total pre-tax) income over the course of 72 months where Qualifying Monthly Gross Income exceeds a pro-rata gross income of $30,000.
You will set up monthly payments via the Edaid platform. On the 1st of each month, payments will be initiated from your designated bank account by Direct Debit.
What if I can’t pay?
If you are not earning, then payments are frozen until you are earning. There is no penalty or fee for non-payment when you are not earning.
Can I pay ahead of schedule? Is there a early-payment penalty?
Yes, you can pay the outstanding maximum balance ahead of schedule and there are no penalties for early-payment.
How much will I pay?
Students pay 15% of income over the course of 72 months. Total payable is capped at $48,560.