Why You Need To Take Notice of MIT ID’s ISA Courses
If you’ve watched the Super 30 movie you will know that competition for places in India’s top colleges is very high. Moreover, some students can’t afford the fees to apply to these colleges. That’s where the Income Share Agreement courses come into play. While the idea is quite novel and exciting, MIT has already established itself as one of the first institutes in India to provide such courses.
What Is Income Share Agreement (ISA)?
The idea is quite a simple one. During the qualification process, a few meritorious students from a financially backward section are selected. They might not have the ability to afford the courses however, they do have huge potential, so the institutes provide them with financial backing. To lower the risk to themselves and the students, the institutes also provide the students with relatively high paying job from which the student has to pay back the institute.
How Does The ISA Work?
- A student seeks out a course and an institute offers it. However, the student does not have the funds to enroll for the course
- The student is unable to go to the banks to apply for a loan and hence the institute backs the student and forms a link between the money and the student.
- After getting a job the student pays back the institute every month from their salary as part of their loan repayment
- If the student is unable to land a job or gets a job for a salary lower than expected he may not have to payback the institute as per the terms and conditions of the agreement.
- The student is relatively risk free in this case as he is offered the best in class education, is provided with a job and if he is unable to find one then he does not have to bear with the collateral as it is usually the lenders or the institute that will have to bear the costs
MIT ID Innovation Program
The MIT ID Innovation program is one of the first of its kind in India which is providing its courses with the ISA model. There is huge potential for the students in these programs as the scope for innovation across the various fields in a developing country like India are tremendous. The MIT ID Innovation program is providing the course with an ISA as currently there is a huge gap between what the industry requires and what it being taught in other schools. While MIT Institute of Design already has established itself as one of the premier institutes for its innovation program this is just another step which takes it a step ahead of the competition. It is understood that affordability is a huge problem when it comes to upskilling and when it comes to the potential of the students money should never be the factor that holding you back. If you would like to know more about the MIT ID Innovation Course and the ISA please do get in touch with us today!