FOR IMMEDIATE RELEASE: October 2nd, 2017
NORFOLK, VA — The United States Collegiate Athletic Association (USCAA) announced that students at more than 80 colleges and universities will have access to a new model of college financing that reduces risk and improves affordability. To provide this new alternative for students, the USCAA is partnering with Vemo Education, which works with postsecondary institutions to design, implement, and service income share agreements (ISAs).
With federal student loan debt at $1.4 trillion and rising, college and university leaders are increasingly in search of new strategies to improve affordability and relieve the burden of debt for students. Through its partnership with Vemo, the USCAA will help its member institutions – including small colleges, community colleges, and junior colleges across 28 states – to design and deliver income share agreements to their students.
“One of my biggest concerns for students – athletes and non-athletes alike – at our member institutions today is the rising cost of student loans and increasing interest on student debt,” said USCAA Executive Director Matthew Simms. “Our partnership with Vemo will enable us to help our institutions provide a unique alternative so that students can reduce the risk of taking on tens of thousands of dollars in debt while going to college.”
Income share agreements are a consumer-friendly alternative to loans as they align the interests of students and institutions. Under the terms of an ISA, students pay less tuition up-front in exchange for a defined percentage of their income after graduation for a set period of time. Payments adjust based on income and only begin when an individual’s income is above a minimum threshold, ensuring that graduates are not burdened with payment during times of financial hardship.
“We’re thrilled to be working with the USCAA to bring income share agreements to their member colleges and universities,” said Tonio DeSorrento, CEO of Vemo Education. “Income share agreements provide a new way for institutions to demonstrate their commitment to student outcomes, and remove additional barriers to college for students and families by offering an alternative to high-cost private student loans.”
About Vemo Education
Vemo Education is a mission driven company working to expand opportunity for all Americans. By offering a thoughtful, consumer friendly alternative to high cost, burdensome student loans, Vemo Education is changing the way we pay for higher education. By partnering with colleges and universities to design and implement income share agreements, we’re leveling the playing field so that institutions have skin in the game and are aligned with producing real value and outcomes for their students. Our platform offers a turnkey solution for income share agreements. Learn more at www.vemo.com
Media contact: Ben Watsky, 202-851-3601, [email protected]
About the USCAA
The primary goal of the USCAA is to provide members with an association that is devoted to the growth, vision, and values of their institutions. The USCAA’s focus is to enhance member institutions through athletics. The association intends to achieve this goal by providing opportunities for small colleges to compete on an equal level of competition with schools of like size and athletic programs. The USCAA conducts 12 national championships, names All-Americans, recognizes scholar athletes, and promote USCAA member schools in various means. The USCAA believes that the integrity and credibility of the association and its members is paramount in accomplishing its goal.