If you meet the eligibility requirements above (and have already been accepted to Rivet School), you can apply for Pay it Forward funding here.
Unfortunately, we have a limited amount of funding that we can provide to students, and we anticipate more qualified applicants than we can fund. To give everyone an equal chance to receive Pay it Forward support, we will use a lottery to choose which qualified applicants receive Pay it Forward support. Whether or not you are selected for the Pay it Forward Program, you are of course still encouraged to continue with Rivet School, and — if you’re not selected — our team will help you explore alternative financing options.
You are eligible to receive funding from PIF as long as you:
Our mission is to help working adults in California earn a job-relevant, affordable college degree. While program tuition is low compared to other institutions, most students rely on some federal financial aid to afford access. And for applicants and students who do not have access to federal financial aid, cost can be prohibitive.
We’ve launched the Pay it Forward Program to increase access to Rivet School for all students, and to provide an alternative to traditional student loans for students who would otherwise rely on them.
You can review a full set of program disclosures here.
Pay it Forward funding is a type of “Income Share Agreement”, or ISA. Income Share Agreements are a relatively new tool for student financing and, as such, their tax implications (for federal, state, and local taxes) remain uncertain. If, by participating in Pay it Forward, you end up repaying less than the amount you borrowed, the difference between these amounts may be treated as taxable income.
Even if you don’t complete your intended degree with Rivet School, you are still responsible for meeting the terms of your Pay it Forward contract.
Yes. The Pay it Forward program isn’t a scholarship, and participation comes with a number of responsibilities. For instance, if you don’t submit required materials verifying your income, or if you miss payments, you may be charged late fees, or your account can become delinquent. You can avoid this through clear communication with the Rivet School team, and by following the rules of the program. Specific fees that you can be charged are:
Once you’ve signed your Pay it Forward contract with Rivet School, we’ll set you up in a payment system offered by a Rivet School partner, Knowledge Finance (part of the Missouri Higher Education Lending Authority). Each year (or anytime you have a change in income), you’ll be required to submit materials (like a W-2 or tax return) verifying your income level.
Pay it Forward isn’t a traditional loan, and so it’s hard to make a direct comparison between them. Here are just some of the differences between Pay it Forward and a traditional loan:
Depending on a number of factors, you may pay more or less through Pay it Forward than you would with a subsidized federal loan. Whether you pay more or less will depend on a number of factors, including your future earnings and whether you choose to prepay or accelerate your Pay it Forward obligation. Scroll to the bottom of this page to see a table comparing the Pay it Forward program with traditional student loans.
One last note: You should also know that if you opt to receive federal student loans, you may also be eligible to participate in a variety of income-driven repayment (IDR) plans offered by the federal government. Like with Pay it Forward, through income-driven repayment plans, instead of repaying a fixed monthly amount, you make payments based on a percentage of the income you earn.
Income-driven repayment plans offer a number of benefits, but not all borrowers are eligible for all plans. If you’d like to learn more about IDR plans, please reach out to the Rivet School team and we can connect you with a financial aid expert who can help. You can also learn more about IDR plans here, or on the official US Government website here.