Shared Outcomes Plan 

 

Overview 

The Shared Outcomes Plan is a financing approach that provides funding for Year Up to deliver its program while giving participants access to Year Up’s comprehensive program benefits with no upfront costs. When participants achieve career success, they repay a portion of program costs which are reinvested in the fund to support additional future learners. In practical terms, the financing mechanism underpinning the Shared Outcomes Plan is an outcomes-based loan – a consumer loan that aligns the incentives of participants, training providers like Year Up, and social investors committed to making education more accessible. Outcomes based loans are regulated as private consumer loans.

 

Partnering Organizations

Google Logo
  • Year Up’s training program provides access to the nation’s best companies and a proven path to career success. Year Up is responsible for delivering all program activities and its mission is to close the Opportunity Divide by ensuring that young adults gain the skills, experiences, and support that will empower them to reach their potential through careers and higher education. 

  • Ascent Funding is a private loan organization whose mission is to provide access to education for millions of underserved students every year. Ascent manages all administrative aspects of the Shared Outcomes Plan including loan application, reporting, and payment processing. 

  • The $100M Google Career Certificates Fund aims to expand access to Google Career Certificates and help more than 20,000 learners from underserved communities land good jobs in high-growth fields. The Fund is supporting Social Finance - a national impact finance and advisory nonprofit - to work directly with training providers like Year Up. 

Eligibility & Application 

 

  • In addition to Year Up’s typical eligibility requirements, programs that include the Shared Outcomes Plan are not available to participants who are in bankruptcy proceedings or have debt in collection of $5,000 or more.  

  • When you apply to Year Up, you’ll speak with a member of our team who will explore your interest in the Year Up program. They’ll also walk you through the terms of the Shared Outcomes Plan and share a link to Ascent’s student portal where you can enter some basic information. You are not signing up for anything at this time. 

  • Once you’re selected for the Year Up program, you’ll begin participating in program activities – including regular check-ins with your learning coach and fellow students, and access to the Google Career Certificates online learning pathway.  

  • At week 5 of the program, Year Up staff will remind you to formally enroll in the Shared Outcomes Plan by applying for your outcomes-based loan via Ascent’s student portal. Just like applying for a credit card or other consumer financing, you can generally expect this application and associated credit check to temporarily lower your credit score by about five points. 

Shared Outcomes Plan Terms

  • There are no upfront costs or fees to participate and the loan does not accrue interest (0% APR).
  • The maximum repayment on the loan is $6,300 (i.e., $105/mo. x 60 months)
  • Your repayment obligation only happens when you secure a job earning at least $3,750/mo. (or $45,000 annually) in gross income.
  • Three months after you leave the YU program, your loan becomes active. From that point, for the next 60 months, you are responsible for making a flat monthly payment of $105 in any month when you are earning more than $3,750/mo.

 

  • In any month where your earnings fall below $3,750/mo. in gross income, you’ll notify Ascent and forego any payments until your earnings rise above the $3,750/mo. income threshold.
  • If you do not secure a job earning at least $3,750/mo. within 24 months of leaving the Year Up program, the entire loan is cancelled and you owe nothing.
  • If your loan still has a balance after 60 months, the loan term expires and any remaining balance is cancelled.

Like other features of the Year Up program, including stipend, the tax implications of the Shared Outcomes Plan terms may vary for each individual. Please consult a tax advisor if you have questions.

Early Departures 

 

Although we believe you’ll get the most from your Year Up experience by finishing the program, we know that “life happens” and that you may need to depart before completing all program activities. 

In the case of early departures, your loan balance will be pro-rated as follows:  

  • Leaving during training or before the first Monday of internship Week 5 – loan balance is reduced from $6,300 to $3,780  

  • Leaving between the first Monday of internship Week 5 and the Friday of internship Week 13 - loan balance is reduced from $6,300 to $5,040 

Repayment & Reporting 

 

  • About 30 days before finishing the Year Up program – or right away in cases of early departures – representatives from Ascent will reach out to help you set up your payment account (direct debit, etc.) and orient you to your responsibilities for reporting income. 

  • Ascent representatives will periodically contact you to hear the latest about your career and ensure that repayment is proceeding as planned.  

  • Although staying current with repayment responsibilities is important, we know mistakes can happen. Ascent representatives will reach out  to inform you of any missed payments. 

  • As noted above, if you have not secured employment at an annualized salary of $45,000 within 24 months of leaving the Year Up program, your loan will be cancelled and you will owe nothing. 

  • Similarly, if you still have some loan balance remaining at the end of 60 months, the remaining balance will be cancelled.  

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