The bottom line:
Avenify offers income share agreements to nursing students. The maximum funding amount is $15,000, and you must be within 12 months of graduation to qualify. That makes an Avenify ISA a good option if you need a little extra money to finish your degree and would pay less overall than with a private student loan, or if you can’t qualify for a loan.
Pros & Cons
Periods of unemployment count toward your payment total.
Lending decisions are not based on your credit score.
You receive a discount for paying off your ISA early.
Funding is available only to nursing students.
Nursing certificate programs currently aren’t eligible.
You must be within 12 months of graduation to qualify.
Avenify offered its first income share agreements, or ISAs, in 2019. That funding was originally open to college students no matter their major. Avenify currently issues ISAs to nursing students only.
You can receive up to $15,000 from Avenify, which is less than some other private ISAs. You must also be within 12 months of graduation to qualify. That makes Avenify a good option if you need a little extra funding to complete your nursing degree.
ISAs are repaid as a percentage of post-graduate income. Avenify says its average income share is 3.99%, but rates have gone as high as 7.5% — which can make a big difference in the total repaid.
For example, say you plan to become a registered nurse and will earn $80,000, the average salary for RNs. If you took out a $15,000 ISA with an income share of 3.99%, you would repay $16,611 over five years (assuming annual salary increases of 2%). That would be similar to repaying a loan with a 2.15% interest rate, which is lower than private lenders offer.
But if your income share was 7.5%, you would repay $31,224 over that same period — the equivalent of a student loan with a far higher-than-average interest rate of 21.63%
How much you’ll pay depends on your ISA’s specific terms and your post-graduation income. Compare potential ISA costs with private loan offers to get the best deal possible.
Avenify Income Share Agreements at a Glance
Income shares range from 1.5% to 7.5%, with an average of 3.99%.
Payments aren’t due if you earn less than $20,000.
Total payments are capped at 2.5 times the amount borrowed.
How Avenify could improve
Like other five-star lenders, Avenify isn’t perfect. It could improve by:
Providing funding for students pursuing nursing certificates.
Increasing the maximum amount students can receive.
Offering formal job placement services to students.
Estimate the cost of an income share agreement
Avenify income share agreement details
How to apply for an Avenify income share agreement
Before taking out an Avenify ISA or any other type of private student debt, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your projected costs under an ISA to private student loan options to make sure you’re getting the best deal possible. In addition to how much you’ll repay, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
STUDENT LOANS RATINGS METHODOLOGY
An income share agreement is not a student loan, but borrowers may choose between the two. NerdWallet believes the best education lending product is one that costs you the least. That’s why NerdWallet’s ratings reward lenders that offer favorable loan terms, limit fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the best deal you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines.