List of 15 frequently asked questions.

• How do I pay? What is the payment culture?

  When you sign an income share agreement with Lumni, you agree to pay as follows:

   

  During your study period, you must pay a payment culture each month. You are also required to pay a payment culture if you are unemployed (grace period and authorized unemployment period). The amount of the payment culture varies by country but is calculated at a reasonably low amount in periods without income.

   

  For example: If the percentage agreed in your contract is 10% and your first salary after finishing your funded program is $1,000, then your monthly repayment will be: $1,000 x 10% = $100.

   

  If sometime later your salary increases to $1,500, then your monthly repayment from that point on will be $1,500 x 10%= $150.

• How do you continue the process?

  Application: Select the UWC 2021-2 Educational Access Program, enter the requested student and guardian information, and attach the required supporting documents, which will be checked by Lumni:

  
  

  1. Registration: You will receive an email from Lumni with an access code (token) to enter the Lumni platform and register at https://uwccostarica.lumniportal.net/users/sign_in
  2. Application: Select the current year's Educational Access Program, register the requested information of the student and the tutor, as well as attach the required supports that will be validated by Lumni:

  1. 1. Student’s passport
     2. Guardian's passport (only if the student is a minor)
     3. Student's photo (for use in the student's platform)

  3. Funding proposal: The student accepts the ISA conditions and downloads a PDF of the ISA.
  4. ISA formalization: The student and guardian read, print, and sign the ISA and its annexes in the original. The promissory note will be sent by Lumni to the student's email according to the corresponding country.

  1. 1. Send the scanned signed documents to Lumni.
     2. Deliver the original signed documents to the UWC immigration area once at school.

• What is Lumni?

  Lumni is the leading higher education financing company and a pioneer in the use of income share agreements.

   

  Our business model brings together students, investors (individuals and institutions), and educational institutions in a win-win model.

• When do I have to pay?

  By the 10th of each month.

• What is the maximum amount payable?

  The maximum amount payable is the cost of the program with the ISA benefit, which corresponds to US $40,000.

• How do I finish with the financing?

  You have the following possibilities to fulfill your ISA:

  • Paying all 84 monthly installments of 10% of your gross salary.
  • Paying the full amount of US $40,000, even if you have not completed the 84 months.

• What is the guardian figure?

  The guardian will sign the ISA with the student if he/she is a minor and will accompany the student in signing up for the formal education. He/she will be our first contact in case we do not locate the student. 

   

  Once you reach legal age, you will have to sign a new agreement and the guardian will cease to be responsible for the agreement since you assume full responsibility.

• Why am I being asked for reference information?

  The student will not always be in the region or country that was considered in his application and the data of a person may vary during the period of the repayment obligation, so references are requested to be able to contact people to update the information so that we can contact the student if he/she did not change his/her basic background information in the system.

   

  It is important to note that references will only be used if the student cannot be contacted and his/her ISA information cannot be delivered.

• How much do I have to pay monthly?

  The payment culture will be US $5 while you are studying, US $10 when you finish the UWC program, while you are studying at the university, and later in the grace/unemployment period.

   

  The repayment fee corresponds to 10% of your gross monthly salary and must be paid monthly through the platform that your ISA has indicated for you.

• What is an income share agreement (ISA)?

  It is financing in which you have the opportunity to pay for your studies once you have a job or productive activity by committing a percentage of your income for a specified number of months

• Is what you are offering me a loan?

  It is not a loan, it is financing. It is an agreement that covers the financing of your studies. You will start repaying it, once you have signed the agreement, with your payment culture and your repayments once you start working.

   

  Lumni invests in students so that they can complete their studies. It is not the same as a traditional loan because there is no interest rate or fixed fees to pay and we do not require collateral. What is paid will depend on the student's future income, and your collateral is your talent and future potential.

• Where should I pay?

  You will have three possible ways to pay:

   

  • Once you are at the school you will be able to pay at the school itself in the accounting offices by credit or debit card.
  • Once you have finished, the Account Manager will inform you of the payment platform where you will be able to pay with a credit or debit card.
  • The link will be sent to you where you will be able to pay by credit card.

• What is the grace period?

  The grace period is activated when a student, upon completing his or her university studies with the Institution, begins the process of looking for a job. During this period, which will extend up to 6 months from date of graduation, the student will have an obligation to pay the payment culture. Once the student finds a job, this period expires.

• What is the unemployment period?

  The purpose of the unemployment period is to help the student once he/she becomes unemployed. If the student uses up the entire grace period, he/she can continue with this period.

   

  If the student does not use up this unemployment period, he/she will be able to use it discontinuously for a total of 6 months. Once this number of months has been used up, the student should ask Lumni to consider an extension, which must be analyzed with the Institution in a committee that will review the arguments submitted by the student.

• Why opt for Lumni's ISA benefit?

  All students participating in the Lumni program will be able to opt for different tools to position themselves in the labor market such as help in creating a resumé, managing platforms such as LinkedIn, and facing interviews, among other things.

   

  The main thing you should consider is that the money you are going to pay will help the next generations have the same possibilities as you have had and acquire the tools of both UWC and Lumni, increasing their future opportunities.