CMC Nursing student and instructor

Rural Nursing Success Fund at Colorado Mountain College

Income Share Agreement — an innovative way to support your nursing degree

CMC Bachelor of Nursing and AAS Nursing degree students with financial need are eligible to receive up to $3,000 per year through the CMC Foundation’s Rural Nursing Success Fund Income Share Agreement (ISA) opportunity. Students who stay in the CMC area to work as a nurse post-graduation may be eligible for a 25% bonus on their ISA.

Exciting! Tell me more!

The Rural Nursing Success Fund ISA helps CMC nursing students, earning their Bachelor of Nursing or Associate Degree in Nursing, with financial need, to borrow money from CMC (via the CMC Foundation) to pay for school. It's interest-free and once you graduate (and have a job), you will pay the amount that you borrowed back into the Rural Nursing Success Fund. The money that you pay back goes back into the fund for the next CMC nursing student.

Wow! What else is there to know?

Yes. An Income Share Agreement (ISA) is an agreement between you and CMC. The agreement basically means that we, CMC, will help you pay for college and you agree that once you graduate, you'll pay the Rural Nursing Success Fund back to help future students. Good news – we aren't like other ISAs that you may have researched. CMC's Rural Nursing Success Fund ISA is unique.

How is the Rural Nursing Success Fund ISA unique?

First off, the Rural Nursing Success Fund ISA program is unique to Colorado Mountain College nursing students. Income Share Agreements create a way for students who have additional financial need, after scholarships and other federal and state funding has been advanced or denied, to secure the funds needed to advance their education. This program was specifically created for CMC nursing students and further provides a 25% incentive for CMC graduates to stay and work in our beloved Rocky Mountain region. CMC believes that you have a right to an education and that money shouldn't be a barrier.

Second, the Rural Nursing Success Fund ISA is interest-free! (Other ISAs aren't like that!) So, when you are repaying what you borrowed, you are only paying back the amount you borrowed. So, let's say that you borrow $6,000 (two years at $3,000 each). Once you graduate and have a job earning more than $30,000 annually (keep in mind a minimum average salary for a nurse is $65,000!), you'll begin to pay that $6,000 back in monthly payments. Don't worry – the amount you pay back each month will be adjusted based on how much money you earn. So, you'll either have those monthly payments until you've paid the $6,000 in full OR you will pay until you've paid for 60 months in a row. Whichever comes first. AND – if during that time, you have worked in our CMC community as a nurse for at least 36 of those 60 months… bonus news… 25% of your income repayment will be forgiven!

So, who is eligible for the Rural Nursing Success Fund ISA?

The Rural Nursing Success Fund ISA is for CMC nursing students who have been accepted into the Bachelor of Nursing or Associate Degree of Nursing program and:

  • Have exhausted other opportunities for financial need
  • Have U.S. work authorization

Alright. Sounds great. I'm ready to take the next step!

APPLY / LEARN MORE

As a pilot program, we have limited opportunities per year (about 8 -10 students per year) SO ACT FAST NOW!

If you're interested in donating to the Rural Nursing Success Fund, head to CMC Foundation.

Frequently Asked Questions

Can I request Rural Nursing Success Fund ISA for multiple terms/years?

You can request to use Rural Nursing Success Fund ISA for up to one academic year at a time. To use Rural Nursing Success Fund ISA for multiple years, you would need to reach out to and complete a yearly agreement.

What happens if I do not make more than $30,000?

Once it is time to pay towards Rural Nursing Success Fund ISA and a recipient does not make $30,000 or more annually, the payments will be suspended until the recipient is earning $30,000 or more annually.

What happens if I am making more than $30,000 but I suddenly lose my job?

You will need to reach out to the point of contact at CMC to update them on your employment status. If a recipient is unemployed, payments will be suspended for a period of time.

What happens if the terms of repayment are over but there is still money owed?

If a recipient has a balance at the end of the 60 payments, CMC will pay the rest of the balance. The recipient’s contract will be closed in good standing.

Who will manage my re-payment?

CMC has partnered with a third-party to provide a place for students to review and sign the Rural Nursing Success Fund ISA agreements, make payments, manage payment methods, and more. This partner will be introduced to you when you apply for an ISA and works hand-in-hand with CMC to provide customer services to all recipients.

After I graduate, when do I start making payments?

You will have a 6-month grace period after graduation. The 6-month grace period will start at the beginning of the next month. So, if you graduate on May 15, your grace period will begin on June 1.

Once that grace period has ended and you have a job that pays $30,000 or more annually, you will start paying 4% of your annual salary each year. That will then be calculated into monthly payments that will for you.

For example, let’s say you get a job that pays $45,000 (gross) annually. 4% of $45,000 is $1,800.00 per year, which will be a monthly payment of $150. Good news – someone will calculate this for you!

How will I know if an ISA is a good option for me?

A great place to start is by meeting with a Financial Aid Specialist at your campus. Let them know that you are considering Rural Nursing Success Fund ISA and would like to learn more about the options that are available to you. Getting more information will allow you to make the best decision for you.

Rural Nursing Success Fund ISA is a great option that gives you the opportunity to pay it forward. 100% of the funds are private donations. The agreement you sign is essentially your promise to pay back the money you borrowed, if and when you can. Your repayments go back into a pool of funds to be used to help other CMC nursing students like you.

How is my information protected?

You are protected by FERPA which is the Family Educational Rights and Privacy Act. FERPA is a federal law that protects the privacy of the student’s education records. This means that the information that CMC has is private information. Learn more about FERPA.

CMC does have “Directory Information” that can be released and that includes student name, attendance, enrollment status, degree/awards received, activity participation and major. If you do not want this information available to the public, complete the FERPA Request to Withhold Directory Information and return it to the Office of the Registrar at your campus.

This program sounds familiar to Fund Sueños. Is it and am I eligible for both programs?

Yes, the Rural Nursing Success Fund ISA stems from CMC’s Fund Sueños program which was designed primarily with DACA students in mind, providing Income Share Agreements for any CMC student without access to Federal Aid. A CMC student can have both a Fund Sueños ISA and a Rural Nursing Success Fund ISA if eligible.

Learn more about Fund Sueños