BFF’s Recent language change
We’ve recently updated our language to better reflect our program. This may look different than what you remember when you signed up. Your contract terms, protections, and finish points remain the same - we are simply changing the name. We previously called your contract an Income Share Agreement (ISA); now it will be called a Student Education Fund Agreement, or SEF Agreement.
We’ve also added a new term: a Fellow.
Once you sign your first SEF Agreement and until your obligation is complete, you’re now a BFF Fellow. While you’re still enrolled in school, we may refer to you as either a Fellow or a student.
Use the links below to quickly access the tools and resources you need to manage what is now your Student Education Fund Agreement.
Students Looking for Funding
We built our Student Education Funds out of a belief that all students doing the hard work of getting an education should have the financial support they need to succeed in school.
To be eligible, students must:
Be at least 17 years old
Be enrolled full-time (i.e 12 or more credits) in a degree-seeking program as a freshman, sophomore, junior or senior by the time you would be receiving financing
Have completed a Free Application Federal Student Aid (FAFSA)
Be seeking a bachelor’s degree program at an eligible institution (linked below) OR enrolled at a City College of Chicago with plans to transfer to a four-year institution to earn a bachelor’s degree.
Be pursuing your first bachelor’s degree
Be in good academic standing, meeting Satisfactory Academic Progress (SAP)
Be participating in or an alumna/us of a BFF Partner:
Bottom Line
College Possible
Noble Schools (alumni)
OneGoal
One Million Degrees (alumni)
Have no significant adverse credit events (though credit score is not a consideration)
You can apply for ISA funding to help you cover:
Tuition
Living Expenses
Books and Supplies
Account Balances
What are BFF’s Student Education Funds?
Students looking for funding engage in a Student Education Fund Agreement (SEF Agreement) with BFF.
In this financial product, you receive funds to help cover your education.
In exchange, you agree to make a fixed number of “income-determined monthly payments” after you leave school (and following a Transition Period). As you earn more, you’ll pay more. If you earn less, you’ll pay less.
In addition to payments always being based on the income you earn, our SEF Agreements have Lower and Upper Income Cut Offs (LICO and UICO). If you’re earning below the LICO, your monthly payment will be zero until you start earning above. If you earn above the UICO, your payment amount won’t continue increasing.
How much you pay in total for your SEF Agreement depends on how well you do financially after college, not simply your funding amount. Some students may pay more than their funded amount. Students who struggle financially may pay less than their funded amount.
“I wish I had known about BFF [sooner]. If I could tell someone who’s a freshman and they’re a part of CollegePossible: “Hey, this is a great avenue. It can help you with a lot. It can help you make your educational dream a reality.” I would tell them to apply for BFF.”
The SEF Agreement Process
Students who are a part of BFF’s program are given personalized support and access to resources throughout the entire process. Learn more about each step below.
+ 1. Apply for and receive Funding
If eligible, you can apply for funding. If accepted, BFF staff will personally walk you through the process to receive an SEF Agreement, your financial aid, and your specific SEF Agreement terms.
+ 2. Attend School
While in school, you won’t need to do anything but you’ll have access to help, either through more funding for future semesters or support around navigating financial aid, whenever you need it.
+ 3. Graduate or Withdraw
After graduating or withdrawing, you’ll enter what’s called a 6 month Transition Period. You’ll need to set up an account with our 3rd-party Tech Platform to manage your SEF Agreement and submit your income.
+ 4. Start Payments
At the end of the Transition Period, your Income-Determined Payments will begin. Throughout the entire process, BFF staff will be available to help answer any questions you have.
+ 5. Complete Your SEF Agreement
When you reach any of the 3 different Finish Points, you’ll have completed your SEF Agreement and your financial obligation will be satisfied! Learn more about them here.