Before continuing into the Immersion phase of the program, you are required to read, understand, and sign the Success Sharing Agreement. On the left, you'll find a simple, non-legally binding explanation of what the contract language means for you.
Receive the Success Sharing Agreement
Sign the Success Sharing Agreement
Revenue Operations Associate
This Merit America Success Sharing Agreement (“Agreement”) is made and effective as of: __________, (Date) (the “Effective Date”) by and between: __________________________________________, (hereinafter (Student Name) “Student”) with such Student’s current physical address being:_________________________________; (Student’s Current Physical Address) and Merit America, a nonprofit corporation, having its principal place of business located at One Thomas Circle NW, Suite 700, Washington, DC, 20005 (hereinafter, “Merit America”). Student and Merit America may sometimes be referred to in this Agreement, individually, as a “Party”, and collectively as the “Parties”, as required by context.
This is a serious, legally binding contract. You should read it carefully and conduct your own due diligence.
This agreement is not a loan.
We can’t guarantee your success.
THIS IS A LEGAL CONTRACT. READ IT CAREFULLY BEFORE SIGNING. BY ENTERING INTO THIS AGREEMENT, STUDENT AGREES THAT, IN RETURN FOR PARTICIPATING IN THE PROGRAM OFFERED BY MERIT AMERICA, STUDENT WILL PAY THE TOTAL SUCCESS SHARING CAP DESIGNATED HEREIN TO MERIT AMERICA, SUBJECT TO THE TERMS AND CONDITIONS SET FORTH BELOW. THIS AGREEMENT DOES NOT CONSTITUTE A LOAN. STUDENT’S PAYMENT OBLIGATION IS CONTINGENT ON ITS EMPLOYMENT IN A QUALIFIED JOB, AS DESCRIBED IN THIS AGREEMENT. MERIT AMERICA DOES NOT GUARANTEE STUDENT’S SUCCESS IN FINDING A JOB OR STUDENT’S ACCEPTANCE INTO A QUALIFYING JOB OR ANY JOB. STUDENT SHOULD CONSIDER SEEKING INDEPENDENT ADVICE ABOUT STUDENT’S EDUCATION FINANCING OPTIONS FROM A TRUSTED LEGAL, TAX, AND FINANCIAL ADVISOR BEFORE SIGNING THIS AGREEMENT. ________
The Foundations and Immersion sections are broken up into chunks to let us calculate the Success Sharing Cap based on how long you were in the program.
1. MERIT AMERICA’S PROGRAM
The “Program” is the training program provided by Merit America to Student. The Program will operate according to the schedule as listed in the learner portal: learn.meritamerica.org
At the start of the Immersion phase of the program, your payment cap is $1,000 and increases every 2 weeks until it reaches $3,900.
2. SUCCESS SHARING CAP PAYMENT TERMS.
Student will pay Merit America the (i) Success Sharing Cap (as defined herein) subject to the following terms:
Phase | Course Week* | Success Sharing Cap |
---|---|---|
Foundations | Program Start Date – Week 5 | $0 |
Immersion 1 | Week 6 – Week 7 | $1,000 |
Immersion 2 | Week 8 – Week 9 | $1,966.66 |
Immersion 3 | Week 10 – Week 11 | $2,933.33 |
Immersion 4 | Week 12 – Immersion End Date | $3,900 |
* Weeks begin on Mondays at 6:00pm CST/CDT and end at 5:59 pm CST/CDT on the next Monday thereafter. |
Your Success Sharing Cap will be divided by 24 to determine your monthly payment.
Two months after the program, you'll receive a notification for your first payment. You have thirty days to make a monthly payment, or to submit a deferral.
From this point on, payments and deferrals will be due on the same day each month.
The Payment Term ends when you've made 24 payments, paid your Success Sharing Cap in full, or if 48 months have passed since the End of Immersion.
If you don't make a monthly payment or submit a deferral certification within 15 days of the due date, you'll be charged a late fee of 5% of your outstanding balance.
You can make manual payments by credit card or through automatic withdrawal. Monthly payments made through automatic withdrawal will be discounted by 10%.
If your payment fails, we may be charged a fee by our payment processor. If this happens, we'll pass this fee on to you.
You can prepay your full remaining Success Sharing Cap at anytime. You'll receive a 20% discount on the remaining cap in doing so.
If you're not in a new job making $3,333 per month or more, you'll submit a deferral certification where you'll report your income. If you land a job making $3,333 per month or more while you're in a deferral period, you're obligated to let us know and start making payments.
If you are not in a job that meets these requirements, you can submit for deferral. This "Qualifying Job" term is used throughout contract to explain deferrals.
Raises and promotions are considered new jobs.
3. QUALIFYING JOBS
A “Qualifying Job” is one that:
Before the start of the Payment Term, you're required to report your income. This process includes sharing your offer letter, pay stub, or other forms of documentation.
4. INCOME VERIFICATION PROCESS
The following describes the “Income Verification Process”, which includes both the initial verification and Reconciliation, as required:
By the end of each year during your payment term, you have to let us know how your income changes. This is accomplished by giving us access to verifiable sources, including your tax returns.
If you underreport your income and that leads to a deferral, we'll notify you after the reconciliation process. You'll have 60 days to make up any missed payments.
5. UNDERREPORTED INCOME
If at any time during the Payment Term, and whether intentionally or unintentionally, Student underreports or fails to report its Income (as determined by Merit America through Reconciliation), resulting in one or more Deferral(s), Merit America shall give Student notice within ten (10) days of completion of the Reconciliation of the amount of the underpayment and reasonable documentation of the underpayment calculation. Student will pay Merit America any identified deficiencies in Monthly Payment(s) within sixty (60) days of receiving notice of the underpayment.
6. COVENANTS AND REPRESENTATIONS OF STUDENT.
By entering into this Agreement, Student represents and warrants to Merit America as follows:
If you don’t pay your monthly fee when you’re obligated to do so, and if you don’t talk to us to determine a solution, we can take legal action to obtain the full remaining Success Sharing Cap.
We want to avoid this situation. If you’re in a qualifying job but are facing circumstances where you can’t pay, talk to us before ignoring us.
7. BREACH AND REMEDIES
We collect personally identifiable information as needed. You're obligated to provide up-to-date information and to let us know if anything changes.
8. CUSTOMER IDENTIFICATION POLICY
Merit America reserves the right to ask for information that identifies the person who enters into this Agreement, including but not limited to Student’s name, address, date of birth, Social Security number, marital status, and other information that Merit America determines in its discretion is necessary to effectuate the Agreement. Merit America may also ask to see Student’s driver’s license or other identifying documents. Student will notify Merit America if there are material changes to any of the information previously identified by Student as per this Section.
We won't disclose any of the personally identifiable confidential information you share with us except as necessary to enforce this agreement or for research & evaluation purposes. By signing this agreement, you agree to let us use aggregrated, deidentified data to create or market new products or services without compensation.
Any information you learn about Merit America's business and/or program should be considered confidential.
9. CONFIDENTIALITY
10. LIMITATION OF LIABILITY
EXCEPT WITH RESPECT TO ANY DAMAGES OCCASIONED BY THE WILLFUL MISCONDUCT OF MERIT AMERICA, (A), MERIT AMERICA SHALL NOT BE LIABLE TO STUDENT FOR ANY LOSS OF EMPLOYMENT, LOST INCOME OR PROFITS, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, INDIRECT, OR SPECIAL DAMAGES, EVEN IF ADVISED BY STUDENT OF THE POSSIBILITY OF SUCH DAMAGES, AND (B) MERIT AMERICA’S TOTAL AGGREGATE LIABILITY HEREUNDER TO STUDENT FOR ANY AND ALL CLAIMS AND LOSSES RELATED TO OR ARISING OUT OF THE AGREEMENT WILL NOT EXCEED THE STUDENT’S TOTAL SUCCESS SHARING CAP.
If a student dies or becomes disabled, all payments are waived.
11. WAIVER OF AGREEMENT DUE TO DEATH OR TOTAL AND DISABILITY
Merit America will waive any amount that Student owes under this Agreement, including any past due amounts and fees, if Student dies or becomes disabled. If Student (or Student’s next of kin) would like to assert a waiver based on death or disability, Student (or Student’s next of kin) will provide documentation showing that Student has (a) died, or (b) been found to be disabled by the Social Security Administration or other federal or state agency due to a condition that began or deteriorated after the date of signing this Agreement and that the disability is expected to be permanent.
12. SURVIVAL OF CERTAIN PROVISIONS
Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 2 (Success Sharing Cap Payment Terms), 5 (Income Verification Process), 7 (Covenants and Representations of Student), 8 (Breach and Remedies), 10 (Confidentiality), 11 (Limitation of Liability), 12 (Survival of Certain Provisions), 14 (Miscellaneous), and any other terms required to fulfill the essential purpose of the Agreement, shall survive termination or expiration of this Agreement.
13. MISCELLANEOUS
Sign and date here only if you completely agree to this contract.
IN WITNESS WHEREOF , the Parties have entered into this Agreement to be signed and delivered as of the Effective Date.
Merit America | Student Name: | |
---|---|---|
By: | By: | |
Name: | Date: | |
Title: | ||
Date: |