“Part social network, part crowdfunding service in the style of Kickstarter, Upstart provides an online forum where participants post personal profiles with their background and goals in the hope of attracting at least five financial backers.
The backers - acquaintances, alumni or other accredited investors - provide funding that will typically range between $20,000 and $50,000 in exchange for an agreed share of the graduate’s future income over a 10-year period. Upstart determines the portion of future annual income to be shared based on the total sum raised and the person’s qualifications, including academic record and field of study.”
Is this an apprenticeship or indenture of a novel kind? I must click-through and understand in greater detail.