Joshua Quoted in Green Street Advisors on DOE's New Stance on Income-Share Agreements March 04, 2022 ISA Products Are Loans, DOE Says – Green Street Advisors Manatt Financial Services Special Counsel Jonathan Joshua was quoted in a Green Street Advisors article after the U.S. Department of Education (DOE) warned colleges that it will regard education-financing products as loans, obligating colleges to treat income-share agreements (ISAs) the same as they would traditional lenders. The DOE's stance could discourage ISA origination, said Joshua. “Clearly they are trying to raise the threat to schools, presumably to dissuade them from offering ISAs in the manner that they do,” he said. Joshua also added that the DOE could withhold federal funds from schools offering ISAs that fail to comply with the Truth in Lending Act requirements. “Even the threat of withholding funding could make schools that don’t already offer ISAs think twice” about doing so in the future, he said.