Now you can afford to attend coding bootcampAn Income Share Agreement (ISA) is a financial structure in which an individual or organization provides something of value to a recipient who, in exchange, agrees to pay back a percentage (5%) of their income for a fixed number of months (24 months).
Here's How Our ISA works:
- Apply for an ISA (soft credit pull and low FICO required)
- After you're approved, pay a deposit of $1,000 and you can attend bootcamp.
- You only pay the rest of the tuition when you get a job making over $30,000.
- Once you have a job you will pay 5% of your monthly pay towards your tuition balance for 24 months.
- The amount you pay back is dependent on your starting salary. See the following examples and the sliding scale above.
- Starting Salary $30,000
- At 5% your montly payments would be $125 for 24 months = $3,000
- Your total cost would be your payments + initial deposit ($3,000 + $1,000 = $4,000)
- Subtract our tuition of $3,500 from your total cost then you end up paying $500 extra ($4,000 - $3,500 = $500)
- Starting Salary $70,000
- At 5% your montly payments would be $291.67 for 17.1 months = $4,987.56
- Your total cost would be your payments + initial deposit ($4,987.56 + $1,000 = $5,987.56)
- Subtract our tuition of $3,500 from your total cost then you end up paying $2,487.56 extra ($5,987.56 - $3,500 = $2,487.56)
Who manages our Share Income Agreements?We have partnered with Leif as our ISA program manager, leif.org.
Here are the benefits they provide:Fair Payment Start
Traditional loans typically commence payments shortly after graduation, regardless of employment status or how much money you make. An ISA only requires payments when you are employed and making above a certain amount. If you are unemployed or not earning enough, you pay nothing.
Traditional loans accrue interest over time which can greatly increase the total amount you are required to pay. An ISA has no interest.
No Cosigner Required
Traditional loans frequently require a cosigner to guarantee repayment depending on your credit history. An ISA does not require a cosigner. We believe in your ability to succeed on your own.
Traditional loans charge dramatically different rates based on your credit history. An ISA for your program always has the same terms.
No Fee Model
We don't believe in fees. We strive to be transparent and upfront.