Income-share agreements sound like a great deal because they allow you to pay for your coding bootcamp after you get a job, but we've found a different option for our students.
Income-share agreements (ISAs) are taking the coding bootcamp world by storm. Not familiar with them? Here's a run-down: An income-sharing agreement means students agree to pay a percentage of their salary to the school for a set period of time. Depending on the school, the percentage can range from 8% to 25%, and you may be sharing your income for 1 year to 4 years. (Source: Course Report's guide to Income-Share Agreements)
The advantages of Income-Share Agreements
ISAs are certainly popular, and we can see why. The main advantage is that they offer a way for students to enroll without paying up-front costs. If you don't have savings available or aren't able to finance your education, ISAs can be a good choice.
ISAs also tie a school's success with the success of their students, so it can seem like they make a school more invested in their students.
The disadvantages of Income-Share Agreements
On the other hand, there are some pitfalls when it comes to income-share agreements. Because they're new, ISAs are largely unregulated. Some ISAs require you to take the first job you're offered, so you may not end up with the job that best fits your needs. Others require aggressive repayment schedules, and you can end up paying back much more than the cost of tuition.
We have offered ISAs in the past, and based on that experience, we've decided to no longer offer them.
While ISAs can seem like a good deal, there are a lot of variables to take into consideration. Our partnership with select lenders may offer a better financial option for most students.
Other payment options for coding bootcamps
We offer financing options that can bring your payments to as low as $225/month. You can also save on your tuition when you complete your enrollment by the early enrollment deadline or by qualifying for one of our scholarships.
You can learn more about our financing options, scholarships and tuition offers on our Tuition page.