Top Coding Schools with Strong Income Sharing Agreements
Income Sharing Agreements (ISAs) have gained popularity as a financing option for coding bootcamps and schools, allowing students to pay for their education based on their future income. ISAs provide flexibility and accessibility, making education more attainable for many individuals. This article explores the best coding schools known for their strong ISA programs, along with the key terms to consider when selecting a bootcamp.
Understanding Income Sharing Agreements
ISAs are contracts between the student and the bootcamp where the student agrees to pay a certain percentage of their income for a fixed period. This duration can range from 2 to 4 years. The percentage of income and the payment duration can vary significantly between programs, and often there is a payment cap to ensure the amount charged remains stable.
Best Coding Schools with Strong ISA Programs
Lambda School - Now Bloom Institute of Technology
Details: Lambda School now Bloom Institute of Technology offers a flexible ISA that allows students to pay a percentage of their income once they secure a job above a certain threshold. There are no upfront tuition costs, making it more accessible to many students. The ISAs are structured to be payment-friendly, offering financial relief to students as they start their careers.
Thinkful
Details: Thinkful provides an ISA where students pay a percentage of their income for a set period after securing a job. This program is enhanced with a job guarantee, which adds value to the ISA. With Thinkful, students can focus on their education without worrying about immediate financial burdens.
General Assembly
Details: General Assembly offers ISAs for some of their coding programs, deferring payment until the student finds a job. Known for its extensive networking and career support, General Assembly’s ISAs are designed to help students gain marketable skills and secure well-paying jobs.
Microverse
Details: Microverse operates on a global scale and offers an ISA where students pay a percentage of their income after landing a job. The focus on remote work opportunities makes Microverse an ideal choice for individuals seeking flexible job options. Their ISAs are structured to align with the changing job market where remote work is increasingly prevalent.
App Academy
Details: App Academy provides an ISA where students pay a percentage of their salary after securing a job with a salary above a certain threshold. Known for its rigorous curriculum and strong job placement rates, App Academy’s ISAs incentivize students to focus on high-quality education and career readiness.
Nucamp
Details: Nucamp offers an ISA with a low payment threshold, making it accessible to a wider range of students. The program is focused on affordable coding education and practical skills, catering to individuals who need flexible payment options to pursue their tech careers.
Key Terms to Consider
When considering an ISA, it's crucial to review the specific terms such as the percentage of income, payment duration, and the income threshold. These can vary significantly between programs. Additionally, researching alumni outcomes and job placement rates can provide insight into the effectiveness of the program and the potential return on investment.
Percentage of Salary
Each month, a certain portion of your salary is deducted under the ISA agreement. Bootcamps can ask for 11 to 18 percent of your salary as a monthly payment, which may be adjusted based on your income.
Payments Required
Bootcamps specify the number of monthly installments required to pay the total ISA amount. This can vary, and some require 48 monthly installments, while others may span a longer period.
Minimum Threshold
Some bootcamps have a minimum salary threshold, starting the payments only when you earn a certain amount. Examples include 40,000 USD per year for web development and 65,000 USD per year for some bootcamps.
Payment Cap
The total amount you have to pay by the end of the payment window, which can be 1.5x to 2.5x of your salary.
Payment Window
The total duration you are given to make payments, which can range from 2 to 4 years.
Popular Bootcamps with ISA Options
Flatiron School
Details: The ISA is available for certain programs and locations, requiring an initial payment of 2,850 USD. The payment cap is 1.5x the tuition fees, and the payment window is 96 months. The minimum threshold is 40,000 USD per year.
SynergisticIT
Details: SynergisticIT offers a partial ISA with a 10k upfront and 15k after a job with a minimum salary of 65,000 USD. You can apply with a 99 USD down payment. The payment is 11 percent of your income in 48 monthly installments with a 65,000 USD minimum threshold and a 96-month payment window.
Full Stack Academy
Details: Full Stack Academy offers a 12 percent ISA for all full-time web development and cybersecurity programs. A down payment of 2,000 USD is required, and the minimum threshold is 40,000 USD per year for web development and 35,000 USD per year for cybersecurity. Payments start 28 days after starting work.
Lambda School - Now Bloom Institute of Technology
Details: You pay 17 percent of your income for 24 months, with a payment window of 60 months and a 50,000 USD minimum threshold. Payments start once your salary exceeds 50,000 USD per year.
Thinkful
Details: Thinkful’s ISA requires a 15 percent payment of your salary for a variable period, starting at 40,000 USD per year. Payments start upon earning a minimum salary.
Conclusion
When selecting a coding bootcamp with an ISA, it's essential to weigh all the options based on the specific terms and requirements. Make sure you understand the contract thoroughly and consider the points mentioned above. By doing so, you can make an informed decision that aligns with your financial and career goals.