{"id":7026,"date":"2020-04-27T02:31:19","date_gmt":"2020-04-27T09:31:19","guid":{"rendered":"https:\/\/careerkarma.com\/blog\/?p=7026"},"modified":"2022-08-27T04:01:26","modified_gmt":"2022-08-27T11:01:26","slug":"thinkful-living-stipend","status":"publish","type":"post","link":"https:\/\/careerkarma.com\/blog\/thinkful-living-stipend\/","title":{"rendered":"Thinkful Living Stipend: Expanding Opportunities for Aspiring Coders"},"content":{"rendered":"\n

Coding bootcamps promise opportunity just beyond the horizon. With a short investment of time and resources, students can dramatically transform their career prospects\u2014and their lives. In a perfect world, we\u2019d all have access to these opportunities and the ability to take charge of our destinies. <\/p>\n\n\n\n

Unfortunately, real life and financial responsibilities often stop us from taking a risk and making a difference. Coding bootcamps can require a full-time commitment, and many of us can\u2019t afford to put life on hold, even when the rewards are enticing. Rent is due, bills need to be paid, and there\u2019s no way around it\u2014until now. To address this problem, one coding bootcamp came up with an innovative solution: Thinkful’s Living Stipend.<\/p>\n\n\n\n

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Thinkful performed extensive research on the issue, and will now offer living stipends<\/a> to select students as an addition to its Income Share Agreement offering, through which students pay no tuition upfront. <\/p>\n\n\n\n

The living stipends aim to cover living expenses during the course, allowing students to focus on their education instead of financial concerns. Students receiving a stipend from Thinkful are equipped with the tools and means they need to overcome financial barriers and break into the industry.  <\/p>\n\n\n\n

The Research and Design Behind Thinkful\u2019s Living Stipend<\/strong><\/h2>\n\n\n\n

After graduating thousands of students, Thinkful realized that upfront costs and sacrifices were a barrier to student enrollment and success. As a result of such financial worries, a large number of talented and driven Americans were unable to take a leap for their careers. <\/p>\n\n\n\n

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In 2018, Thinkful found that 95% of potential students surveyed couldn\u2019t enroll because of financial difficulties. The survey highlighted an unfortunate cycle in America\u2014education brings people out of financial trouble, but people with financial troubles can\u2019t afford education. <\/p>\n\n\n\n

Through successful pilot programs in Atlanta, Portland, and Salt Lake City, Thinkful determined that a Living Stipend can break this decades-old cycle. When combined with an Income Share Agreement, living stipends effectively remove the financial barrier and allow students to pursue the education needed to advance their careers. <\/p>\n\n\n\n

How Does Thinkful\u2019s Living Stipend Work?<\/strong><\/h2>\n\n\n\n

For many people, quitting a full-time job isn\u2019t an option\u2014something Thinkful\u2019s Living Stipend aims to change. Thinkful\u2019s new Living Stipend is available to highly motivated students without the financial means to commit to the programs. Students enrolled in the full-time Engineering Immersive or Data Science Immersion programs will need to make a full-time commitment. With access to a living stipend from Thinkful, students will have the opportunity to commit more of their time to the program and reduce or eliminate the financial barrier.<\/p>\n\n\n\n

Thinkful\u2019s living stipend is an addition to its Income Share Agreement. Together, these two initiatives work to transfer the risk of education to the school and away from the student. Such a strategy is especially important in a time of student loan crisis when Americans owe more than $1.5 trillion in student debt. <\/p>\n\n\n\n

Thinkful Living Stipend + Income Share Agreement<\/strong><\/h3>\n\n\n\n

Income Share Agreements offer an alternative to the loan system. Unlike student loans, Income Share Agreements don\u2019t demand payment when students lack the means to pay. Students who opt for Thinkful\u2019s living stipend and Income Share Agreement pay no tuition until they graduate and land a full-time job. After the hard work pays off, students agree to pay 15% of their pre-tax income for four years up to a maximum of $40,000. Once either condition is met, all payments are finished. <\/p>\n\n\n\n

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Now here\u2019s where living stipends come in\u2014students who can\u2019t afford the course will receive an additional $1,500 per month while enrolled in the course and pay it back through the Income Share Agreement term<\/strong>. With a little bit of cash injection, students can set aside financial worries and focus on their education and job search. Students only begin paying once they have the means to do so.<\/p>\n\n\n\n

Where is the Living Stipend Offered?<\/strong><\/h2>\n\n\n\n

Currently, Thinkful\u2019s Living Stipend is available in the following cities:<\/p>\n\n\n\n