Today, the potential consequences of taking out student loans are clear. Thankfully, there’s a new way to pay for school—specifically, for a short-term and intensive career education program. Income share agreements or ISAs could be the future of student financing, and they’re already a big hit in the coding bootcamp industry. These agreements force schools to focus on job placement because they won’t get paid if they don’t.
Unlike student loans, income share agreements are a deferred-tuition plan that puts the majority of risk onto the school. Unlike traditional education payment plans, ISA students don’t pay any upfront costs for tuition until they land a job. After graduating and finding a job, students pay a percentage of their income for a short period of time, usually just a few years.
Every year, an increasing number of coding bootcamps decide to offer ISAs. The model is spreading everywhere from Silicon Valley to New York City. Students can choose between dozens of full-time and part-time ISA bootcamps.
But how can you find the best income sharing bootcamps? After all, an ISA alone isn’t a guarantee that you’ll get a job, so it’s essential to consider other factors. If you’re happy with the course curriculum, be sure to investigate the bootcamp’s career coaching program and verify that the school offers technical interview training (or similar pre-graduation assistance). Also, don’t forget to read the fine print and determine what you’re required to pay under the income share agreement.
10 Best Income Sharing Bootcamps
Answers to commonly asked questions
An ISA, or income-share agreement, is a tuition deferment program that allows students to land a job before paying off their education.
Most ISA payments are a fixed percentage of student income, thereby incentivizing schools to help students train for a high-paying job.
ISA bootcamps are increasingly common, and there are dozens all around the country. These include software engineering, data science, web development, and cybersecurity bootcamps.