10 Coding Bootcamps That Offer an Income Share Agreement to Fund Your Education
Tags: Coding, Business, Schools, Bootcamp, Money

10 Coding Bootcamps That Offer an Income Share Agreement to Fund Your Education Meratas Follow Nov 16, 2020 · 7 min read

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Looking to make a career switch and break into the world of tech? One popular way to jump-start a lucrative career in web or software development is a coding bootcamp.

Coding bootcamps offer a relatively fast education toward fast-growing careers. The Bureau of Labor Statistics predicted demand for web developers and software developers would grow by 13% and 21%, respectively, between 2018 and 2028.

But coding boot camp tuition costs an average of $13,584, which means it’s not an affordable option for many of us. That’s where Income Share Agreements (ISAs) come in.

Coding boot camps that offer Income Sharing Agreements generally don’t require you to pay for your education until you find a job — after which you agree to pay a percentage of your salary.

Bootcamps that offer ISAs reduce the barrier to entry for students who can’t afford $15,000 to $20,000 up front in tuition or can not get a personal loan, which means more diverse applicant pools.

Since the bootcamp or program doesn’t get paid unless you find a job, it gives them a strong incentive to offer a solid education.

Since ISAs vary by school, it’s essential to understand how contracts work. Some require an upfront deposit, although the deposit could be applied as a credit toward your deferred tuition before or after you leave school.

Here’s a list of the top 10 bootcamps that offer an Income Share Agreement option.

One of the most well-known ISA-offering boot camps, App Academy, offers 16-week programs in New York and San Francisco. You’ll focus on Ruby, Rails, JavaScript and React. This program also has a 96% job placement rate.

For your ISA with App Academy you pay nothing to start — zero deposit and zero tuition. Your payment floor is $50,000, so you don’t start making ISA payments until you’re making an pre-tax income of at least $50,000. You pay back tuition by making monthly payments equal to 15% of your pre-tax monthly income. You will make these payments for 36 months or until you reach the ISA maximum of $31,000, whichever comes first. The maximum payment cap you will pay the App Academy $31,000.

This bootcamp offers full-time and part-time Full stack development, front end web development, digital marketing, and UX/UI design programs in Miami, Florida. The program is 10 weeks full time and 12 weeks part time.

Wyncode’s Income Share Agreement program allows three candidates in every cohort to enroll in a full-time Wyncode program with no up-front tuition costs. Wyncode’s Income Share Agreements are granted to candidates that have a financial need. ISA recipients can pay back tuition once you’ve landed a job making $40,000/year or more. ISA applications are open for our full-time programs: Full Stack Web Development and UX/UI Immersive.

The online-only Lambda program can be from 6–12 months. You could specialize in data science, full-stack web development, iOS development or user experience design.

The school stands out, in part, for its support. You’ll have access to instructors, student success advisors, career coaches and mentors — and you’ll join a study group of six to eight students that will meet daily.

For Lambda’s ISA program you share 17% of your income for 24 months or until you have reached the maximum payment amount of $30,000, once you start making $50,000 per year, or you have exhausted your payment window of 60 months.

Pursuit wants to bring more diversity to the field of programming. Its Access Code program lasts 10 to 12 months and offers two tracks: full-stack web and iOS.

To apply and attend, you must be a resident of the New York metropolitan area and earn no more than $45,000 per year. Women, underrepresented minorities and those without a college degree are encouraged to apply.

The ISA contract is equal to up to 15% of your pre-tax income for 48 months depending on how much you make. You won’t make payments unless you’re making $55,000 annually.

The Holberton School is a two-year software engineering program, consisting of a 9-month learning phase, a 6-month internship, and another 9-month learning phase, engineering school based in San Francisco that trains individuals to become full stack engineers. Its two-year curriculum consists of nine months of on-site training, following a variety of specialty tracks, from machine learning to full-stack web development.

Graduates pay 17% of their internship earnings and 17% of their salary over 36 months once they find a job making at least $40,000 a year.

6. Make School

At Make School’s two-year “Product College” in San Francisco, you can focus on either mobile or web development. You won’t need to pay anything until you land a paid internship, followed by a job.

Make School stands out because it’s among schools featuring an ISA and a bachelor’s degree program. It also offers an additional income share agreement of $1,500 to help cover living expenses. Here, you could finance your education with either a partial ISA (worth $35,000) or full ISA ($70,000): With a partial ISA, you repay 20% of your gross salary for 30 months. With a full ISA, you repay 20% of your gross salary for 60 months.

The school also offers a $1,500-per-month ISA for living costs that would be repaid from 5 to 7% of your income over 10 years.

The ultimate goal of General Assembly is to help everyone around the world gain the skills they need to have the career they want while also ensuring that global companies are getting the highly trained workforce that they need to grow. General Assembly offers training in coding, data science, design, and digital marketing on campuses around the world and online.

The program length is from 10–12 weeks and repayment begins only once you secure a role earning at least $40,000 per year. After you’ve reached the minimum income threshold, you’ll start paying back 10% percent of your monthly earned income over 48 months.

If you’re interested in reading more about the General Assembly’s ISA check out this interview.

Flatiron school offers technology bootcamps covering software engineering, data science, and UX/UI Design as a 15 week program. Income share agreements can be used at Flatiron School for coding bootcamp programs covering software engineering, data science, and UX/UI design.

For the Income Share Agreement, after finding a job earning $40,000 or more, bootcamp students can expect to pay 10% of their salary for 4 years (with a 1.5x cap on the agreement)

Ironhack offers 9-week full-time and 24-week, part-time web development, UX/UI design, and data analytics courses.

Income Share Agreement graduates pay 12% of your monthly earned income for 48 months or up to 1.75x the cost of tuition, whichever comes first. Monthly payment begins once graduates secure a role making at least 40K a year.

Kenzie Academy offers 6-month to 2-year programs in software engineering, UX design, digital marketing and front-end development in Indianapolis and online. Kenzie Academy uses flipped classroom and project-based learning to train a new generation of designers and software developers. The school was founded to tackle a major opportunities gap in America where fast-growing technology companies concentrated in expensive coastal cities are struggling to hire tech talent.

Kenzie offers Income Share Agreements at 17.5% of your income for 4 years for the 12-month program and 2 years for the 6-month program. Check out more of the Kenzie Academy ISA details here.

The reality of any type of payment option is that you really need to hone-in on the fine print. Make sure to read everything thoroughly and understand the terms you are agreeing to when you sign an income share agreement with your coding bootcamp. That way when you complete your program and the payments start to kick in, you aren’t surprised by unexpected details.

Also, research schools carefully — while ISAs aren’t a good fit for all careers, they could be helpful if you’re going into the coding field. That being said, boot camps aren’t for everybody. Before diving in, make sure you actually enjoy coding by taking free classes online. Meratas is proud to partner with some of these amazing bootcamps as well as many other schools and skills training courses to help them offer ISAs. Everything from coding and UX to pipe welding and software sales, Meratas partners with a wide array of programs so that students can have more options and opportunity when it comes to financing their education. Want to see more schools that Meratas partners with? Check out our students page!

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