If you’re considering making a career change into tech, there's one major factor to take into consideration; the cost of tuition. You could try your hand at learning on your own through open-sourced materials, but doing it on your own is hard. At Code Labs Academy, you can learn web development, get cyber security training, learn data science, or take a UI/UX design course supported by live teaching and review sessions when you sign up for one of our bootcamps.
If you’ve already considered bootcamps as a way to learn technical skills, you’ve probably seen that they come with a pretty big price tag. In 2023, the average tuition of a bootcamp is around $14,142 or €13,250. Most people don’t have the means to make that size of investment all in one go.
To make our tech bootcamp courses more accessible, Code Labs Academy is proud to offer Income Share Agreements (ISAs) as a way to finance your education with us. Accessibility is one of our core values as a business, and we strive to expand our financing options further in the future. Enabling our courses to be financed using an Income Share Agreement with one of our partner companies, allows us to open the tech bootcamp door to those without the required funds upfront.
We’ll break down what you can expect with an Income Share Agreement, so you can decide if it's the best financing option for you.
(Photo Description: Young woman studies from home online)
What is an Income Share Agreement (ISA)?
An income share agreement is a tuition financing model where students agree to pay a certain percentage of their future salary to the lending provider. It’s an alternative way to pay for a bootcamp when you are unable to afford the upfront payment but plan to use your new skills to boost your income and career. With Code Labs Academy, we take on the financial responsibility of your bootcamp until you land a job.
What percentage of my future salary will I have to pay?
When you enter an ISA with Code Labs Academy, you’ll agree to a fixed percentage of your future salary to pay back to our financing partners. The more you earn the more you’ll pay back, but the percentage of your income will be the same.
How long will I have to repay?
This will depend on your circumstances. Unlike personal loans that come with fixed terms for repayment, our terms with our financing partner is linked to the number of payments you have to make. The length of time it takes you to finish paying all your payments depends on your income and the percentage you opt into repaying.
Does interest accrue on my loan over time?
ISA loans don’t accrue interest on the total amount funded. That means there is less stress and pressure for you if you decide to take time off to start a family, take care of a loved one, or are struggling to find a job.
Am I eligible to apply?
Anyone over the age of 18 is eligible to apply! Code Labs Academy is one of the first bootcamps to offer ISAs to students from anywhere around the world, not just in Europe, so no matter where you are learning from, you’ll have the opportunity to pay only once you start earning.
How can I apply?
Get in touch with us to set up a meeting and get started on your path to a new career in tech. We’ll be happy to walk you through the process of the ISA and what we’ll need from you to begin.