When it comes to paying for higher education, traditional options such as loans and scholarships can come with their own set of challenges. Fortunately, there is a new option on the horizon – income share agreements (ISAs).
ISAs are an innovative way to finance your education that allows you to pay for your education after you graduate. Unlike traditional loans, where you are required to pay a fixed sum each month, an ISA allows you to contribute a percentage of your income. This means that you are only required to pay back your education investment if you are successful in your career and earning a certain amount of income.
Many schools have started to offer ISAs as an alternative financing option for students. Here are a few schools with income share agreements:
1. Make School – Make School is a coding bootcamp that offers ISAs for their students. Students at Make School can pay 15% of their income for three years after graduation.
2. Lambda School – Lambda School is a coding school that offers ISAs for their students. Students at Lambda School can pay 17% of their income for two years after graduation.
3. V School – V School is a coding bootcamp that offers ISAs for their students. Students at V School can pay 14% of their income for two years after graduation.
4. Holberton School – Holberton School is a coding school that offers ISAs for their students. Students at Holberton School can pay 17% of their income for three years after graduation.
ISAs can be a great alternative to traditional financing options. They allow students to focus on their education without the worry of accumulating massive debt. In addition, ISAs align the incentives of the school and the student – the school only makes money if the student is successful in their career.
However, it is important to note that ISAs aren`t for everyone. It is important to carefully read and understand the terms and conditions of the ISA before signing on. Make sure to understand what percentage of your income you will be required to contribute, how long the payment period lasts, and what happens if you don`t earn a certain amount of income.
In conclusion, income share agreements are an innovative way to finance your education and many schools are starting to offer them as an option. They are particularly useful for individuals who want to avoid the burden of high-interest loans, but it is important to fully understand the terms and conditions before signing on.