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Everything You Need to Know About Income Share Agreements in NYC

By Charles PoladianAugust 21, 2019
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Paying for a coding bootcamp shouldn’t be the barrier that prevents you from being able to take steps to change your career and life. We understand that learning new skills to change your career is an investment, especially in a city as expensive as New York City. That’s why we’re proud to announce the launch of the Flatiron School On-Campus Income Share Agreement (ISA) in New York. An ISA is a form of deferred tuition that can help students focus on their education — and not their tuition.

It’s as simple as this: With the on-campus ISA, after a deposit, just pay your tuition after you start earning income. See terms

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What is an Income Share Agreement (ISA)?

The Flatiron School On-Campus ISA is a form of deferred tuition that only requires an initial deposit. After that, you don’t pay tuition until after you leave the program. Once you’re earning an agreed upon minimum monthly income  — regardless of the job or industry — you pay a set percentage of your monthly earnings (see details).

An ISA is a further commitment to the success of the student. “From the start, we’ve been committed to aligning our education to clear student outcomes, regularly releasing third-party verified jobs reports for our campuses in NYC,” Annette Doskow, Vice President of Admissions. “The launch of the Flatiron School Income Share Agreement in NYC allows us to bring that commitment to even more students.”

There are set limits to how much you pay. With the on-campus ISA at Flatiron School, other than the deposit, you’ll never pay more than 1.5x the ISA portion of the tuition amount. Flatiron School ISAs have a payment cap that sets a max amount that you’ll pay. Under the ISA, you make up to 48 payments over a maximum payment window of 96 months (8 years). 

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Time for some simple math. For our in-person Software Engineering and Data Science immersives in NYC, tuition is $17,000 and the deposit is $2,850. That leaves a balance of $14,150. When you multiply $14,150 by 1.5, you get the Tuition Payment Cap of $21,225. That’s the amount you will have to pay once you have a job and are earning a minimum monthly gross income of $3,333.34 (which annualizes to $40,000 per year).

If you’re earning at least the minimum income, you pay 10% of your monthly gross income. For example, you pay $333 a month if you earn a $40,000 annual salary. 

Remember, you’ll never pay more than the ISA Cap and the deposit. If you hit the ISA payment cap, make 48 payments, or your 96 month window has expired, you’re done!

The refundable deposit for the in-person UX/UI Design immersive in NYC is $3,000. Following the steps above, the Tuition Payment Cap is $21,000. You will still pay 10% of your monthly gross income if you make a minimum of $3,333.34 per month (equivalent to $40,000 per year) after leaving the program. 

To sum it up, there are four steps to an on-campus ISA after you’re approved:

  1. Pay the deposit before class to secure your spot.

  2. Learn the 21st century skills you need to change things

  3. Land a job in tech with the help of a dedicated Career Coach.

  4. Pay your tuition in monthly installments proportional to your income.*

*Payments are based off of 10% of your monthly gross income. Payments pause in any month when you are not earning at least the minimum monthly income of $3,333.34, which is equivalent to $40,000 per year.

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At Flatiron School, we’re committed to making a great education accessible by reducing as many barriers to education as possible, and that’s why we’re excited to provide an ISA as an option for students in the New York City area.

“An ISA makes sense to students,” Annette says. “They’re excited about clear outcomes and the opportunity to align their payments to it.” Providing alternative payment options is just one of many ways we’re helping people change their careers and their lives. 

In addition to the ISA, all of our in-person and online immersive programs include a Money-Back Guarantee (see details). What does that mean? As part of your program, you’ll be matched with a dedicated Career Coach, who will support your job search with employer networking, résumé review, interview prep, and more. If you graduate, follow our job search process and the other steps we require, and don’t obtain a job within 6 months of your job-seeking start date, your tuition will be refunded. If you are eligible for a refund pursuant to our Money-Back Guarantee, you also will get a corresponding credit on your ISA.

At Flatiron School, we release annual, independently verified jobs reports for our Software Engineering immersive program at our NYC campus.

In the most recent on-campus Jobs Report, we had a 97% On-Campus Job employment rate for job-seeking NYC Immersive students including full-time salaried roles, paid apprenticeships, and part-time roles during the reporting period. You can view the full details here

We encourage anyone in NYC who is interested in the ISA payment option to schedule a chat with our team today. They’d love to hear from you!

We’re hosting a “Financing and Payment Options 101” webinar on Aug. 22 from 6 PM - 7 PM EDT. We will discuss coding bootcamp loans, ISAs, and other coding bootcamp financing options. Reserve your seat today!

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Charles Poladian

Copywriter

Charles Poladian is a copywriter for Flatiron School. He previously worked as a journalist and his work has appeared in the International Business Times and Mashable. Charles currently lives in Brooklyn.

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