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4 Things You Need to Know About Our Income Share Agreement

By Nicholas GallinelliMay 29, 2019

Paying for a coding bootcamp can be daunting — we get it. In fact, figuring out how to pay for a course is one of the most important deciding factors for prospective students. That’s why, on top of our Tuition-back Guarantee with all courses, we at Flatiron School offer students a variety of payment plan options. Up until this point, students have had the option to pay tuition upfront, pay through installments, or work with our exclusive loan partners. We’ve also pioneered Access Labs in Brooklyn.

And while those are fine options for many students, they might not be for others. That’s why we launched Income Share Agreements for our courses in select markets — this way, students focus more on learning and less on paying for their education.

As we said, ISAs are a great option for many students, but what are they, exactly? Income Share Agreements (ISAs) are a form of deferred tuition, allowing students to focus on learning — and not on tuition. With an ISA, following initial deposit, you pay nothing toward your tuition until after you’ve left the program and are earning at least the minimum income — regardless of job type or industry.

While ISAs aren’t a new concept, they’re becoming an increasingly popular way to pay for a coding bootcamp. Here are four things you need to know about the Flatiron School ISA.

1. ISAs are a flexible payment plan option open to everyone

The Flatiron School ISA is currently available in select campuses with more locations coming soon.

An ISA is a form of deferred tuition program that makes coding bootcamps more accessible. If you don’t want to take out a loan or pay upfront, an ISA might make sense for you. Following an initial refundable deposit, you pay nothing toward your tuition until after you leave Flatiron School. You don’t pay until you’re earning at least the minimum income — regardless of job type or industry.

There are a few standard eligibility requirements — like being a U.S. citizen or permanent resident over the age of 18 — before class begins.

In a nutshell, there are four steps to an ISA after you’re approved.

Step 1: Pay the refundable deposit before class

Step 2: Learn the Software Engineering, Data Science, and Design skills you need and graduate

Step 3: Get the job you want (after working 1:1 with a dedicated Career Coach)

Step 4: Pay back the tuition (after you’re making at least the minimum income threshold)

2. You don’t pay until you get a job—and we help you get hired!

That’s right. All that’s required before class is a refundable deposit (this can vary based on where you’re taking your course). If you don’t get a job within six months of graduation and you comply with all of the terms of our Tuition-back Guarantee (see those terms here), you get it back.

When you’re ready to graduate, you’ll work with our dedicated Career Services team to find the job you want. After a grace period, you’ll pay 10% of their monthly income after you leave the program and are earning at least $3,333.34/month (equivalent to $40,000/year).

You only pay when you’re earning the minimum income. You’ll make up to 48 payments over a maximum payment window of 96 months (8 years).

3. Monthly tuition repayments are proportionate to income, but there’s a payment cap

You’ll never pay more than 1.5x the ISA portion of the tuition amount. For example, if the tuition is $15,000, the ISA portion is $13,000 (after subtracting a $2,000 refundable deposit).

After leaving Flatiron School, let’s say you find a great job with an annual salary of $40,000. Congrats! After a six month grace period, you’ll start making monthly tuition payments of $333 (10% of your monthly gross income).

After 48 payments, you’ll have paid $18,000 (the deposit + the ISA portion).

If, at any point, you’re not earning at least the minimum income, then you’re not paying. Payments only are required when you’re earning the minimum income.

4. Our Career Coaches are here to help you get a job

At Flatiron School, we believe in our mission of providing a career-change coding bootcamp and helping you change things. But we don’t stop there—our Career Services and Employer Partnerships team work hard to help get our students jobs.

As a Flatiron School student, you’ll be paired with a dedicated Career Coach before graduation.

You’ll work together, putting together a plan with our proven job search framework and meeting weekly 1:1 to work toward the goal of getting the job you want. That means mock interviews, a motivational text ahead of an interview, resume prep, and more. We’re committed to helping you make the change you want to make.

We believe in our mission and that’s why we were the first coding bootcamp to release independently verified jobs outcomes reports. Our success is your success, and that’s especially true with the Flatiron School ISA.

How to pay for a coding bootcamp chart

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Nicholas Gallinelli

Content Marketing Manager

Nick is the Content Marketing Manager at Flatiron School. He's comes from a background in travel and sports writing, as well as a few tech startups. He currently lives in Brooklyn.

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