Today is an exciting day here at NYCDA. It’s exciting because we get to announce our new financing option – the Income Share Agreement – for Philadelphia and Salt Lake City students (with more locations on the way!)
Why is this so exciting? We think it’s the most student-friendly financing option available, and it’s allowing us to bring high-quality tech education to more people than ever.
Here’s how it works: you don’t pay tuition until you’re earning $40,000 per year or more. Once you are earning $40,000 per year or more, you’ll pay 8% of your earned income each month until tuition is paid off, or until you've made 48 monthly payments, whichever comes first. There’s no interest, so you’ll never pay more than the total cost of tuition.
If you go back to becoming a full-time student, or your income level ever drops below $40,000 per year, your payments will go into deferment status for up to 24 months.
To put it simply, you only pay when you’re being paid.
How is our model different from other income share agreements?
Other programs may charge a set percentage of your first year’s salary. In that model, the most successful students end up paying more for their education than the less successful. Not ours. Students will never pay more than the sticker price of tuition. Some might even pay less.
Why are we offering this financing plan?
As we grew into new markets with the mission of bringing technical education to more people, we realized we were part of the problem, not the solution. Many capable students were being left behind because they couldn’t pay for their education out of pocket or were concerned about the stress of up front payments. The ISA is removing this financial barrier, allowing students to defer payments until after their coursework ends and they're earning real money.
For the full details of the Income Share Agreement program, download the FAQ here.
If you want to apply for one of our courses and finance with an ISA, here’s how:
If you have any questions, drop us a line at 844-322-CODE, or start by requesting more info, and we’ll be in touch!
EDITED 5-22-2018: The Income Share Agreement is now available for all intensive courses in New York City, Washington DC, and Philadelphia.