Making Tech Education Affordable: Learn Now Pay Later

Online education is becoming more accessible and affordable thanks to innovative payment models such as deferred tuition and income share agreements (ISAs). These models allow students to enroll in online bootcamps and schools without paying any upfront fees, and instead, pay a percentage of their income or a fixed amount after they graduate and land a job.

Navigating the world of tech education finance can be challenging, especially when traditional payment methods create barriers for aspiring coders. In this guide, you will explore the emerging trend of Learn Now, Pay Later models that are revolutionizing the affordability of coding schools and bootcamps. From income share agreements to innovative payment structures, we’ll explore how these options reshape access to tech education. 

Highlight

1. Innovative payment models like deferred tuition and income share agreements (ISAs) are making online education more accessible and affordable by allowing students to pay a percentage of their income or a fixed amount after graduating and securing a job, rather than upfront fees.
2. Various online bootcamps and schools offer deferred tuition or ISAs, such as Lambda School, Microverse, App Academy, Springboard, Make School, Holberton School, and Minerva Schools, providing in-demand skills, mentorship, and job preparation support.
3. In addition to deferred tuition and ISAs, you can explore upfront payments, installment plans, scholarships, and grants as alternative payment options for online education, considering factors like curriculum relevance, support, job placement, and cost when choosing a program.

Online Bootcamps with Deferred Tuition or ISAs

Online bootcamps are intensive, short-term, and project-based programs that teach you the skills and tools you need to succeed in a specific field, such as web development, data science, or UX design. 

Many online bootcamps offer deferred tuition or ISAs, which means you don’t have to pay anything until you get a job in your chosen field. Here are some examples of online bootcamps that offer deferred tuition or ISAs:

• Lambda School: A full-stack web development and data science bootcamp that offers an ISA of 17% of income for 24 months, capped at $30,000. Lambda School has a rigorous curriculum, experienced instructors, and a strong hiring partner network. Lambda School also offers a living stipend for eligible students who need financial assistance during the program.
• Microverse: A remote software development bootcamp that offers an ISA of 15% of income for 60 months, capped at $15,000. Microverse has a global community of students and mentors, and a peer-to-peer learning model. Microverse also provides career coaching and job placement assistance for graduates.
• App Academy: A web development and software engineering bootcamp that offers an ISA of 15% of income for 36 months, capped at $31,000. App Academy has a selective admission process, a rigorous curriculum, and a high job placement rate. App Academy also offers a refund policy for students who don’t find a job within a year of graduation.
• Springboard: A data science, UX design, and software engineering bootcamp that offers an ISA of 10% of income for 36 months, capped at $25,000. Springboard has a self-paced, mentor-guided, and project-based curriculum, and a career guarantee. Springboard also offers scholarships for women, veterans, and underrepresented groups in tech.
• Thinkful: A data science, engineering, and design bootcamp that offers an ISA of 15% of income for 42 months, capped at $28,000. Thinkful has a flexible, personalized, and outcome-driven curriculum and a network of mentors and career coaches. Thinkful also offers a tuition refund for students who don’t find a job within six months of graduation.

These online bootcamps have some common features and benefits, such as:

• They teach you the most in-demand and relevant skills in the tech industry
• They provide you with one-on-one mentorship, feedback, and support throughout the program
• They help you build a portfolio of projects that showcase your skills and abilities
• They prepare you for the job market with resume reviews, mock interviews, and salary negotiation tips
• They connect you with hiring partners and employers who are looking for talent like you

These terms and conditions vary depending on the online bootcamp you choose, so make sure you read the fine print and understand what you are signing up for.

Online Schools with Deferred Tuition or ISAs

Online schools are accredited, long-term, and comprehensive programs that offer you a degree or a certificate in a specific field, such as computer science, liberal arts, or business. Online schools are different from traditional schools in that they use technology to deliver the content, interact with the instructors and peers, and assess the learning outcomes. They also have more flexibility, diversity, and innovation than traditional schools.

Some online schools offer deferred tuition or ISAs:

• Make School: A two-year bachelor’s degree program in applied computer science that offers an ISA of 20% of income for 60 months, capped at $95,000. Make School has a project-based, industry-aligned, and socially conscious curriculum and a partnership with the Dominican University of California. Make School also offers a living stipend for eligible students who need financial assistance during the program.
• Holberton School: A two-year software engineering program that offers an ISA of 17% of income for 42 months, capped at $85,000. Holberton School has a peer-to-peer, problem-solving, self-learning curriculum, and a network of mentors and advisors. Holberton School also offers scholarships for women, veterans, and underrepresented groups in tech.
• Minerva Schools: A four-year undergraduate program in liberal arts and sciences that offers an ISA of 10% of income for 10 years, capped at $75,000. Minerva Schools has a rigorous, interdisciplinary, and experiential curriculum and a partnership with Keck Graduate Institute. Minerva Schools also offers a global experience for students who travel to different cities around the world during the program.

Alternatives to Deferred Tuition and ISAs

Deferred tuition and ISAs are not the only payment options available for online bootcamps and schools. There are other payment options that you can consider, such as:

• Upfront payments: Paying the full tuition fee before or during the program. This option can be cheaper in the long run, as you don’t have to pay any interest or fees. However, this option can also be more expensive in the short run, as you have to pay a large sum of money upfront, which can be difficult for some students.
• Installment plans: Paying the tuition fee in monthly or quarterly installments. This option can be more affordable in the short run, as you can spread the cost of the program over time. However, this option can also be more expensive in the long run, as you may have to pay interest or fees on top of the tuition fee.
• Scholarships: Receiving partial or full tuition waivers based on merit, need, or diversity. This option can be the most cost-effective, as you don’t have to pay anything or pay very little for the program. However, this option can also be the most competitive, as you have to meet certain criteria and apply for a limited number of scholarships.
• Grants: Receiving financial aid from external sources.

What are some tips for choosing the best online bootcamp or school?

1. Consider cost and payment options, including scholarships and financial aid.
2. Look for a relevant curriculum and hands-on projects.
3. Choose a learning format and schedule that suits your needs.
4. Seek programs with strong human support and community.
5. Match your qualifications with the program’s prerequisites.
6. Evaluate the program’s job placement assistance and outcomes.

Others

• Flatiron School: A web development, data science, and cybersecurity bootcamp that offers upfront payments, installment plans, scholarships, and loans.
• Coursera: An online learning platform that offers upfront payments, installment plans, scholarships, and loans for various courses and degrees.
• Udacity: An online learning platform that offers upfront payments, installment plans, scholarships, and loans for various nanodegrees and courses.

Flatiron School, Coursera, and Udacity are all reputable and popular online education platforms that offer a variety of courses and degrees in various fields and disciplines. They also offer flexible and affordable payment options, such as upfront payments, installment plans, scholarships, and loans. These payment options can help students who want to pay for their education upfront or over time, or who need financial assistance or support.

Our Take

Deferred tuition and ISAs are payment models that let you enroll in online bootcamps and schools without paying upfront fees, and only pay after you get a job. They can be a great option for students who want to avoid debt or risk, but they also have some trade-offs and challenges, such as contracts, terms, and choices.

If you are considering deferred tuition and ISAs, you should do your research on the program, the contract, and the options. You should also consider other payment options, such as upfront payments, installment plans, scholarships, grants, and loans, and weigh the pros and cons of each option.

We hope this article has given you some useful information and insights. Please share your thoughts, questions, or experiences with us, and check out some of the programs we mentioned.