HackerYou is a school based in Canada centered around coding workshops and it recently announced that it will be the first Canadian school offering Income Share Agreements.
This offers its students a new approach towards funding their education. Instead of paying the $12,000 tuition right away, HackerYou gives them the option to pay a percentage of their income after they are hired full-time and making at least an annual salary of $50,000. This system is designed to decrease the amount of risk during the transition from student to building one's career. How it works starts with a loonie and once a student s earning the minimum salary of $50,000, they begin paying 17% of their income each month for 24 months.
Key Themes Behind This Trend
- Income Sharing Agreements (isas)
- Opportunity to disrupt traditional education financing models by offering students the option to pay a percentage of their income after they are hired.
- Coding Workshops
- Potential to disrupt traditional education methods by focusing on practical coding skills through intensive workshops.
- Risk-reducing Education
- Opportunity to reduce risk for students transitioning from education to career by offering income-based payment options.
Where This Applies
- Education
- Potential for educational institutions to adopt income sharing agreements as an alternative financing option for students.
- Technology
- Opportunity for tech companies to partner with coding workshops to source qualified talent.
- Finance
- Potential for financial institutions to develop innovative products tailored to income sharing agreements and student financing.
