Juno College of Technology—a Toronto-based coding school—is attempting to draw in those eager to learn after the COVID-19 outbreak. The institution is sensitive about people's financial situation as many lost their source of income during the pandemic. As a result, it is offering a Pay-What-You-Can Income Share Agreement (ISA) program. This is believed to be "the world's first ISA program of its kind."
The Pay-What-You-Can ISA will allow "a certain number of students per Juno cohort [...] to pay an upfront amount of their choosing and take an ISA for the remaining tuition." This amount of flexibility is, without a doubt, useful during this uncertain time. The Pay-What-You-Can ISA was first tested out last year for Juno College of Technology's Web Development Immersive Bootcamp. Students were able to pay a small amount upfront and pay the rest when they were graduated and earning a salary.
Image Credit: Juno College of Technology
Why This Trend Is Growing
- Pay-what-you-can Income Share Agreement (ISA) Programs
- Disruptive innovation opportunity: Implementing flexible payment options for education programs to accommodate individuals with varying financial situations.
- Tuition Flexibility in Education
- Disruptive innovation opportunity: Offering alternative tuition payment models to attract and support learners affected by financial constraints.
- Income Share Agreements (isas)
- Disruptive innovation opportunity: Developing new models of financing education that align the cost of education with post-graduation income.
Industries Being Reshaped
- Education
- Disruptive innovation opportunity: Introducing innovative financial models to make education more accessible and inclusive.
- Technology
- Disruptive innovation opportunity: Leveraging technology to create platforms and systems that enable flexible payment options for educational programs.
- Financial Services
- Disruptive innovation opportunity: Collaborating with educational institutions to develop tailored financing solutions for learners based on income share agreements.
