Coding bootcamps aren’t cheap — the average program will run you around $13,580 in tuition alone. If shelling out the cash upfront isn’t an option, we don’t blame you.

Here’s six ways to pay for a coding bootcamp without dipping into your pockets.

Apply to Scholarships First

Scholarships are free money, which means you never have to pay them back. So, before you pursue any other options, apply to as many scholarships as you can.

Here’s a few places to look:

1. Your program itself
2. Course Report
3. BestColleges
4. Scholarships360
5. The Society for Women Engineers

Keep in mind that many bootcamp scholarships will be need-based, meaning you’ll have to demonstrate that you’re unable to afford the program otherwise. If you don’t fall into the threshold considered for need-based aid, narrow your search to focus on just merit-based aid.

If you don’t secure any scholarships your first year, keep applying throughout your program. There are tons of scholarships available that aren’t exclusively for first-year students. And, many students don’t know they can apply beyond their first year, so competition for these funds tends to be better.

Look at Your Employer’s Benefits

Many employers offer to cover a portion of tuition for job-related training. While some will only cover a small portion of the cost, others will reimburse you for the entire expense.

Keep in mind that these aren’t always advertised openly, so don’t be afraid to ask your boss directly. Some companies don’t offer it typically, but may be willing to if you’ve been a valuable worker they want to retain.

If your current employer doesn’t offer these benefits, consider applying with a company that does. For example, Verizon offers free technical training through their Skill Forward program.

Use the GI Bill If You Have It

If you’re a veteran with access to GI Bill benefits, make sure to use them. There are a variety of coding bootcamps that accept GI Bill funds, which would save you quite a bit.

To determine which programs do, use the Department of Veterans Affairs GI Bill Comparison tool. Here’s a few schools that do accept GI Bill money to kick off your search:

1. The Flatiron School
2. General Assembly
3. Coding Dojo – San Jose
4. Sabio Enterprises

Look Into Private or Personal Loans

If an income-share agreement isn’t an option, or if you’d prefer a more traditional loan, consider a private or personal loan. Keep in mind that most private lenders don’t work with coding bootcamps, but some do — they just might be more challenging to find.

Personal loans are also an option — just beware of the interest rate. Average personal loan rates range from 9.30% to 22.16%, which can skyrocket your overall debt total quickly.

Before agreeing to any loan, always compare your options through Meratas first. This will allow you to see all your options in one place to verify which loan option is best for you. Then, you can complete the application within the Meratas platform, keeping the entire loan process in one place.

Consider Crowdfunding

While asking for support from others doesn’t always feel comfortable, crowdfunding can be a successful way to pay for your degree. Platforms like GoFundMe allow you to set up a virtual fundraiser, share the page with friends and family, and accept donations. While they do take a cut from the money you receive, it helps centralize the fundraising process.

What About Federal Financial Aid?

Unfortunately, coding bootcamps aren’t eligible to receive federal financial aid. While this will save you from the headache that is the FAFSA process, it’ll mean you need to look elsewhere for funding. If you’re approached by anyone stating that you need to submit your federal financial aid forms or that you’re eligible for federal aid, it’s likely a scam.

Other Things to Consider

Before investing in a costly degree, it’s important to assess the potential return on your investment. Ask yourself:

• Will my future salary outweigh the upfront cost of the program?
• Does this program provide the support and resources I need?
• Am I confident I’ll be getting ample value from this program?

If you aren’t quite sure, it might be best to rethink where you plan to enroll. Also, consider whether the program offers a tuition guarantee. Programs like The Flatiron School offer a full tuition refund if you don’t find a qualifying role within six months of graduating. While most schools don’t do this, it’s a nice layer of protection to have in your back pocket.

According to the CIRR, around 71% of coding bootcamp graduates land jobs within 180 days of graduating. While some programs have higher placement rates than the average, it’s important not to rely on the odds being in your favor.

Start the process of optimizing your resume, networking with people in the industry, and applying to roles before graduating. Then, consider submitting applications at top tech companies using the strategies below.

Start the Process During School

There’s no guarantee that you’ll receive a job right after graduating. But if you make use of your time while in school, you can increase the odds that you will.

Step 1: Network

Before you start imagining shaking hands and having stiff conversations with old folks, know that networking today is wildly different (and far more exciting). Networking can be as simple as:

• Finding alumni of your bootcamp program on LinkedIn and sending them a message to ask about their experience after graduating
• Finding hiring managers at dream companies on LinkedIn and engaging with their posts
• Attending virtual events, like coding conferences and trainings, and asking meaningful questions. (Make sure to follow up with the instructor or presenter after to connect with them.)
• Chatting with fellow classmates

Research has found that around 85% of jobs are found through networking. So, the more people in your network, the better.

Step 2: Attend Job Fairs

Due to the virtual nature of many programs, online bootcamps often provide virtual career services. This includes virtual job fairs, networking events, and more.

When you can, be sure to attend the job fair. You’ll meet a variety of employers — all of which are open to hiring bootcamp grads — and can get your foot in the door early. This could lead to lining up a post-grad job before you even graduate.

Step 3: Apply Before Graduating

Begin your search early. The average hiring process takes around three to six weeks, and even longer for new positions, inexperienced hiring managers, and for larger companies. While you might graduate in June, start your search in March or April. This will ensure that you’re ahead of the curve and leave plenty of time to accommodate the hiring process.

When applying, pay attention to the effectiveness of your strategy. If you find that submitting applications on sites like Indeed, Monster, and ZipRecruiter isn’t yielding results, consider taking a different approach. One Hack Reactor graduate said he only started seeing results in his job application process when he began emailing hiring managers directly with his application.

Step 4: Take on Freelance Work or Internships to Build Up Your Resume

If you’re concerned about getting lost in the mix of applications because you’re a bootcamp student, consider taking on freelance work to gain additional experience. While most employers view bootcamp degrees favorably, a small percentage believe bootcamp grads aren’t as prepared or likely to be high performers as candidates with a computer science degree, according to an Indeed study.

One hiring manager shared a bit of advice for bootcamp grads to counteract this — make sure to highlight other experience besides your degree if you want to stand out in the flood of applications. This can be in the form of freelance work, internships, or contributing to other projects.

Step 5: Contribute to Open Source Projects

If you have a hard time landing an internship or booking a client for freelance work, consider contributing to an open source project. Open source projects give you an opportunity to put your skills to the test and gain hands-on experience. You can also contribute to them for free, on your own time, giving you flexibility that freelance work and internships might not offer.

There are a variety of open source projects you can contribute to, such as:

• 30 Seconds of Code
• First Contributions on Github
• Zulip
• TensorFlow

Tech Companies That Hire Bootcamp Grads

To kick off your application process, here’s a few tech companies that hire bootcamp grads:

Adobe

Named as one of Fortune’s 100 Best Companies to Work For, Adobe is the place to be. They actively hire from bootcamps such as Fullstack Academy and General Assembly, but are open to others.

Cisco

In 2022, Cisco was named one of the World’s Best Workplaces — for the twelfth year in a row. They hire data analysts, software engineers, and security research engineers from bootcamps like Hack Reactor.

Meta (Formerly Known as Facebook)

As the first social network to surpass one billion registered users, Meta is an incredibly fast-growing company to work for. With over 14,000 employee reviews, they’ve earned a rating of 4.0 out of 5.0 stars — which is high for such a massive company. 

Google

As the world’s largest search engine, Google is always on the hunt for new talent to join their team. They hire from bootcamps such as Coding Dojo, Flatiron School Fullstack Academy, and more. 

Slack

Over the years, Slack has earned a variety of awards — Best Company Culture, Best Compensation, and Best Company for Women to name a few. So, it’s no surprise that they receive rave reviews of 4.4 out of 5.0 stars from employees. They hire mostly from Hackbright Academy but are open to other bootcamp graduates.

Final Thoughts

To land a job after coding bootcamp, it’s important to start the process early — or kick it into high gear now if you’re reading this just weeks before graduation. Network with people in the industry, gain some hands-on experience you can add to your resume, and be strategic about how and where you apply.

It’s no secret — the nursing field is suffering. For years, healthcare experts have called out the increasing demand for nurses as a major threat to our healthcare systems. Based on estimations from the Bureau of Labor Statistics, the United States will need an additional 203,200 registered nurses (RNs) every year between now and 2031 to meet the demand.

Yet enrollment in nursing school isn’t growing at the pace necessary to meet it. In fact, enrollment in entry-level baccalaureate programs increased by just 3.3% in 2021. This leaves many in the industry wondering why future nurses aren’t enrolling and how schools can respond. Here’s what we think.

Why Is There Such a Demand?

There are a few reasons why demand is high:

#1: Baby boomers, or those born between 1946 and 1964, are aging. Given that there’s so many of them, the demand for geriatric care is about to increase significantly — smaller generations don’t have the same impact.

#2: There’s a shortage of nursing instructors. Without enough qualified nursing instructors, fewer nurses are graduating and entering the field. This leads to major gaps in nursing staffs all across the country.

#3: The Affordable Care Act (ACA) has led to more patients in need of care. When the ACA was successfully able to reduce rates for uninsured patients, more patients began to seek care. While this is a positive result, as more people are able to access the care they need, more nurses are needed to meet the demand.

#4: Experienced nurses are leaving the field. It’s been estimated that around a million registered nurses will be leaving the workforce by 2030. While disappointing, it’s no surprise given the workload, toxic culture, and emotional strain the profession can sometimes come with.

The Impact

One might assume that a nursing shortage simply leads to more time in the waiting room, but the impact is far more significant. While some states have legal patient-to-nurse ratios, others don’t. This allows healthcare facilities to push the limits of their nursing staff, assigning far more patients to each nurse than they should.

This leads to more errors, higher morbidity, and higher mortality rates. Plus, caring for too many patients at once will lead nurses to experience more frustration and exhaustion at work, leading to lower job satisfaction, lower retention rates, and a stronger desire to leave the profession — making the problem much worse.

Why Aren’t Future Nurses Enrolling?

While the COVID-19 pandemic has certainly made some folks reconsider their dream to be a nurse, the students aren’t entirely to blame for the lack of enrollment. In fact, one of the biggest roadblocks in enrolling more nursing students is the lack of instructors. Without them, programs face limited capacity, which in turn generates fewer certified nurses.

And this isn’t much of a surprise — nursing educators are required to have advanced degrees but earn just a fraction of a bedside nurse. The incentive to teach is nonexistent.

On top of that, finding opportunities for clinical or hands-on training is challenging, especially following the pandemic. According to the American Association of Colleges of Nursing, more than 80,000 qualified applicants were turned away in 2020 due to shortages of faculty, clinical sites, and other resources — and this doesn’t even include those that applied to community colleges.

Without the instructors needed to teach, or the clinical experience needed for students to graduate, programs are left with little resources to educate the next generation of nurses.

What Schools Should Do

While one single school can’t solve the nursing shortage themselves, it’s important to think about what you can do to help mitigate the problem. Here are a few ideas:

Provide incentives for staff. The first step to enrolling more nursing students is to have enough instructors to meet the demand. Offering a competitive pay structure with added incentives, like strong benefits, may lead to more applications.

Offer rolling admission. If you do have the faculty and clinical space to accommodate students, offer rolling admission to attract more students.

Give students flexible financing options. The number one reason students fail to enroll is a lack of funding. To bridge the gap between acceptance and enrollment, make sure your future students have flexible financing options that allow them to fund their education in the manner that works best for them.

Provide more training and guidance around state-specific certifications. Several states require nurses to have additional certifications beyond their standard degree in nursing. To make the process easier, give students the option to receive additional training and support necessary to pass their certifications.

Team up with other programs to offer dual admissions. The University of Chicago partnered with City Colleges of Chicago’s Malcolm X College to form a dual degree program. This allows students to complete their degree in less than four years, which saves them both time and money, and is thus attracting a diverse set of students.

Partner with local public health organizations for clinical rotations. If traditional settings aren’t able to accommodate students for clinical rotations, consider partnering with local public health organizations instead. Students will be able to gain the experience necessary to graduate, while the local community benefits too.

We get it – the stats aren’t the most motivating. College enrollment dropped 4.7% between spring 2021 and 2022, and many experts are suggesting that this decline is here to stay.

As an institution, however, simply making peace with it isn’t enough. Having low numbers year after year isn’t sustainable, and it’s crucial to set up your game plan for keeping enrollment as high as possible.

If you’re curious about how to increase enrollment, here’s 6 simple steps to help you get there.

What’s Inside:

• Up Your Marketing Game
• Get Comfortable with Video
• Make It Easier for Students to Get Financing
• Improve Visibility with SEO
• Secure More Reviews from Students
• Lower Your Response Times with Automated Messaging

#1: Up Your Marketing Game

We know you’ve heard it before, but hear us out. The marketing world is changing, and it’s important to keep up.

Put yourself in a potential student’s shoes — what type of content would resonate with you? If your strategy feels stale and you aren’t excited to launch the content, your audience will likely feel the same way.

Instead, look to institutions having success online and mirror what they do. Take the University of Georgia and Baylor University for example. By hopping on platforms where their future students exist and creating content that is both entertaining and informative, they’ve been able to grow a presence online while attracting new applicants.

#2: Get Comfortable With Video

It’s official — we’re living in the era of short-form video. With the rise of TikTok, Instagram Reels, and YouTube Shorts, more and more people have grown comfortable with absorbing bits of information through easy-to-digest video content. For schools, this creates an incredible opportunity to leverage video content to attract and retain new students.

It’s what platforms are prioritizing in their algorithms, which means your content is likely to perform better, too. Some studies even report that video content performs 1200% better in comparison to other formats. This comes as no surprise given that Instagram favors Reels in its algorithm, and LinkedIn video content gets nearly 5 times the engagement.

Plus, customers retain 95% of the information they watch in a video, and 37% of them watch videos all the way to the end. By capturing more students’ attention, they’re more likely to remember your content and your institution when it comes time to enroll. 

If you’re finding that static content like newsletters, traditional social media posts, and static ads aren’t generating the results you want, try implementing video content into your strategy.

#3: Make It Easier for Students to Get Financing

Creating a killer TikTok strategy will help in creating a well-rounded strategy to increase enrollment, but it won’t address the root issue — a lack of flexible financing options. Reality is, the cost of an education has grown tremendously, and wages aren’t mirroring this growth.

This leaves 38% of students opting to not enroll, simply due to their fears around the cost of an education. While you can’t hand them a check, you can provide them with flexible financing options that make affording that cost much more simple.

A lender marketplace, like Meratas, requires minimal setup and upkeep but generates long term results. Unlike the traditional loan process — which requires students to hop from site to site in search of a loan — Meratas provides you with the all-in-one solution. Students get access to an entire marketplace built for them, with a variety of loan options to choose from.

When students have the means to afford the education they desire, and when they experience less friction in acquiring a loan, they’re far more likely to convert into a fully enrolled student.

#4: Improve Visibility with SEO

SEO, or Search Engine Optimization, is the process of getting your institution’s web pages to be recognized and ranked by Google. Once you’ve got a solid SEO strategy down, prospective students will be able to find your website when searching for related questions like “Best certificate program for tech” or “Top trade school near me.” 

If your website isn’t ranking in searches, however, it’ll make it significantly harder for eager students to find your institution when looking online. Nearly 25% percent will click the first link that shows up, leaving your institution’s pages unclicked and unnoticed.

While implementing an SEO strategy can take a bit of legwork upfront, you can reap the benefits of it for years to come. 

#5: Secure More Reviews from Students

Think of enrolling like booking a luxury vacation — you likely wouldn’t book a hotel or an excursion without checking the reviews. Before spending your hard-earned cash, you want to ensure the experience will be enjoyable, worth your money, and legitimate.

Choosing where to enroll for an education is similar. Prospective students wonder what the program is really like, whether other students have enjoyed their experience there, and if the program will be worth shelling out a few thousand dollars for.

To bridge the gap, encourage students — both current students and alumni — to submit honest reviews about their experience with the program. They can do this through Google My Business, sites like Niche, or directly through your website. Then, incorporate their statements in marketing materials, such as social media posts and on your website.

#6: Lower Your Response Times with Automated Messaging

Support throughout the enrollment process is key, and today’s students expect speedy response times to their inquiries. If you’re taking a bit longer to respond, it might leave students feeling unsupported, which doesn’t give them the warm and fuzzy feeling they’d prefer to have when making their enrollment decisions.

Instead, implement automation software that lets prospective students know you’ve received their question, are working on an answer for them, and will get back to them as soon as possible. The more supported they feel, the more likely they are to think fondly of your institution when it comes time to select where they want to enroll.

Being in a career that isn’t meant for you can be draining. 76% of employees experience burnout—which researchers say include such symptoms as exhaustion, feeling negative, cynical or detached from work, and reduced work performance. Upskilling can take time and can also be expensive and for many, it can feel out of reach. But what if there was a way to quickly change careers by learning new skills? And what if you could pay for it in a manageable way that you’re probably already using?

You’ve probably seen this offer before—

“Buy Now, Pay Later!”

It often applies to retail shopping. Platforms like Afterpay, Klarna, and Affirm allow users to make big box purchases like a new computer without having to shell out the entire cost upfront. Instead, they typically let users pay in four installments over six weeks. 

Buy now pay later (BNPL) platforms that allow customers to make purchases in installments are growing in popularity in the United States and being used like never before.


Four easy payments of $19.99 is becoming the default choice when shopping.

What if there was a way to use BNPL and installments to pay for your education?

At Meratas, we took BNPL and repurposed it with student education in mind.

Quality education does not always have to be financed with traditional student loans that acquire more interest over time. Buy Now Pay Later options are the future of education for students!  

The Flat Payment Plan incorporates all of the flexibility and reliability that you need.

This tuition product is best suited for you if you have long-term plans designed to ensure you have the time needed to pay. 

The Flex-Plan is designed to provide students with the same benefits of a traditional Income Share Agreement!

If you are looking into Income Share Agreements or other flexible financing options, it is very important to do your research. You want to make sure that you understand the terms surrounding your financing completely. You don’t want to be surprised by a high or variable interest rate. 

If you’re not happy in your current role. If you’ve been putting off a new career because of the cost of learning new skills, Meratas can help. Visit our student’s page and get matched with the perfect education program to help you get the amazing career you deserve. Check out the Meratas blog for more!

Attending college can be difficult for many students to afford without financial assistance. With even a semester of community college costing thousands of dollars these days, college affordability often makes a big difference in which college you’re able to choose. Thankfully, several higher education loan options are out there to help you pay your college bills, including scholarships, federal aid, private loans, and Income Share Agreements (ISA).

Private loans for college are worth considering if your federal student aid allotment isn’t enough to cover your tuition and other costs. However, some private lenders will tell you to consider taking out federal loans before weighing their products. 

This is because of the protections that the government affords its borrowers. However, those same private lenders will present their student loan options as customizable to your financial situation while positioning the federal government as one-size-fits-all.

At Meratas, we offer a host of alternative financing options to help students pay for their education. Options like installment plans, Income Share Agreements, and other Buy Now, Pay Later financing choices can oftentimes be a better fit than a traditional private student loan. Many of our options offer more flexibility than what is often available with traditional private loans.

However, if you’ve exhausted all your other financing options, you may need to turn to traditional private student loans to finish your education.

Unlike federal student loans, private student loans offer variable interest rates in addition to fixed rates. So if your credit history is strong, it could also lower your interest rate, as well as if you have a cosigner with a high credit score. 

When comparing private lenders to federal loan options, ensure that you do the research for yourself and know exactly what you want. After all, not all lenders are created equal.

What are private student loans?

Unlike federal student loans, which the government designates, independent lenders issue private student loans. These can be traditional banks or credit unions or student loan-specific organizations like Sallie Mae.

Each organization has different eligibility requirements, interest rates, and repayment terms. So, it’s a great idea to compare other options before choosing one. Even though private student loans may not always be your best financial option, there are some situations where taking out a personal student loan makes sense. Let’s look at three types of private student loans for college and beyond.

 In-school loans for students and parents

The beauty of in-school student loans in the private marketplace is that there are many to choose from. Whether you’re a college freshman, a scholar seeking a doctoral, or are the parent of one — there’s something for everyone. Sallie Mae, for example, offers 13 different education loans, from paying for the private kindergarten of your toddler to financing your study for the bar exam.

But with varying loan types come more choices. Take repayment as one example: College Ave offers undergraduates four options while they’re in school:

• Defer payments entirely
• $25 monthly payments
• Interest-only payments
• Full principal-and-interest payments

 Refinanced loans for graduates

Private lenders offer the option of refinancing federal and private loans into one new loan. The key difference between private refinancing and federal loan consolidation could cost you more in the long run, as the repayment term could lengthen. 

However, private loan refinancing could award you a lower interest rate and could help you save on the total cost of your debt. In addition, a solid credit score and steady income may help you qualify for the lowest interest rates.

Private lenders promote their average customer’s savings by refinancing. So it’s especially crucial to proceed with caution if you’re refinancing federal loans as well and would lose their associated protections and forgiveness programs.

You should know some things before you refinance any of your student loans, such as what interest rates you’ll end up with, how much you can afford to pay each month, and if you meet all the lender’s requirements.

The repayment process for private student loans

There are a few ways to make using private loans more manageable. First, aim to put extra money toward your loan’s principal to knock it out sooner. Doing so could save you a lot of money on interest.

At the same time, pay attention to the interest rate on your loans. If it’s variable and keeps climbing, look into refinancing your student loans. Refinancing is a fancy way of saying “swapping an existing loan for another.” Qualifying for a lower interest rate by refinancing will lower your monthly payments, too.

Finally, reach out to your lender if you wind up struggling to keep up with your private student loan payments. Some will work with you if you’re having a hard time. For example, they might allow you to defer payments temporarily or lower your interest rate.

It always pays to max out your federal borrowing options and alternative financing options first before resorting to private loans. But if you need to borrow privately, aim to find loan servicers with the most favorable terms. Then be vigilant about paying them off as quickly as you can once you graduate.

The most common repayment processes include:

Immediate repayment: You will start making principal and interest payments while still in school. This could help keep down your out-of-pocket costs, but it might present additional financial pressure while you’re in school.

Interest-only repayment: You will only pay the interest while in school, which could reduce the total cost of the loan payment you’ll have to repay. Even if the monthly interest costs are minimal, you’ll have to budget this into your monthly expenses and might need to take on a part-time job to cover the payments.

Deferred repayment: You will only start paying back the loan amount once you’ve graduated or dropped below half-time enrollment. Interest could still accrue during this time, making your overall debt higher.

Refinancing your private student loans: You might get a lower interest rate if you have a solid income and excellent credit. Depending on your specific situation, this can help you spend less money over the life of your loan program. However, keep in mind that lower monthly payments might mean an extended loan term. A longer-term could cost you more, so weigh out the pros and cons of refinancing private student loans.

In general, repayment terms for private loans for graduate students can range anywhere from five years to over 20 years, but remember that the interest will add up over time.

Options to Consider Before Private Student Loans

Unlike traditional private student loans, Buy Now Pay Later options are relatively new to the financial aid scene.

There are three different types of buy now pay later options that Meratas helps schools offer to their students: Installment plan, Flat plan, Hybrid plan.

Buy Now Pay Later options are proven to increase conversions. No consigner is required for students, making your program more accessible to students.

Our Installment Plan option is a fixed payment plan for students. Tuition payments are divided equally, and they are collected over the course of a few months. 

The Flat Payment Plan incorporates all of the flexibility that your students want with the reliability that you need.

The Hybrid Plan means your students don’t have to start paying back their tuition until they’re making over the minimum income threshold and their payments are linked to their income by a percentage.

How to know if you’re eligible for private student loans

While the government considers your level of financial need when issuing financial aid, private lenders have different requirements. Factors that are considered can include your income, credit score if you have a cosigner, and debt-to-income ratio. Eligibility will vary by lender, but having a low credit score or no credit history will likely make it difficult for you to qualify. Having a cosigner can help if their credit score and income meet the eligibility requirements.

Overall, the decision to take out private student loans is one you should consider carefully. However, if you’ve already exhausted federal student loans and other alternative financing options but still need funds for school, a private student loan may be the last option for finishing school. Carefully work through your options before taking out private student loans. If you’re interested in learning more about great financial aid or alternative financing options for schools or programs, check out our student’s page!

Does your current career feel like the wrong fit? Are you tired of feeling like you’re not making any progress in your career? Do you feel like life is standing still while you’re trying to get ahead? If you’re unhappy in your current employment, now is the time to change that.

But the job market is a harsh place. It’s difficult to upskill and learn new skills to change careers. You may be saying to yourself: I don’t have the time to learn a new skill. How am I going to pay for the training? I don’t even know where to start.

It’s hard to get a new job, and it’s even more difficult to get a job in a field you love. If you want to learn the skills required to upskill to a new career it may be difficult to know where to start.

Well, Meratas is here to help. Many people feel stuck in the wrong job or the wrong industry—and they know there’s something better out there for them, but don’t know how to get there. That’s why we are here. You can change careers! The path to a new career is closer than you think! We’re here to help you find a career you love.

If you’ve found your passion or are even just curious about where to get started, Meratas is here to actively partner you with one of our bootcamps or colleges to change your career and start something new.

We partner with programs like Sales, UX/UI Bootcamps, coding bootcamps, and colleges that are dedicated to their student’s success. If you need flexibility in paying for your education, we can help there too. All partners on the Meratas platform offer a form of incentive-aligned tuition which means not only do you have options no matter what your financial situation looks like, but you and your partner program’s goals are aligned. 

Incentive aligned tuition options give you access to things like income-linked repayment, deferment in case of career hardship, a cap on the maximum you’ll pay, and many other benefits!

We’re looking to help people bridge the gap between their current job and their dream job.  Meratas helps you find and finance your next career steps through our partnerships with colleges and bootcamps.

Are you ready to start a new career and get ahead? Let us help you kickstart your new career journey. Fill out the info on our student’s page and get started today! Check out our get matched page to get started!

Income Share Agreements (ISAs) are emerging as an excellent alternative to traditional private student loans. With this type of agreement, students pay nothing, in most cases, until after they complete their program. Then, once a student has finished the program and gets a job using their new skills, they pay a percentage of their income for a set period of time until they have either reached the Required Payments, Max Payment Cap, or Payment Window. 

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The rising balances of traditional private student loans are a major problem. Signing up for a traditional loan without knowing exactly how much you could be paying back or how you’ll be able to handle your monthly payments could be difficult. 

One solution that has been gaining traction among online bootcamps and colleges alike are Income Share Agreements. (ISAs). 

An ISA is an agreement where, in exchange for tuition, after graduation and as long as you’re earning an agreed-upon income, you pay a percentage of your income back to the college (or funder). Besides the absence of growing interest and generally, no upfront payments, a significant benefit of ISAs is the fact that there are certain instances when your payments are paused or deferred.  

With traditional private student loans, you have a principal, the borrowed amount, and an interest rate. You pay back the amount of the principal plus any interest you accrue while paying it back.

ISAs keep students from paying for educational experiences that don’t create value for them in the labor market, aligning the risks and rewards of education and creating better outcomes.

Are you considering signing an Income Share Agreement? Here’s what you need to look out for before you sign your agreement to make sure your payments are manageable. 

What are the ways to finish my ISA?

By far the biggest differentiating factor between ISAs and traditional student loans, other than the built-in benefits, is the way they’re satisfied. With an ISA contract, there are three distinct ways you can finish your ISA: 

1. Make the required number of payments

With an ISA, you pay back a percentage of your earnings each month for a set number of months. Each of these payments is considered one of your Required Payments. If you pay all the Required Payments, your ISA amount is satisfied! 

2. Pay the Max Payment Cap

The Max Payment Cap is built into your ISA and is the most you’ll ever need to pay towards your ISA. It is a built-in protection for high earners so that they are not punished for earning more than expected. A Payment Cap is usually some amount more than the Funded Amount (the amount the school is fronting you for their program as part of your ISA). Once your total payments reach the payment cap, your ISA is also satisfied!

3. Reaching the end of the Payment Window

The final way to end an ISA is by reaching the end of the Payment Window. The school or funder who you have an ISA with will have a set time period to collect your Required Payments or Max Payment Cap. However, if you have not reached either of those two and the Payment Window ends, you’re absolved of your ISA.  

To read a more in-depth version of how to finish your ISA payments click here!

What should I be aware of before signing an Income Share Agreement? 

1. Use the Income Share Percentage to calculate your future payments

Before you sign your Income Share Agreement you need to be aware of how much of your gross income you’ll end up paying each month. Remember this factor runs along a sliding scale with the Maximum Payment Cap and Payment Window. So, even if your ISA is only a small percentage, you’ll want to look at your Payment Window to determine for how long you’ll be paying that small percentage of your income to make sure it doesn’t add up to a huge total amount. Determine just how much you’ll be paying each month based on your anticipated salary, then compare that cost to traditional monthly student loan payments.

2. Double check your Payment Cap

This sum is the most you’ll ever pay towards your ISA. Traditional private loans cost the original balance, plus interest, which you’ll need to calculate to determine the true cost. With an ISA, there’s a much firmer, hard cap on payments, so it’s easier to determine total max costs. But make sure to know if your cap is a lot more than you were funded or just a little more. ISA caps tend to range from 1.2x to 2x more than you were funded. Be cautious with caps that are more than 2x what was funded to you, and avoid ISAs that don’t have a payment cap at all. Some programs utilize incremental payment caps, where the payment cap increases slowly over time.  This rewards students who find early career success, by making it cheaper for them to pay off their ISA earlier in their career. Make sure to calculate what your payments might look like and determine whether the payment cap is suitable for you and your future career.

3. Understand your Payment Window

The Payment Window is how long your ISA contract lasts and is the length of time you have to pay back your required payments or Payment Cap. Think of your payment window as the total contract term. At the end of the payment window, your ISA contract expires, even if you paid back less than the amount of money you received. 

To keep your ISA fair, and to prevent any potential game playing, certain situations of voluntary withdrawal from the labor force may extend your Payment Window by one month for each month of such withdrawal.  For example, if you take a 6-month vacation, your payment window may pause during these break periods, and then resume when you are ready to re-enter the labor force

The most important thing to know about your Payment Window is whether your ISA lender counts months in which your payments are paused due to financial hardships towards your Payment Window or if your Payment Window is extended in those instances.

4. Double check your Minimum Income Threshold

The main benefit of an ISA is that your payments automatically pause whenever you’re unemployed or making less than the salary floor. The best part of Income Share Agreements is that during periods of deferment, there is no accruing interest like traditional student loans. The Minimum Income Threshold is how much you have to be making before you owe payments.

If your income drops below that line your payments are paused.  An ISA’s salary floor should reflect your expected post-graduate income. Is your threshold lower like just $10,000? Or is it something reasonable for your career, say like $40,000. For example, Lambda School’s salary floor is $50,000 because it expects graduates to get starting salaries of at least that much. Think about what you’ll actually be able to afford, depending on where you plan on living, before you sign on the dotted line. 

5. Make a note of any fines and fees

Just like with traditional student loans, there are ways to get in trouble with ISAs, if you avoid making payments. There may be some penalties for not accurately reporting your income or other scenarios with your ISA. Be sure to read and understand those possible fees and make sure you avoid any of those possible scenarios. 

If you’re considering an Income Share Agreement to cover your higher education costs, then make sure to utilize an Income Share Agreement Calculator to help you figure out what your monthly payments will cost and how much you’ll pay overall. 

If you think an ISA option might be right for you, make sure you take into account your ISA terms, expected future income, and calculate what your payments will look like in order to determine if an ISA is the best option for you.

What if my school doesn’t offer an ISA?

If you’re unmoved by existing Income Share Agreement providers, you could always take on the challenge of convincing your school to start its own program. That’s where Meratas comes in.

About Meratas

Meratas is the leading Income Share Agreement (ISA) software company, providing a full-service, turnkey, SaaS platform to design, originate, and manage ISAs. We help universities, bootcamps, trade schools, and membership programs increase enrollment and open accessibility to their programs. All through the power of Income Share Agreements.

We also help those looking to get an education, up-skill, or re-skill get into the career of their dreams. All at, generally, no upfront cost. We pair individuals looking for fresh new career with the best educational programs on the Meratas platforms to reach their professional goals. If you’re looking to break into your new career, check out our student page and we’ll help you find the job of your dreams.

Want more career advice, education news, and student success tips? Follow us on Twitter, LinkedIn, and Instagram!

Although every effort has been made to provide complete and accurate information, Meratas Inc. makes no warranties, express or implied, or representations as to the accuracy of content contained herein. Meratas Inc. assumes no liability or responsibility for any error or omissions in the information contained herein or the operation or use of these materials.

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