ISA vs. Loan Comparison

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If you’re deciding between an Income Share Agreement (ISA) or loan to fund your coding bootcamp experience, use the tables below to compare options as you continue your research. Because everyone’s situation is different, each person will have to decide what’s right for them. If you want more information on more payment options, check out our how to pay for a coding bootcamp article.

The ISA tuition plan is currently only available for Tech Elevator’s Full-Time Program. ISA plans are not available for residents of: Alabama, California, Colorado, Iowa, Illinois, Maine, New York, South Carolina, Washington D.C. or Washington. Read more information on Stride Funding’s Privacy Policy.

 

5-15 YearsPayment Period
6 monthsGrace Period
$300-$363Monthly Payment**
6-13%Interest Rate
$7,000Additional Amount for Living Expenses
YesMinimum Credit Score
$19,760Total Amount Paid Over Time᛭

3 or 5 YearsPayment Period
3 monthsGrace Period
$332 – $598Monthly Payment**
6.5% – 15.5%Interest Rate
$4,000Additional Amount for Living Expenses
YesMinimum Credit Score
$20,588᛭Total Amount Paid Over Time᛭

TECH ELEVATOR’S ISA
6 Years*Payment Period
3 monthsGrace Period
At least $333Monthly Payment**
10% of monthly incomeInterest Rate
NoneAdditional Amount for Living Expenses
NoMinimum Credit Score
No More than $22,925Total Amount Paid Over Time᛭

*Maximum of 48 monthly payments with up to 24 additional months for deferment
**Loan terms and repayment rates vary by individual. ISA payment based on the minimum qualifying annual salary of $40,000 a year.
᛭Sallie Mae amount based on 5 year loan at 10% interest. Ascent amount based on 5 year interest-only loan at 8.25%. ISA amount includes $2,000 deposit in addition to payment cap.
ISA
You don’t pay if you don’t have a job Higher monthly payments Does not include cost of living fundsPay after the programMonthly payment is linked to your income Higher total payback amount

LOAN
You have to pay if you don’t have a job Lower monthly payments*Includes cost of living fundsPayments MAY be owed during the program**Monthly payment is NOT linked to your income*** Lower total payback amount

 

*This varies depending on your interest rate and term of the loan, but in most cases, you will owe less on a monthly basis on a loan compared to an ISA.
**Talk to your lender to structure a payment plan. Students who choose Ascent can pay interest-only during the program and grace period or choose a deferred repayment plan.
***The loan payments will be at the same interest rate each month, but you can speak to your loan provider directly if you need to pause payments.

 

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Our coding bootcamp has helped over 3,500 career changers learn to code and land fulfilling jobs in tech. We provide the highest quality learning and career prep experience delivered in both in-person and virtual classrooms.

 


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