Two payment methods: (ISA) or upfront
For our Data Science program, you have two payment options, including the ability to pay your tuition fees only after you’ve landed your dream job(ISA)or an upfront payment.
To put it simply, an ISA is a legal agreement that allows you to pay for your studies when you are earning, not when you are learning. This is how it works:
- We provide technical skills to you through our courses.
- In exchange, you agree to pay back a percentage of your income for a fixed number of years once you have successfully started a well-paid job.
- In other words, you only pay us for your tuition once you are employed. Or if your employer agrees to cover your tuition - they’ll pay for it once you’ve been employed and the program will then cost you nothing.
When it comes to the upfront payment, our learners can choose to pay the full amount in either 1 payment or 6 monthly installments. If you choose to pay in 1 payment, the price for your studies will be €5,000. If you choose to spread your payments over 6 instalments, the price will be €6,000. So, we’d advise you to consider your finances carefully before selecting your payment plan.
You might ask why the price is higher when choosing the ISA model. Here we’d like to be as honest as possible with you. When it comes to ISA’s, we assume the risk of the learner not paying us back. Moreover, the price is spaced out over multiple years, so, with market fluctuations taken into consideration, it’s worth less than an upfront payment.
ISA in numbers
With an ISA you’ll be paying for your studies only when you've landed a job after graduation. And even then, you’ll need to be earning a gross salary of €2,200 or more before you need to pay. Once you are eligible to pay then you'll start paying monthly installments of 18% of your net monthly salary.
Let’s see how this works in practice with some numbers:
- A net salary of €1,350 equals payments of €243 per month for 33 months.
- A net salary of €2,000 would mean monthly payments of €360 per month for 25 months.
- And with a net salary of €2,500, it would be €450 per month for 20 months.
The maximum amount you could commit to paying back is €9,000 in total. If you are not earning at least €2,200 gross, your agreement will be considered expired after 5 years and you won’t need to pay us anything back. It is in our best interests to get our learners hired or promoted to higher paying positions. In fact our entire learning model is built around it.
ISA vs. student loan
The similarity between an ISA and student loan lies in the fact that you are committing to paying back the lender via an agreement with fixed conditions. Our model in other aspects, bears no relation to a student loan.
The most pronounced difference between an ISA and student loan is that you do not have to pay if you do not earn enough. In other words, if you do not succeed after graduation, then we assume financial responsibility and consider the ISA an unsuccessful investment. This is proof of just how much we trust that only high-achievers in their fields get through our admissions process.
Also, if your career takes an unexpected twist and you suddenly find that you are no longer making enough money, your payments to Turing College will be delayed until you get back on track and there’s no interest to pay. Compare this to a bank loan, where you are locked into making payments irrespective of your actual financial situation, and you’ll understand why ISA’s make sense.
Another difference is the rate of repayment (sure, this question only comes into play with iSA’s when you are earning enough). If you make an ISA, the "share" you pay back to the investor directly depends on your income. The percentage varies according to the institution and usually has a "cap" — the maximum amount of return, so you do not have to worry that you’ll pay too much even if you are earning an impressive salary.
The benefits of ISAs:
- Fostering aspirations. ISAs allow you to choose the study program you really want, whatever the cost. This also promotes a greater diversity among learners and removes obstacles to education due to socioeconomic backgrounds.
- More financial security. The payments only start when you are financially able. If you are not earning a certain amount of money, you do not have to repay. What is more, if you stop earning enough income, the payments also stop with no interest.
- Flexibility. Despite your studying costs, ISAs allow you to meet your financial obligations more flexibly. Your payment depends on your income, and the contract is signed for a fixed period so you can plan your future.
How was the idea of the ISA born?
If you're hearing about ISAs for the very first time, you might be surprised to hear that the concept is actually not that new: in fact, it dates back to 1955. It all started when the future Nobel laureate economist Milton Friedman wrote an essay entitled "The Role of Government in Education."
The concept is actually not that new: in fact, it dates back to 1955.
The economist emphasized the need for quality education at schools — the same arguments can be applied to higher education as well. He also proposed a model for financing education. His idea was based on the principle of equity: by investing in the person, an investor acquires the right to a "share" of the investee’s future income.
This is how the ISA model was born. Today, it is used in many educational institutions and bootcamps, and for many other types of courses and training. Purdue University, Lackawanna College, and the University of Utah are just a few of the institutions that offer ISA as a tuition payment model in the United States.
Tips on choosing the right tuition option
When deciding which tuition payment model is right for you, consider your financial situation and whether you are able to pay the fee upfront. If yes, paying straight away and then forgetting about it might be a good option.
On the other hand, the ISA model comes in handy if an upfront payment looks like a bit of a financial challenge at the moment. With an income share agreement, you are only going to start paying back when you land on a well-paid job. And your new employer might even take on responsibility for these payments.
Postponing the payment and focusing on your studies right now - as opposed to putting off your studies at Turing College for financial reasons - could be the way to unlock your potential and move your career forward immediately.
Got more questions on tuition options? Visit our Tuition page to find the answers you need, or write to us directly at email@example.com. We're here to make sure you have no unanswered queries.