If anyone's interested, I'm a bootcamp grad with a current ISA. The ISA I currently have:
*pros*:
- zero interest
- whatever hasn't been paid after 5 years, I don't owe
- no payments are due if you don't have a job making over $50k
*cons*:
- tuition was definitely overpriced and you end up having to pay 150% of the principal loan (assuming you have a high enough paying job for long enough within those 5 years)
- a lot of bureaucracy you have to go through to prove you don't have >$50k salary
It definitely sounded scary when I first heard of them. And at the point I was in the bootcamp we were literally dumpster diving and shoplifting to get us through till rent was due and our foodstamps were renewed. Recently got hired with $90k salary so it worked out, but I was very aware of the fact that I was in no position to negotiate and could easily be taken advantage of
EDIT: To clarify, zero interest means zero interest. The 150% is the terms of the ISA agreement. You pay 10% of your paychecks to them until it's either been 5 years or you've payed 150% of the principle amount. Most people that get jobs in tech will have paid the 150% before the 5 year mark
EDIT: To clarify, zero interest means zero interest. The 150% is the terms of the ISA agreement. You pay 10% of your paychecks to them until it's either been 5 years or you've payed 150% of the principle amount. Most people that get jobs in tech will have paid the 150% before the 5 year mark