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The Alchemy Impact ISA: A New Opportunity to Fund Your Education

Saturday, January 30, 2021

Get Your Training Now and Pay for It Only Once You've Landed a Job

Two women working on their code at a shared desk with a white board on the wall behind them.

You’re ready to start your new career in tech. You want the best training, authentic community, and a track record of awesome job placement.

But you might be wondering—can I afford it? You might even be tempted to settle for a less thorough program based on price.

Now, you have new funding options designed to empower your education and the first steps of your career.

Introducing the Alchemy Impact ISA:

An income-sharing agreement that gives you the opportunity to get funding for your education now and pay back tuition costs only once you’ve landed a job.

The goal of our Impact ISA is to enable those who may not have the cash to pay tuition or the credit history for a loan to still access Alchemy’s program.

Alchemy’s mission is to create a better tech industry, and that includes providing opportunities to those who have incredible potential, regardless of their financial status. The Impact ISA allows us to continue to accept the most promising applicants and focus on preparing them for a rewarding career.

The Alchemy Impact ISA is our vote of confidence in you. We’re so confident that you’ll get a great job after graduation that we’re willing to back it through this financing program.

What’s an Impact ISA?

The Impact income-share agreement (ISA) is a new tuition funding option that allows students to pay their tuition only after securing employment post-graduation.

Enabled by an impact investing nonprofit, Social Finance, Inc. this student-centered financing model is designed to increase access to employment and economic opportunity.

The most important things you need to know about Alchemy’s Impact ISA:

  • You can apply for the ISA before you commit to attending our program.
  • ISA status doesn’t affect your acceptance.
  • An ISA covers anywhere from $5,000 to full tuition, plus the option to apply to have your living expenses covered.
  • You don’t have to pay it back until, and only if, you’re earning $4,167 per month or more (the equivalent of $50,000 annual salary before taxes) in salary following a 6-month grace period.
  • Payments are 9.5% of your monthly earnings over a fixed period of time with no extensions (that means if your income dips below the threshold in any month following graduation, your term will not extend for any additional months), and a total payment cap of 1.5x the amount borrowed.

How Would an Impact ISA Work for Me?

First, you’ll go through the Alchemy admissions process:

  1. Review the info on Alchemy’s program.
  2. Attend an Info Session to get any questions you may have answered.
  3. Pick your first choice cohort start date.
  4. Complete your Application.
  5. Attend a virtual interview with Admissions so we can get to know you better.
  6. Receive an acceptance letter!

Next, it’s time for financing. You can apply for Impact ISA funding once accepted to Alchemy’s Program in Professional Software Development.

You could enroll with little to no upfront cost, and you may even qualify for $7,500 to cover your living expenses to help you be able to attend our full-time program.

The Alchemy Impact ISA also comes with a five-week cancellation period. That means if Alchemy is not a good fit for you and you decide to withdraw, you won't owe any additional tuition.

Once you graduate and secure meaningful employment, you then repay program costs as a fixed percentage of your income, capped at a set dollar amount and for a certain period of time. Repayment only begins once you secure a role earning at least $4,167 per month (the equivalent of $50,000 annual salary), following a 6-month grace period.

What Makes the Alchemy Impact ISA different?

The ISA is financed through a partnership with Social Finance, Inc., a 501(c)(3) nonprofit organization.

This partnership is structured so that Alchemy is accountable for results and we have a financial stake in your career success.

This is what a student-first Impact ISA looks like:

  • Clear and upfront terms so you can make the best decision for your personal situation.
  • No background check or credit score check: your future matters more than your past.
  • An option to apply for living expenses to be covered while you’re in class.
  • Ongoing access to Career Services including tailored guidance and individualized career coaching.
  • You only make payments when and if you are earning at least $4,167 per month ($50,000 per year), following a 6-month grace period.
  • If you end up unemployed or can't work, you don't make payments.
  • Lower income percentage rate than other ISAs, which means you keep more of your paycheck.
  • Low maximum repayment of 1.5 times the amount borrowed. Once you have reached that threshold, your ISA is complete.
  • Expires after a fix period of time, regardless of how much you've paid back or if you've made payments at all. For $23,000 (full tuition, minus deposit), the maximum term is 52 months.

Plus, our team is available to answer your finance questions before, during, and after your time at Alchemy.

Not all ISAs are created equal.

Consumer protection advocates caution that ISAs can pose risks to students. To protect student rights, Alchemy’s Impact ISA was designed to be student-friendly, in partnership with nonprofit Social Finance, Inc. and is guided by a Student Bill of Rights.

Is the Alchemy Impact ISA right for you?

We’re here to give you all the information you need to make the right decision for your career and your future.

Contact admissions today at admissions@alchemycodelab.com and we’ll set up a time to meet with you.