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MentorWorks is changing the game when it comes to education finance and career enhancement tools, providing students with the flexibility to pursue their chosen career path with an ISA which is a flexible, innovative alternative to traditional fixed payment installment loans.
As part of our innovative “fund and support” model, the MentorWorks Income Share Agreement (ISA) program – issued by Blue Ridge Bank, N.A. – offers ISA financing with career development and professional mentoring, as well as access to employers through our online Talent Accelerator Platform.
To accelerate career paths for individuals interested in becoming software engineers, web developers and cybersecurity professionals, we’ve partnered with Code Fellows, enabling the coding bootcamp and cybersecurity school to offer ISA financing to complete their programs. Unlike a loan, students do not pay until they find a job and reach the minimum income threshold.
WHAT IS AN ISA?
Income Share Agreements (ISAs) are a flexible alternative to traditional fixed payment installment loans. Basically, students pay a percentage of their future income for a set period of time, up to a maximum cap, without accruing interest. Unlike a loan, students do not pay until they find a job and reach the minimum income threshold. The payments adjust according to the level of the student’s income – providing downside protections for the student. ISAs may be issued by Blue Ridge Bank, N.A.
HOW PAYMENT WORKS
- Students do not pay until they find a job and reach the minimum income threshold
- The payments adjust according to levels of the student’s income
- Monthly payments are calculated by applying the income share rate to the total monthly earned income
- ISA obligations can be ended earlier by making early payments as listed in the early payment schedule
ISA vs. STUDENT LOAN COMPARISON
|Income Share Agreements VS. PLUS/Private Loans|
|Interest does not accrue or capitalize.||Interest accrues and capitalizes.|
|Your credit score does not affect the terms of your ISA.||Your credit score may affect the terms of your loan and could impact your eligibility.|
|Monthly payments are based on a percentage of your income.||You pay a fixed amount each month, regardless of your income.|
|Payments don’t start until you make above the minimum salary level in your ISA contract.||You make payments, even if you are not making an income.|
|You only make ISA payments within a specific timeframe, usually 5-7 years. After that your obligation is over.||Loan payment term can extend indefinitely until you pay off the principal and interest.|
|You know the maximum amount you’ll pay, no matter what.||Interest is capitalized, so the final payoff amount can increase over the life of the loan if you do not make minimum monthly payments.|
Code Fellows is a technical skills training academy in the Pacific Northwest that offers full- and part-time software development, ops and cybersecurity courses online and in-person from their Seattle, Washington location. Code Fellows guides people from all backgrounds to change their lives through fast-paced, career-focused education. Since their first cohort in 2013, Code Fellows has taught over 1,400 graduates and iterated on their curriculum and format to ensure students receive the most industry-relevant training as effectively and efficiently as possible. Code Fellows shapes passionate learners with immersive training to meet industry needs and improve diversity. Students are immersed in their learning with daily lectures, pair programming, weekly presentations from full-time instructional staff who are seasoned industry professionals, one-week project sprints, and more. Code Fellows graduates work at Amazon, Microsoft, Zillow, Expedia, XBOX, NIKE, Amazon, Starbucks, Nordstrom, and over 800 other companies.
The modular style of the Code Fellows program allows students to test into the course level that is most appropriate for their current skill level. In addition, the modular class structure allows students to choose the schedule and timing that meets their needs.
Code Fellows believes everyone should have the opportunity to succeed. Code Fellows offers scholarships to help individuals who come from underserved and underrepresented backgrounds find rewarding careers in tech. They are committed to breaking down systemic barriers and ensuring all people are treated with respect and dignity. They are united with their staff, students, alumni, and partners in the fight against systemic racism and injustice.
- Code 101: Exploring Software Development
- Code 201: Foundations of Software Development
- Code 301: Intermediate Software Development
- Code 401:Advanced Software Development in Python
- Code 401: Advanced Software Development in ASP.NET Core
OPS AND CYBERSECURITY
- Ops 101: Explore Ethical Hacking & Cybersecurity Careers
- Ops 102: Intro to Computer Operations
- Ops 201: Foundations of Computer Operations
- Ops 301: Networking & Systems Administration
- Ops 401: Cybersecurity Engineering
School-reported Student Data
Job Seekers with Employment in Desired Field: 93%
Median Salary for Full-Time Roles: $72,500
Top 10 Job Titles
- Software Engineer
- Web Developer
- Software Developer
- iOS Developer
- Front End Developer
- Software Development Engineer
- Front-end Web Developer
- Full Stack Developer
Step 1: The Application
If you’re ready to submit your application for a course, simply send a message via the website and include:
- Name of the course you want to apply for
- Start and end dates
- Track (Daytime or Nights & Weekends)
Code Fellows will respond with a link for you to set up a phone call with an Admissions Advisor. This link will include a few questions to help get a better understanding of your experience and goals. Once you hit submit, your phone call will be booked with the Admissions Advisor who will call you at your preferred time and date.
Step 2: The Phone Interview
The initial phone interview is a 15-30 minute conversation where you can learn more about the courses we offer.
For the phone interview, be prepared to discuss:
- Your background
- Any previous experience with coding (including online tutorials)
- Why you are interested in Code Fellows
- What you hope to get out of the experience
- Your long term goals
Step 3: Pre-work and The Entrance Test
If you’re applying to a 201 course, you’ll have the option to either test-in to 201 or join us for a 102 prep course in a structured classroom setting.
Regardless of which method you choose, both will conclude with an entrance test designed to test for comprehension. During your phone interview your Admissions Advisor will discuss all relevant timelines as it pertains to your entrance test due date.
This is the end of the 201 application process. If you are applying to a 301 course you will need to either pass the entrance exam for this course or successfully complete the 201 course that precedes this course.
Step 4: The Final Interview
If you are testing directly into a 401 course, the final step is a technical interview. At this point, you’ll get a chance to explain the code you submitted. You may also be quizzed on the stack you’re applying to and your skillset to make sure that you’re ready for the intensity and advanced level of the course ahead.
- Code 101: Exploring Software Development – $1,000
- Code 201: Foundations of Software Development – $5,000
- Code 301: Intermediate Software Development – $5,000
- Code 401:Advanced Software Development in Python – $12,000
- Code 401: Advanced Software Development in ASP.NET Core – $12,000
OPS AND CYBERSECURITY
- Ops 101: Explore Ethical Hacking & Cybersecurity Careers – $99*
- Ops 102: Intro to Computer Operations – $1,000
- Ops 201: Foundations of Computer Operations – $5,000
- Ops 301: Networking & Systems Administration – $5,000
- Ops 401: Cybersecurity Engineering – $12,000
* Financial aid unavailable for this course.
Income Share Agreement
You may be eligible to pay for tuition through the MentorWorks Income Share Agreement (ISA) program. With an ISA, a student has his or her education supported by an investor, in return for a contract to pay a specified percentage of income for a fixed period of time after graduation.
- ISA payments adjust according to levels of income
- Monthly payments are calculated by applying the student’s income share rate to their total monthly earned income
- ISA obligations can be ended earlier by making early payments as listed in an early payment schedule
Check ISA availability at this or another school.
Income Share Agreements may be issued by Blue Ridge Bank, N.A.
Code Fellows also offers several Scholarship options for individuals who have financial need.
ISAs may be issued by Blue Ridge Bank, N.A. Information above provided by Code Fellows, (2020). MentorWorks Education Capital, Inc. (MentorWorks) is not a representative of Code Fellows and this listing does not constitute a recommendation, endorsement, or accreditation. Code Fellows is not a representative or an affiliate of MentorWorks or Blue Ridge Bank, N.A. References on this website to Code Fellows do not guarantee ISA eligibility or serve as financial advice. You should carefully consider your choice of educational program and seek advice from a qualified advisor.
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THE MENTORWORKS MISSION
Our mission is to open pathways to education and careers for students and candidates who may not have had the financial or social capital to do it on their own.
MENTORWORKS FUND & SUPPORT MODEL
Which Students We Fund
- College juniors & seniors and Master’s degree / post-graduate students
- Trainees in boot-camp, professional or trade certificate programs
- Aspiring career-changers & experienced professionals facing unemployment
How We Support Job Candidates
- Talent Accelerator Platform (TAP) – comprehensive, personalized job search & career coaching program
- MW Labs Experience – experiential learning opportunities to propose solutions to hiring employers
- Employer Engagement – live virtual events with employers, mentoring sessions and practice interviews