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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 iDevOps, enabling the IT operations 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.|
iDevOps.io’s program produces qualified and reliable engineers regardless of any prior exposure or experience by introducing students to required foundational knowledge and having them complete real world project tasks to simulate a professional DevOps environment expanding and solidifying that knowledge to a working level.
Engineer’s who have completed the program requirements have been placed at companies like: Charter Communications, PriceWaterhouseCoopers, AT&T, Toshiba, and more!
iDevOps created a method for the application of deductive reasoning to solve complex problems.
DPSM, which stands for (“Deductive Problem-Solving Method”), is applied to real-world DevOps tasks and challenges developing the skill to solve complex problems quickly and with ease.
The program consists of:
- approximately 27 weeks of academics.
- 500 hours of real-world DevOps project tasks which start at the midway through the program.
- You’re required to pass the: Microsoft Azure Fundamentals and Certified Kubernetes Administrator certification exams.
- Bi-weekly scrums designed to identify any issues or blockers that have come up in the training process.
iDevOps will provide you with all the study materials and cover your first attempts at the certification exam.
Using their “learn by doing approach” ensures mastery of the DPSM and a professional resume, which is one of the main benefits of the program.
iDevOps.io’s program is approximately 27 weeks, consisting of academics and hands-on project operations, teaching and reinforcing the skills required to excel at DevOps.
The project tasks you do in our program will prepare you for your first DevOps engineer role. The iDevOps program also consists of project related tasks, which are used to build your professional resume, reducing the most significant barrier to entry into DevOps.
As an added benefit, you will have one year to utilize iDevOps.io staff for guidance and support at excelling in your first DevOps position.
Academic Weeks: 22-27
Project Task Hours: 500
Certifications (2 Certifications Paid for by iDevOps.io):
- AZ-900: Microsoft Azure Fundamentals
- Certified Kubernetes Administrator (CKA)
- Class / Work Schedule: 5:00 p.m. PST – 10:00 p.m. PST M-Fri
- Class / Work Schedule: 5:00 p.m. CST – 10:00 p.m. PST M-Fri
- Class / Work Schedule: 5:00 p.m. MST – 10:00 p.m. PST M-Fri
- Class / Work Schedule: 5:00 p.m. EST – 10:00 p.m. PST M-Fri
Twice Weekly Scrums: Tue, Thur – 7PM PST, 8PM MST, 9PM CST, 10PM EST
Weekend Content Review: Saturday 9AM PST
Hours Expectation: 5 hours daily, 25 hours weekly
Hours of School Operation: 24 Hours
Third-party Market Data
In the last 7 years, DevOps has seen an explosion of growth, and the US Department of Labor predicts DevOps will continue to grow by 7% per year until 2026. DevOps is unique in the fact that it was created without any traditional staffing infrastructure to fill the need and desire for DevOps engineers as companies realize the massive value in automation.
Source: US Department of Labor
Admissions Process & Application
Apply with your email to the iDevOps Bootcamp website. A Representative will reach out to you within 24 hours. While you wait iDevOps will send you some more information about the program, and 35 eye opening statistics about the DevOps job market.
$22,000 per 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.
Have Questions? Talk to Us. Pick a Time Below.
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