In a nutshell...
The Income Share Agreement is the most popular choice of tuition finance chosen by CAPSLOCK learners.
If you choose to fund your place at CAPSLOCK via an Income Share Agreement, there are no up-front fees. You join a CAPSLOCK course and pay nothing until after graduation.
Financial concerns and the inability to afford high up-front tuition fees are some of the biggest barriers which prevent people from returning to education and changing their careers. Since we launched, we have deferred over £1.5 million worth of tuition fees with ISAs, allowing our learners to access our career-changing course with ease.
So, for us, using Income Share Agreements is all about accessibility and making sure that people from all backgrounds and walks of life have the opportunity to re-skill, no matter their financial status.
How ISAs work:
With an Income Share Agreement, you'll pay nothing up-front to join a CAPSLOCK bootcamp. Instead, you'll pay back 15% of your monthly income for 36 months, but only after you've graduated and landed a role paying £27,000 or more.
You'll make 36 monthly instalments (3 years), or fewer if you pay an optional deposit when setting up your ISA.
Your ISA repayments scale up or down with your wages, so they always stay affordable. If you income drops below £27,000, your repayments will be paused.
An Income Share Agreement is an FCA-regulated agreement, so has consumer protection clauses built in such as:
You will never pay back more than the maximum ISA cap of £18,000, even if you land a role paying a very high salary.
You can take a 3-month re-payment holiday at any time, no questions asked
You can pay off your ISA early, at any time, for £9,000 + VAT.
After 6 years (72 months), the contract is voided and you will no longer need to make repayments, even if you haven't made a repayment in that time.
The monthly repayments are collected via a highly-regulated system known as Open Banking. Essentially, our Income Share Provider (who are FCA regulated) have secure visibility of your banking data, but only with your explicit consent. It allows them to view your monthly salary income (if any), and thus allows them to calculate the correct monthly repayment figure once you've met or exceeded the repayment threshold of £27,000 a year. Open banking is a safe, government-led service regulated by the Financial Conduct Authority (FCA).
What our learners say:
Matthew, an armed forces veteran and one of our learners said, “Enrolling with no up-front costs and only paying tuition back when I earn over £27,000, for me, is fantastic. There’s no pressure on me financially, so I can do this course with total focus.”
A recent CAPSLOCK applicant said, "Now my children have grown up I have the time to pursue a career, but I've been working on minimum wage so haven't been able to afford to upskill. The fact that CAPSLOCK lets you take the course and pay nothing until you get a job is perfect for me."