Shared Income Agreements: Everything you need to know

Shared Incomed Agreements allow CAPSLOCK learners to study with no up-front costs. Read on to learn more.

What is a Shared Income Agreement?

The Shared Income Agreement (SIA) is a tuition finance option offered to CAPSLOCK learners. SIAs are available to UK or Spain residents only.

If you choose to fund your place at CAPSLOCK via a Shared Income Agreement, there are no up-front fees. You join a CAPSLOCK course and pay nothing until after graduation. 

How Shared Income Agreements work:

With a Shared Income Agreement, you'll pay nothing up-front to join a CAPSLOCK bootcamp. Instead, you'll pay back 13% of your gross (pre-tax) monthly income for up to 48 months, but only after you've graduated and landed a role paying £25,000 or more.

Your SIA repayments scale up or down with your wages, so they always stay affordable. If your income drops below £25,000, your repayments will be paused.

You'll make 48 monthly instalments (4 years), so the overall amount you repay will depend on your employment status and your salary over that period of time. If you reach the repayment cap of £15,000 at any time, you will stop making payments as the finance agreement will be finished.

You can also pay an optional deposit of £450 deposit when setting up your SIA to reduce your monthly repayments to 12% and lower your repayment cap to £14,400.

A Shared Income Agreement is an FCA-regulated agreement which is provided by our finance provider Student Finance.

Why CAPSLOCK uses Income Share Agreements:

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 £2.2 million worth of tuition fees with SIAs, allowing our learners to access our career-changing course with ease.

So, for us, using Shared Income Agreements is all about accessibility and making sure that people from all backgrounds and walks of life have the opportunity to reskill, no matter their financial status.