SALT LAKE CITY & PHILADELPHIA--(BUSINESS WIRE)--The New York Code + Design Academy (NYCDA) has announced a new interest-free payment model in which students pay incrementally after the program and only if they have a job. The income share agreement (ISA) has been approved in Utah by the Utah Department of Commerce and in Pennsylvania by the Pennsylvania Department of Education. NYCDA is seeking approvals for additional NYCDA locations.
The program requires students to pay for their education only if they are earning at least $40,000 a year. Then students will pay 8% of their monthly income for as long as it takes to pay off the original price of the program, up to a maximum of 48 monthly payments, without any interest.
“This new model addresses two major issues head-on. First, many students are unable to finance job-relevant education without incurring debt, and second, American companies are desperate for quality technical talent,” said Jeremy Snepar, CEO and Founder of NYCDA.
Through the income share agreement program, ISA students will pay a set percentage of their monthly income. The student will pay no interest and will have the same tuition price as students who pay upfront, regardless of salary. NYCDA’s application process is designed to identify students who will be successful in the course through an assessment of their interests, career goals, and schedules.
“The New York Code + Design Academy was founded to close the gap between the many open computer programming jobs available in America and the students with the talent, passion, and work ethic to fill those jobs. Our corporate parent, Strayer Education, Inc., has given us the support and backing to permit us to explore new education models, like the ISA program, that allow for student success,” Snepar added.
Vemo Education will facilitate employment verification and payment transfer from employed students to NYCDA.
For more information about NYCDA’s income share agreement, visit: nycda.com/financing.
About The New York Code + Design Academy
The New York Code + Design Academy (NYCDA) is a technology school built on a community of entrepreneurs, passionate developers, and educators. Intensive hands-on training programs in web development and user interface/user experience (UI/UX) design are offered both full-time and part-time at campuses across the United States and in Amsterdam, Holland. For more information on The New York Code + Design Academy, visit nycda.com.
About Strayer Education, Inc.
Strayer Education, Inc. (NASDAQ: STRA) is an education services holding company that owns Strayer University and the New York Code + Design Academy. For more information on Strayer Education, Inc. visit www.strayereducation.com.