What's an ISA? 2020-2021

What is an ISA?

Pay when you're earning, not when you're learning. Income Share Agreement (ISA) is a contract agreement between a learner and Turing College. With our ISA, our learners don't have to pay for their studies right away. Instead, they agree to pay Turing College a percentage of their salary when they've landed a job after graduation and are earning a gross salary of 2,200 Euros or more, they'll start paying monthly installments of 18% of their net monthly salary.

Are there any interest rates for the ISA?

None. It’s not a loan. The similarity between an ISA and student loan lies in the fact that you are committing to paying back the lender via an agreement with fixed conditions. Our model in other aspects, bears no relation to a student loan. 

The most pronounced difference between an ISA and student loan is that you do not have to pay if you do not earn enough. In other words, if you do not succeed after graduation, then we assume financial responsibility and consider the ISA an unsuccessful investment. This is proof of just how much we trust that only high-achievers in their fields get through our admissions process. 

How do you verify my income after studies?

The Income Share Agreement requires learners to report their job status and income to our internal ISA support team. For more questions regarding income reporting, please contact us directly at payments@turingcollege.com.

Can I sign another ISA with another school after Turing College?

No. Our ISA requires that you sign no other ISAs. Also, we want to make sure you get a job, not go on to more schools or programs.

When should I pay ISA?

With ISA funding, you don't have to pay for your learning now. Instead, when you've landed a job after graduation, and you're earning a gross salary of 2,200 Euros or more, you'll start paying monthly installments of 18% of your net monthly salary. The minimum liability of ISA is to cover €9,000. ISA liability period - 5 years.

 Let us see how this works in practice with some numbers:

• A net salary of 1,350 Euros equals payments of 243 Euros per month for 37 months.

• A net salary of 2,000 Euros would mean monthly payments of 360 Euros for 25 months.

• And with a net salary of 2,500 Euros, 450 Euros per month for 20 months.

What happens if you cancel the ISA contract before the term ends?

For all learners, the first 2 weeks is treated as a demo period. This means that they can decide to withdraw free of charge if they see that Turing College is not for them. In this case, and if they are still in Module 1, learners can drop out free of charge. 

For the latter cancelations stages, learn more here: Cancellation, Refund, & Tuition Proportion policy

What happens if you stop earning money? 

If your career takes an unexpected twist and you suddenly find that you are no longer making enough money, your payments to Turing College will be delayed until you get back on track and there’s no interest to pay. 

Why does the price differ from an upfront payment?

The answer is a risk.

Imagine that after your studies you start working, but then suddenly you just decide to take a year off. What would happen with your ISA? You simply postpone it, which then means that we do not receive any payments and are not earning.

 Is it possible that somehow I won’t need to pay my ISA?

Yes.  Our hiring partners are very interested in our future graduates. This means that after your studies a hiring partner may be willing to take your ISA on its shoulders. In this case, you won’t need to worry about it while you are working there.