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Paving the Way for Income Share Agreements in Canada

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Paving the Way for Income Share Agreements in Canada

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Almost a month ago, HackerYou became the first school in Canada to launch Income Share Agreements as a payment option - making it possible for students to pay just $1 upfront for their bootcamp education, and then pay a percentage of their income once they’re employed making $50,000 or more.

Last week, we received the news that the Ministry of Training, Colleges and Universities has approved Income Share Agreements as a payment option at HackerYou. This makes HackerYou the only registered Private Career College in Canada with the ability to offer Income Share Agreements. We’re thrilled to have been approved, but we’re also proud to have done the hard work required in order to open the door for everyone. Now if other registered Private Career Colleges would like to offer Income Share Agreements, they can - they just need to apply to the Ministry for approval.

Income Share Agreements are brand-new to Canada. When we launched them on April 16th, 2019, we were confident that the government would come on board - what we weren’t sure about was how long the approval process would take. However, we wanted to let potential students know as soon as possible that Income Share Agreements would be coming. Attending HackerYou’s Bootcamp is a big decision, and the more notice we can give our potential students, the better.

In our first two weeks after launching ISAs, we received five times the typical number of applications to our Bootcamp, proving that there is immense demand for flexible payment options like Income Share Agreements. We expect that our Summer 2019 Bootcamp will be a blend of students paying tuition upfront and those choosing an Income Share Agreement, and we’re excited to support all students through their journeys toward rewarding careers as web developers, no matter their payment option.

We’re incredibly encouraged by the Ministry of Training, Colleges and Universities' quick response to this new student-friendly, taxpayer-friendly payment option, and we’re so excited to have their support in bringing much-needed innovation to the education industry.

On a personal note, at one point in the past couple weeks, our Director of Continuing Education, Tiff Nogueira, asked me, “If ISAs aren’t approved, do you still want to run HackerYou?” I thought about it for a minute, and then surprised myself by replying, “No.” To me, what we are doing at HackerYou is only worthwhile if it’s innovative. If I’m not free to implement the latest innovations, technologies, learnings from research, and best practices at HackerYou, I’m just not interested.

I’m thrilled that Income Share Agreements have officially been given the green light for us at HackerYou, not only because it means I can keep passionately building the company and community I’m obsessed with and incredibly proud of, but also because we really are just getting started. Stay tuned.

Find out More About ISAs