Tuition can be paid before classes begin for any Lambda track and the cost is £16,000 or €18,000. Paying this in installments may be approved. Instead of paying tuition upfront, many Lambda School Students choose to sign an Income Share Agreement (ISA). Students can't switch from an ISA to upfront payment during class. By day one of class, Students must have either signed an ISA or paid tuition.
An income share agreement is not a loan. There is no interest or fees charged to the Student in relation to the ISA. It is an obligation to make payments based on future earned income in a technology career. It does not give Lambda School any rights to dictate a Student's employer, career choices, or location in the future.
<aside> ⚠️ Important Note: This page explains certain ISA features and terms, but it is not a substitute for and does not override any terms in the Income Share Agreement contract itself. You should read the contract carefully to understand its terms.
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Under our ISA, Students agree to pay 10% of their pre-tax income with 48 monthly payments, but only when they are making more than £2000 or €2291 per month (that is, £25,000 or €27,500 per year).
For example, if a Student gets a job paying £30,000 a year, they're earning £2,500 per month. 10% of £2,500 is £250, so they pay £250 that month for their ISA.
Students make 10% payments on their income every month until they've made 48 monthly payments. If their income ever drops below £2,000 or €2,291 per month they don’t make a payment that month. Our ISA is also capped at a maximum of £25,000 or €27,500. A Student will never pay more than £25,000 or €27,500 under any circumstances.
A Student's ISA payments are based on their income so their total cost can be between £0 and £25,000 or €27,500.
Anything the Students pay is spread out over 48 separate monthly payments.
An ISA contract can be payed off early by paying the full payment cap amount of £25,000 or €27,500 at any time.
If a Student's income is less than £2,000 or €2,291 a month, their account will be place in deferment status. The Student's payment term will be extended for every month their income is below the threshold. Deferment can increase the term of their agreement up to 12 months for a total of 60 months. Then the Student would be done with the agreement because they met the 60 month obligation.
An ISA is a legally binding agreement representing a responsibility to pay Lambda School a portion of the Student's future income. ISAs allow us to provide an education that usually costs tens of thousands of dollars for no upfront cost.