u/CTRL_Intelligence wrote (the comment Michael replied to):
Is there an 'ascent' style loan that you do not have to pay back until employment? The ISA's dont pay til you get paid model really helps me in an anxious sense. I do not have good credit but I can live rent free for the duration of attempting to transition into a dev related pos
u/michaelnovati replied · · edited
So I don't know all of the bootcamps situations but you can ask. Ascent and Earnest are two that support this in theory. So behind the scenes, instead of the bootcamp getting 100% of the upfront cost when you get the loan. The bootcamp gets say 75% of the upfront cost and Ascent can withhold the 25% in case you disappear before triggering repayment as a contingency. If the bootcamp wants to delay the deferral all way until "starts new job" I imagine one of these loan companies would accept that, but want a much higher backup percentage because its higher risk you'll never repay. Which turns into the ISA problem except with a fixed total payment instead of a variable payment total payment based on income.
BloomTech's Ascent loan does this: [https://www.bloomtech.com/tuition/deferred-tuition](https://www.bloomtech.com/tuition/deferred-tuition)
The downside is unlike an ISA where the differences in payments are based on your income versus someone else's. In this model the longer and longer it takes you to get a job, the more and more interest you accrue, so it kind of penalizes you for not being as strong.