Thinkful has always focused on aligning our success with our students. Two years ago we introduced audited student outcome reports and to this day we’re the only school that updates them every month. Then we began providing tuition reimbursement for students who didn’t find a job fast enough so that no student paid tuition disproportionate to their outcome. This year we were a founding member of CIRR to standardize how schools report outcomes.
Today we’re taking the next step by introducing “outcome-based financing.” Outcome-based financing means students only pay when they get a good enough job, and only pay proportionate to what they earn.
Students in our Full Time Web Development Bootcamp can select this plan starting today. Once finding a job, students pay 10-15% of their income for three years. Students pay nothing while they’re unemployed or earning below $40,000 / year, and the maximum any student will pay is $28,000.
We’ve been testing this plan for the last four months and have learned that students value the insurance it provides against unaffordable debt. Like our guarantee and outcomes reporting, students have confidence in Thinkful because they know we only succeed when students do – and that’s exactly how we want it. Outcomes-based payments make true something we’ve long known internally: we would invest in every Thinkful student.
Want to learn more about the living stipend we just launched? ISAs were created to prevent unsustainable debt, so to increase our efforts even more, Thinkful now offers living stipends. Students in Atlanta, Minneapolis, & Denver can now earn a $1,500 monthly stipend. Read more.
Welcome to the next step in our journey.