We’re committed to helping adult learners find a long-term career that inspires them, and get the education they need to pursue it. But for many, financial obstacles make that goal seem nearly impossible.
That’s why it’s so important to us to expand our student-friendly payment options.
Deferred Tuition with Living Expenses is our latest step in that mission. With this plan, you can start learning with $0 upfront, and pay us only when you’re hired into a qualifying position. While you learn full-time, you’ll have the added benefit of receiving a loan of $1,500 per month to help you pay the bills.
This payment plan allows you to devote your energy to learning a new skill set and breaking into a new field, without the burden of worrying how you’ll make payments. It makes our education even more accessible.
For some background on why we created this plan the way we did, we interviewed Erin Thompson, Thinkful’s Senior Product Marketing Manager. Then we'll get into the specifics of how it works, who’s eligible, and how to apply.
Interview with Erin Thompson, Senior Product Marketing Manager
What, in layman’s terms, is Deferred Tuition with Living Expenses?
Deferred Tuition with Living Expenses is a new financing option for some of our full-time programs at Thinkful that allows you to pay nothing upfront and defer any repayment until you get a job paying at least $40,000 per year.
Students also get $1,500 per month while enrolled in their program to use toward basic living expenses like rent, utilities, and food, so they can fully focus on preparing for a new career.
Once you graduate and get hired in a job making $40,000 per year or more, you'll make monthly payments to pay back the cost of tuition + the living expenses loan for 36 months.
If you meet the qualifications of our Tuition Refund Program and don't land a qualifying job within 6 months of graduation, the tuition portion of your loan is forgiven.
How does this payment option make our education more accessible?
We know how challenging it can be to stay committed to a full-time education while balancing work and staying on top of your bills. By providing monthly disbursements to cover basic expenses, we’re allowing you to step away from the stress of juggling school and part time jobs and put all your energy into preparing for a new career.
The Deferred Tuition portion of this option makes our programs more accessible to students who might not have the funds available to invest in their education right away. They can start preparing for a new career without spending a dollar, and won’t pay anything unless they are successful at landing a new job and making over $40k per year.
Why did we decide to offer this specific payment option?
We’re invested in the success of our students and want to do what we can to remove obstacles that get in the way of that success. Our students have much better outcomes when they can truly focus on their education and don’t have to worry about how to pay their bills. Offering monthly disbursements to cover basic expenses helps us deliver on our promise to change lives by giving our students the best chance possible at a new career.
What kind of costs can Living Expenses cover? What can’t it be used for?
The loan can be used to cover essentials like rent/mortgage, groceries, child care, transportation, and more. The loan cannot be used to pay outstanding debt or to cover non-essential expenses like entertainment.
What tips do you have for prospective students interested in Thinkful, but unsure about the financial commitment?
The best place to start is to first consider whether a career in tech is right for you. If you're new to coding, data, or design, take some time to learn the basics through free online resources. That way you'll know if this is something you enjoy and it's a good career fit for you.
Once you've decided on a career in tech, check out our programs and see which one might work for you and your schedule. Be sure to consider all of the payment plans available to you. Some payment options require more investment up front but cost less overall, while others, like Deferred Tuition with Living Expenses, offer the most accessibility and flexibility.
What should students interested in this payment option consider before applying?
Be sure you understand how Deferred Tuition, the Living Expenses loan and our Tuition Refund Program all work. Understand that while you'll pay no tuition upfront, you'll still be responsible for paying back the cost of tuition + living expenses once you begin working full-time in a qualifying job.
If you have questions about whether Deferred Tuition with Living Expenses is right for you, talk to one of our Admissions Reps about the plan details.
How It Works
Deferred Tuition with Living Expenses is available for all of our full-time programs.
When you enroll with Deferred Tuition, you’ll pay $0 upfront. After you graduate and get hired into a qualifying position, you’ll start to pay us back in fixed, monthly payments.
With the added convenience of Living Expenses, you’ll receive $1,500 per month to be used toward your bills while you learn full-time.
- You need to stay enrolled in the program in order to continue receiving your Living Expenses payments
- You'll receive the Living Expenses payments from our partner, Ascent Funding
- If you opt-in to our Tuition Refund Program, it applies only to the tuition portion of your loan; you’ll still have to pay back the Living Expenses loan after you graduate, even if you’re not hired within 6 months
- A qualifying position is any job offer paying $40,000 per year or more salary, or contract job offer lasting at least 3 months and paying $3,333 per month or more
You’re eligible to enroll with Deferred Tuition with Living Expenses if you:
- Are enrolling full-time
- Are at least 18 years old
- Are a U.S. Citizen or Green Card Holder by your start date
- Are able to pass a background check
How to Qualify
If this payment plan sounds like the right fit for you, then here are your next steps:
- Apply for any of our full-time programs.
- You’ll be contacted by an Admissions Representative. Let them know that you’re interested in enrolling with the Deferred Tuition + Living Expenses plan.
- You’ll fill out two different forms: one for Deferred Tuition, one for Living Expenses.
- You’ll be notified when your applications have been accepted. If for any reason you don’t qualify for the loans, we’ll let you know why.
Your Admissions Rep will walk you through the process and answer any questions you have along the way.
Start Your New Career
“I decided that if I was going to invest in my education, I should dive in fully. The living expenses loan allowed me to quit my dead end job and focus completely on my education.” - Data Analytics Grad
Deferred Tuition with Living Expenses is more than an additional payment plan. It’s a key part of our mission to make fulfilling, high-income careers more accessible.
If now is the time for you to switch careers, check out our full-time programs to get started.