Kaplan Test Prep is trying out a new way to finance tuition for participants in its Metis Ruby on Rails bootcamp. It’s partnered with Palo Alto, Calif., startup Upstart to offer financial aid that students pay back over five to 10 years through a pre-determined percentage of their earnings. In other words, rather than commit to paying a set amount each month regardless of their employment situation, Upstart customers pay based on the amount they’re making during the repayment period.
If it works, the approach could be a good way around the training conundrum faced by many tech professionals, who are on the hook to pay for new training that they can’t afford out of their available funds.
“As we look to boost the skills gap in coding and Web development, partnering with Upstart enables us to connect tomorrow’s developer talent with the financial backing to gain the skills they need to be successful,” said Jason Moss, co-founder of Metis.
Metis offers a 12-week Web development bootcamp, with 12 additional weeks of post-graduation professional development and job placement support. The course is created and taught by thoughtbot, a Ruby on Rails development and consulting firm.