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At Microverse, we believe that learning should be accessible to everyone, no matter where you live. The Microverse Income Share Agreement (ISA) is the funding arrangement that allows us to make that dream a reality. The purpose of this article is to provide more details about the Microverse ISA to help you better understand our tuition, payment policy, and if Microverse is the right fit for you.

What is the Microverse ISA?

The Microverse ISA is a contract where students commit to paying a fixed percentage (15%) of their salary once they get a job in tech and start earning more than USD 1000 per month.

With the ISA our incentives are directly aligned with our students. The entire team at Microverse is invested in our students’ futures and each ISA tuition payment allows us to continue helping other students follow their dreams and become remote web developers. 

Once students start working in a qualified capacity after Microverse, they will pay back their tuition with a portion of their monthly income. The first few days of each month is when payments are collected - depending on when their salary is received.

income share agreement
Image source: Unsplash.com

Why is the ISA an Opportunity?

Our prospective students often compare Microverse to other low-cost alternatives such as self-study or learning on your own. Unlike other coding bootcamps or solo attempts to learn to code online, Microverse provides the scaffolding to gain the skills needed to succeed as remote web developers. This includes the structure, accountability, support, and technical and soft skills necessary for you to become an international software developer.

At Microverse, students learn using a unique approach - working and collaborating remotely with peers worldwide. Our unique approach provides students with an accountability partner and an extensive global support network. In addition, it helps students learn remote workflows and acquire the collaboration and communication skills necessary to join an international company.

Once students have completed the technical program, they are matched with personal career coaches who work alongside them to help prepare for the international job market and find a job that is right for them. Further, when students join Microverse, they sign up to receive career coaching support for life. That means whether students are seeking their first or tenth job, we’ll support them on their job searching journey.

We recognize that our students have different goals and ambitions. Some are motivated to land a great job while staying in their local community; others are focused on getting relocation support to move to another country. 

Image source: Unsplash.com

For example, one of our students from Asia doubled his prior salary at a remote company in Europe. Later, that student secured a different remote job and got a further salary boost.

So Microverse’s ISA is an opportunity because of the several options it brings your way. Microverse keeps you motivated with the goal of getting an amazing job. 

How are the Monthly Payments of the ISA Calculated?

You agree to pay 15% of your monthly gross income through Microverse’s ISA. However, this only applies if you earn USD 1000 a month or above. See below for an example calculation.

A student earning USD 30,000 yearly (before taxes) would earn around USD 2,500 per month. Given this salary falls above the minimum requirement (USD 1,000 a month), the student would be required to pay back 15% of their monthly wage or USD 375 a month. The student keeps the rest of their monthly salary (USD 2,125) for themselves.

How Much and For How Long Will a Student Pay Back the ISA?

With the ISA contract, you will start paying after you've started your job, making USD 1,000 per month, and continue to pay until you have paid back USD 15,000.

Some alums choose to pay over the 15% rate agreed upon in the ISA to pay back faster. Since your payment plan ends once the total USD 15,000 amount is repaid, paying more each month helps students pay back their tuition faster and helps support more Microverse students. However, this is completely optional.

In addition, you can negotiate other income-based agreements while still paying your Income Share Agreement at Microverse, as long as they don't exceed 30% in aggregate.

But what if you sign the ISA and don't attend the program? Will Microverse charge you even though you’re not in the program? In short, no. If you never start at Microverse or leave before you complete the first module, you will not need to pay back anything. You can read more about what happens to the Income Share Agreement if you are never fully enrolled.

Is There Any Reason a Student Won’t Have to Pay the ISA?

There are certain exceptions to the ISA where you, as a Microverse student, won't have to pay:

  1. If your income drops below USD 1000 a month.
  2. If you do not perform professional activities in Software, Data Science, Cyber Security, and Information Technology.
  3. If you are enrolled (at least half-time) in a master's or PhD program.
  4. If you are unemployed but actively seeking employment.
  5. If you are unable to work due to a disability, illness or parental leave, therefore temporarily not receiving an income.

How is Microverse Committed to Student Success?

Microverse offers a unique opportunity to learn in a more structured, fast-paced environment than you would on your own, without paying anything until you've landed a job. 

There are no teachers at Microverse - instead of traditional teachers, you learn through exceptional peer-to-peer interactions in a collaborative environment that mimics real-world remote workspaces. 

With the ISA at Microverse, we take on the upfront costs and risks as we fully believe in our students and their capabilities. We are fully invested in their future, and our incentives are aligned with helping students achieve the best outcome possible. 

income share agreement microverse
Image source: Pexels.com

Students Only Start Paying Microverse Back After They Get a Job Making USD 1000 Per Month

Microverse aims to make it easy for its students to pay their monthly ISA amount. If you lose your job, you stop paying Microverse, and you only resume your ISA payments after you get a job making at least USD 1000 per month. 

Further, the ISA becomes easier to pay over time, and it gets easier to pay as you grow in your career and increase your salary. We are confident in this as we have seen it in practice with our alums and you can review examples of starting salaries for software developers around the world.

Student’s Potential Salary After Microverse Compared With Local Salaries

The potential salary for students is dependent on the type of work they choose. If you choose to work locally, you may limit yourself in terms of opportunities and pay. Our ultimate goal is to help students focus on remote opportunities in the international job market and help them gain the experience needed to land their dream jobs. That said, we support all our students, regardless of their journey and dream job desires.

Is a Student Required to Pay Microverse While Searching for a Job? 

Students do not have to pay anything to Microverse while looking for a job and are never forced to accept a job they do not like. While job searching, you will have a Microverse career coach available to assist with your search and each time you come back to job searching.

Does a Student Have to Pay Microverse if They are Between Jobs?

No. Here’s an example; after six months in their first job, a student has paid Microverse USD 2,517 USD (the remaining ISA balance is USD 12,413). However, the student quits their job in search of a remote mid-level job at another company. While looking for a new job, the student stops paying Microverse since they are not making any money.

income share agreement
Source: Pexels.com

If a Student's Salary Increases, Do Microverse ISA Instalments Increase? 

Yes, Microverse ISA instalments are always 15% of your monthly gross salary.

What if a Student Enrols in a Master's Program or Ph.D. Program at a University? 

If a student decides to go back to school to complete, for example, a master's or Ph.D. degree, they can stop their Microverse ISA payment instalments. However, the student needs to be enrolled in an accredited program and study at least half-time, meaning a minimum attendance of 20 hours per week and providing, quarterly, a certification ensuring satisfactory academic progress in the program.

Is Microverse the Right Choice?

No matter where you live, our team is committed to helping you connect to life-changing remote job opportunities. Due to this, you won't have to pay any tuition up front; instead, you'll use the ISA we explained to pay for your Microverse education.

Further, our cutting-edge approach to education helps students understand remote workflows and develop the teamwork and communication skills required to succeed in international companies. We also provide students accountability and a global support network.

We hope this article helped you understand how the Microverse ISA works. So, apply to Microverse now and prepare to 3x your salary working as a remote web developer!

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