Mar 30, 2017 12:03 PM EDT
Getting swamped by student debt is one of the biggest reasons why a lot of students do not go to college. However, one school is taking the education industry upside down by paying students who will enroll in their coding class.
Revature, an Arizzona-based tech company, is collaborating with universities across the nation and offers a 12-week coding class to interested coding classes. The class is absolutely free but the students have to attend 40 hours of classes a week in order to receive certification. Aside from that, the students are guaranteed a job with an expected average salary of $60,000 a year at various firms in different industries.
At the moment, the company has set up immersion classes at Queens College in New York and the Arizona State University where students who attend the class are paid. Aside from these students, Revature also recruited college graduates to attend classes in their headquarter in Virginia. Students are housed in the company's dorms and are also paid by the company.
Revature hopes to expand more in the coming months. They hope to double the number of students within this year. They will also set up coding classes at the University of Missouri and George Mason University.
How does Revature profit from this? Revature is one of a number of coding bootcamps in the country that use the income share agreement, a kind of payment scheme where an investor pays for the student's tuition and have a percentage of their income later when they start working.
Many schools that support the income share agreement said that it is a good alternative to student loans because it does not burden students with exorbitant payments after they graduate. Critics, on the other hand, say that it is good if a student earns a high salary when they graduate but a burden for those who might receive a lower salary.
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