UC San Diego Extension and the San Diego Workforce Partnership (SDWP) announce that for the first time, more than 50 local adults are in the classroom learning the skills they need to move their careers forward – at no upfront cost. By enrolling through the Workforce Income Share Agreement (ISA) Fund, these workers are taking courses like Java programming and front-end development from industry professionals, and they will not make any payments until they land jobs that allow them to pay with a percentage of their salary.
The SDWP and educational partner UC San Diego Extension created this first-of-its-kind income share agreement to provide students with a more affordable higher education option and to boost the economy by addressing the need for skilled employees.
The Workforce ISA Fund allows students to pay for their program over a set amount of time after they are employed, based on their income. While the specific terms vary slightly depending on the program, students will pay back between 6-8% of their income for 36-60 months. Since payments are based on income, students do not owe payment if they do not get a job after graduation that pays at least $40,000. This minimum income threshold also means that payments stop if the students’ income falls below this wage or if students experience a period of unemployment.
As well as receiving instruction from industry professionals at UC San Diego Extension, these students also have access to a mentor currently employed in the field relevant to the student’s coursework and career path; a network of support for technology, transportation, child care and other services to empower each student to be successful in the classroom and on the job; a career consultant, plus career readiness training, resume assistance and interview preparation support; exclusive networking events sponsored by San Diego’s technology community; and internship and job placement services.
“We believe that everyone deserves access to a great education,” says assistant dean of Innovation and Research Affairs at UC San Diego Extension, Josh Shapiro. “We also know from experience that students succeed when they feel supported not only in the classroom but by the administration, mentors, and the business community — and that’s exactly what this program provides.”
To learn more about the Workforce ISA Fund or UC San Diego’s Extension program, visit workforce.org/ISA/ or extension.ucsd.edu/student-resources/financial-resources/ISA.