Leif is a technology company dedicated to increasing access to quality and affordable education. The company has developed an end-to-end platform that enables the design, origination, and program management of Contingent Payment Plan programs. As the infrastructure layer that powers the Contingent Payment Plan Program ecosystem, Leif partners with schools to provide students with an outcomes-aligned form of education finance.
- WHAT IS A CPP?
A Contingent Payment Plan is a way for you to pay for the Coding Fast Track classes. We wanted to make this program more accessible and with this plan, you pay $0 for the program until you have graduated and are earning above a predetermined minimum salary of $45,000 per year.
- HOW DOES IT WORK?
If you are approved for a CPP contract, you will be able to start the program without having to pay anything upfront.
After graduating, you agree to pay a flat rate that will vary depending on which plan you chose, but only once you’re making at least $45,000 a year. If you are laid off from your job, your payments pause until you are making at least $45,000 per year again.
Your CPP will end once you’ve paid 6 monthly payments. We also have a Maximum Deferment Period of 5 years (or 60 months) in place. If after graduating from the program you are unable to make payments for 5 consecutive years, your CPP obligation will become void, whether you have paid or not.
- WHY IS IBG INSTITUTE OFFERING A CPP?
This is our way of investing in you and your success. IBG wants to provide you with an opportunity to achieve your career goals without having to take a large financial risk.
A CPP is a viable alternative to paying tuition upfront, as it waits for you to be in a financial position to pay for your education with no added interest. Not only do CPPs only kick in once you’re making $45,000 per year, they are also paused if you no longer meet the Minimum Monthly Amount. We get it, sometimes life just happens.
- CAN I PAY TUITION UPFRONT INSTEAD OF SIGNING A CPP?
Yes. You will be presented with all your payment options before enrollment, and if you’d like to pay upfront instead of signing a CPP, you can indicate it on your paperwork or notify one of the IBG Institute’s team of instructors.
- CAN I PAY THE CPP OFF IN FULL OR IN-PART BEFORE THE END OF THE 48-MONTH PLAN TERM?
Yes. You may pay the Total Payment Amount in full or in part at any time as long as you are making above the Minimum Monthly Earned Income. You will not be entitled to a refund of part of the Plan Charges (if any), nor will you be entitled to a refund if your Monthly Earned Income later is less than the Minimum Monthly Earned Income.
- WHO MANAGES THE CPP?
Leif is our current CPP Program Manager. You will make an account on Leif’s platform to apply for your CPP, review and sign your contract, and eventually to report income and make payments.
- WHAT IS THE PROCESS TO APPLY FOR A CPP? HOW LONG DOES IT TAKE TO GET APPROVED?
You can apply for a CPP by using either one of the links on the sign up page. The application is all online and typically takes less than 5 minutes to complete and applying will not affect your credit score.
It typically takes 1-3 days for Leif, our CPP Program Manager, to review your application. If approved, you’ll sign any necessary paperwork and your account with Leif will be active.
- WHO IS ELIGIBLE FOR A CPP?
CPP eligibility is not determined on the basis of prior income, sex, race, sexual orientation, religion, national origin, or protected class. Instead, there are certain minimum requirements you must meet to be eligible.
Every CPP applicant must have a valid social security number and must be eligible to work in the United States. Because CPPs require employment in full-time jobs, you must be eligible for full-time employment to qualify for a CPP (i.e. currently enrolled college students in their freshman to junior year do not qualify). CPPs are also not available to individuals who already have an obligation to pay under a CPP with another institution.
- FOLLOWING GRADUATION, WHEN DOES THE CPP REPAYMENT PROCESS TAKE EFFECT?
The Plan Term begins upon graduating from the Data Science Virtual Academy. However, you will only start paying the monthly amount once you land a job where you earn a minimum of $45,000 a year. If your annual salary falls below $45,000, your payments are paused.
- WHAT IF I START THE DATA SCIENCE VIRTUAL ACADEMY AND REALIZE IT’S NOT RIGHT FOR ME?
If you feel like your program is not right for you, you may withdraw and receive a prorated refund of upfront tuition (if applicable), and your CPP is also prorated, based on the terms of your contract. (Note: Refund and withdrawal policies vary from program to program, so make sure to fully review your CPP contract.)
However, if you leave the program because you received a job, you will not be considered “withdrawn,” and your CPP will be due in full, based on the terms of your contract.
- WHAT IF I LOSE MY JOB?
If you lose your job or earn below the Minimum Monthly Amount, you will be placed into the Deferment Period and no payments will be due again until you are earning above the Minimum Monthly Amount again.
- IF I ACCEPT A JOB OUTSIDE THE FIELD I STUDIED, DO I STILL HAVE TO MAKE PAYMENTS?
Yes, you are still responsible for making payments as outlined in your CPP contract.
- WILL I BE ABLE TO KEEP TRACK OF MY PAYMENTS?
Our CPP Program Manager, Leif, will provide you with an account where you can keep track of your payments. Leif also provides customer support to answer more detailed questions.
- HOW DO I VERIFY MY INCOME AND JOB STATUS?
The CPP contract requires you to report your job status and income to Leif, our CPP Program Manager. You can do this on the account you create with Leif, after getting approved for a CPP.