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New opportunity to retrain without fear of student loan debt

Posted: 5:00 PM, May 16, 2019
Updated: 2019-05-17 00:12:14Z
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SAN DIEGO, Calif. (KGTV) -- San Diegans have a new opportunity to go back to school without fear of being saddled with student loan debt.

The San Diego Workforce Partnership and U.C. San Diego Extension are teaming up to create what's called an income share agreement.

Here's how it works:

People complete a roughly yearlong certificate program in digital marketing, business intelligence, front-end web design or java programming at UCSD Extension. The fund will front the student's entire tuition, plus support services to total about $6,500.

Grads only make payments on it if they have a job that pays at least $40,000 a year.

"Once you get a foothold in some of these jobs, your salary potential grows even faster," said Andy Hall, chief operating officer of the San Diego Workforce Partnership.

Grads would be billed 6 to 8 percent of their pre-tax salary per month, but they'd never pay more than $11,500. Plus, all payments top after three to five years.

The idea is that the most successful grads can fund the next generation of those looking to retrain.

Google.org, Strada Education Network and the James Irvine Foundation are backing the program, along with an anonymous donor.

For more information and the application, visit workforce.org/isa