Traditional Education has always been out of reach of so many deserving students for several reasons but during recent times the cost of education has skyrocketed so much that students with limited resources have no means to pursue courses of their choice.
Pay After Placement courses have emerged as an excellent alternative for students who want to pursue specialized skills training over a short period of time.
What is Pay After Placement Scheme?
Pay After Placement programs allow students to enroll for a course without having to pay anything upfront. Students sign an Income Sharing Agreement with the institute or the ed tech platform and any payment starts only after students are placed and receive their first salary. Most upskilling courses and remote learning Ed tech platforms operate on an Income Sharing Model, thus providing learners with a lot of flexibility.
Why are Pay After Placement Relevant than ever before?
Before we attempt to understand pay after placement, it makes sense to look at some of the relevant financial data regarding education loans in India.
Banks and non-bank lenders had disbursed Rs 11,000 crore education loans during the year 2020. Data from CRIF High Mark, a credit bureau. A rough estimate of the number of students taking education loans is between 4-5 lakh.
However, the other half of the story explains that the education loan form the largest chunk of NPAs, or the non performing assets. 7.61% in FY20 engineering courses led the list of NPAs in the education sector with 176,256 accounts amounting to ₹4,041.68 crore turning bad as on 31 December 2020.
Students have not just defaulted on their loans but also dropped out of professional degree courses for several reasons.
So there are two aspects to this discussion:
- Expensive professional degrees that require large loans
- Despite degrees no jobs which lead to non payment of large sums of educational loans
Indian students are therefore caught a bit between the devil and the deep sea however, the pay after placement programs are the answer. Let’s find out how.
How can Pay After Placement help?
While pay after placement looks appealing, there is a lot of confusion around it along with fear of getting trapped into some sort of legal tangle. Let’s try and dispel some myths around the pay after placement.
Pay After Placement are Outcome Oriented
Pay After Placement allows students to pursue quality education which is outcome oriented, i.e. an education which will prepare them for a job. Since most of these courses have zero upfront fees it provides students with a financially weaker background an access to get upskilled and become employable.
Most of these pay after placement courses are designed to address industry requirements, at FunctionUp, the course is designed in consultation with the industry experts so that it is current and meets industry standards. This in turn ensures that students have better prospects of finding jobs post the completion of the course.
Pay After Placement Means a Shared Accountability
When institutes, boot camps or ed tech platforms operate on an ISA model it also means that the success of the student becomes a shared responsibility. While the students work hard and are facilitated by proficient teachers and mentors, the boot camp ensures placements of its students by adding hiring partners from different industries who are willing to hire from the boot camps. Students are rarely left behind and the effort is to place all the students to ensure that the boot camps can generate revenue through ISA.
No Huge Education Loan
Pay after placement eliminates the need for huge student loans. Most ISA structures are highly flexible. At FunctionUp, the ISA model is flexible to the changing student situation and provides a lot of agility in the payment process. Plus these ISAs do not compound like the loan, there are no interest rates levied.
We offer a 50% scholarship to our female students to encourage more and more women to join the technical workforce and become empowered and independent.
A Threshold Income
Most pay after placement programs come with a minimum threshold salary for their students and the income sharing does not kick in unless the student lands a job which meets the threshold requirement or is more than it. At FunctionUp, this minimum threshold is 5.0LPA.
What are some Popular Pay After Placement Courses at FunctionUp?
Duration – 4 months
Fee- Pay After Placement
No prior coding experience required, students from all backgrounds can apply.
Data Analysis – Data Analytics is a fast growing area as more and more companies are going for digitalization. FunctionUp offers Data Analytics Course through its Boot camp with following features:
- No Coding Skills Required
- Pay After Placement
- 100 % placement
Our Data Analytics Boot Camp provides:
- 360 Degree Learning from Industry Experts
- Advanced curriculum designed by IIT alumni in collaboration with industry experts.
By the end of the cohort you will be able to:
- Design, strategize and deploy solutions to take data-driven real-world decisions
- Strategize and define business and user requirements on your own
- Create visual models to engage business users experts in analysis
Duration – 7 weeks
Fee- Pay After Placement
FunctionUp has recently launched its Product Management Cohort.
Helmed by industry experts this cohort will help you learn Modern Product Management through live projects and assignments, case studies and video lectures.
The Product Management Cohort offers:
- Excellent career opportunities and growth trajectory
- Learn from industry experts
- Live learning and regular doubt clearing sessions
- Manageable for working professionals too
- Build a portfolio
- Short and comprehensive course of 2.5 months with practical learning
- Pay only after getting placed
- High placement package range, anything between 10-25 LPA
Duration- 2.5 months
Fee- Pay After Placement
Pay After Placement is an excellent option for students who want to pursue focused job oriented training without having to invest a heavy amount of money. A parting suggestion is to find out all the information regarding the ISA and then make an informed decision.
FunctionUp is a pay after placement boot camp that offers several upskilling courses through its cohorts.
You can explore more about us here