Financing your studies with CodeSpace

Access the funding and support you need to train as a Software Developer. Apply for financing to fund your studies at CodeSpace so you’re able to launch your career in tech.

Income Share Agreements

Study now. Pay later.

An income share agreement (ISA for short) is a fair and safe form of student financing to help young people achieve their study dreams. ISAs work like a Stokvel: you receive financing for your studies, and then when you’re earning enough to support yourself you pay back a percentage of your salary into the fund that paid for your studies. This allows another student to have the opportunity you had. Simply put, an ISA enables you to study now and pay later.

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Study Software Development now and pay later.

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Receive a laptop that you keep once you graduate.

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Get a stipend of R2000 per month during your studies.

Girl Financing

Am I eligible for
an ISA?

To be eligible for an ISA, you

  • Must be an SA citizen or have permanent residency in SA.
  • Cannot be employed or enrolled in other studies.
  • You must be between the ages of 18 - 35.
  • Must be available to attend mandatory classes from 9.30am to 3.30pm on weekdays.
  • Your household income must be less than R50 000/m. We give greater priority if your high school fees were less than R15 000/year, and if someone in your household receives a social grant.

We have limited funded spaces available for each intake. All applicants go through a rigorous selection process and do not automatically qualify for funding. Funding is reserved for candidates who are financially excluded and is awarded to applicants based on their performance in the application process.

An income share agreement is specifically designed to be a safe and fair way to finance your studies.

  • Once you graduate and start earning, you will pay back a fixed percentage (15%) of your salary into the fund that paid for your studies. This allows another student to have the opportunity you had.
  • You only start contributing back to the fund when you earn above a minimum threshold so that you always have enough money to support yourself.
  • If you stop earning, you’re not liable to make repayments. This protects you and makes sure you don’t carry the burden of debt in hard times.
  • You stop making repayments once you have made an average of 60 payments within the 12-year period. Ideally, this will be 3 years after graduating.
  • If things are going well, you can make an agreement to pay back into the fund quicker than 36 months.
  • If you go on to earn very well, there is a maximum repayment rate to protect very high earners.
  • Your repayments into the fund allow the next students to access the opportunity you had.
  • The ISA is funded by the Chancen Future of Work Fund, a registered credit provider regulated under the National Credit Act.

Study Loans

Apply for a
study loan.

A study loan allows you to pay for your studies over time in installments.

Personal Bank Loan

You can apply for a study loan directly through your bank. Once you register for your CodeSpace course, we will send you a registration letter that you can use when applying at your bank.

Aggregated Bank Loan

If you don’t qualify for a personal bank loan, you can apply for an aggregated study loan through our financing partner, Student Hero. They make collective applications to banks, which lowers the requirements to receive a loan.

To apply, you must have a small but steady income, or if you are not earning yourself you can apply with a family member or sponsor who can prove a steady income. You or your sponsor must have a South African bank account and a South African ID. Your repayments can be as little as R1300 per month.

Student Applying

FAQ

What’s the difference between an Income Share Agreement and a loan?

When you have a loan you commit to repaying a fixed amount of money. You only stop repaying your loan once you have paid back the fixed amount.

When you have an income share agreement you commit to repaying a fixed number of repayments. You stop repaying once you have made the agreed number of repayments (in our case this is approximately 36 months).

How do I know if I meet the degree of financial exclusion?

You are eligible to receive an ISA if your household income is less than R50 000/m. We give greater priority to students whose high school fees were less than R15 000/year, and if someone in the student’s household receives a social grant.

When do I start making repayments?

Repayments of your ISA start once you’re employed and earning above R5000 per month.

What happens if I lose my job or my income is too low?

If you’re no longer employed or your income drops to below R5000 per month, you don’t make repayments. However, you (or your champions) will be liable to pay a small fee of R60 (unemployment fee) per month when you’re unemployed.

When do I stop making repayments?

  • You stop making repayments once you have made an average of 60 payments within the 12-year period.
  • Ideally, this will be 3 years after graduating.
  • You can make an agreement to pay back into the fund quicker than 36 months.
  • In summary, repayments stop when your ISA term of 12 years is complete, or you have made all your repayments.

Is there a registration fee?

Yes, there is a small commitment fee (a minimum of R120 per month) for you to pay while you’re studying, which goes towards your ISA repayments. This shows your commitment and provides a record of good payment habits.

If you are invited to participate in the Selection Program; before signing the ISA Contract, you will pay a non-refundable initiation fee of R120, this fee does not go toward your ISA.

What is a champion?

A champion is someone who will champion your studies and is on your team. They have to be at least 25 years old, someone like a parent or close family member, not a friend or spouse. You may have to justify why you have chosen this person as your champion and why they are the right person to help you through your studies.

Why is a champion a requirement?

Your champion is our first point of contact. So if we can’t reach you, or if you stop repaying, or if something happens, we’ll get in touch with your champion. Your champion will sign commitment contracts and could be responsible for payments should you not honour your commitments.

What happens if I drop out of my CodeSpace course?

  • You, your Program Coordinator, and ISA Champion are to have a mandatory meeting.
  • You will also be liable for a portion of your tuition costs.

Why is it called the Chancen ISA?

There are many ISAs in the world. This one is the Chancen ISA because it is fair and ethical. Chancen ISAs have been provided in Rwanda for many years and launched in South Africa in 2021.

What requirements must I meet to apply for a loan?

You or a sponsor must have a South African bank account and a steady income of at least R7500 per month to qualify for a loan. However, the higher the loan amount, the higher your income must be.

What is a sponsor?

A sponsor is a person who will be paying the loan instalments during your studies if you cannot pay them yourself. A sponsor can be your parent or anyone else who is willing to support you with the loan application.

What is the interest rate, and how is it determined?

The interest rate and the term offered for repayment of a study loan depend on the credit score and affordability. The interest rate is generally between prime (7%) and 17% (prime +10%).

Each funder has a unique qualifying criterion that mainly considers your or your sponsor’s credit score, amongst other factors.

How long is the repayment term, and when do I start repayments?

The term to repay a study loan can be up to 60 months.

You or your sponsor can choose to pay only the interest on the loan amount during the year of study.

For example: If you borrow R50 000, the 10% interest will amount to R5000 per year and will be payable in 12 monthly instalments. R 50 000 x 10% = R 5 000 /12months = ± R450 p/m during the year of study. You’ll have the loan’s term to repay the borrowed amount, plus interest, after the year of study. ± R 1300 p/m.

What if I need a loan for another year of studying?

You can re-apply for a loan for every following year of study.

The following year’s interest payment will be calculated on the total consolidated loan amount for the first and second years.

For example: If you borrow a further R50 000, the 10% interest will amount to R10 000 for year two, and will be payable in 12 monthly instalments. R50 000 + R 50 000 = R 100 000 x 10% = R 10 000 /12months = ± R900 p/m during the 2nd year of study.

Specific fees and charges may vary amongst credit providers and influence the exact calculations.

Please note: These numbers are only for illustration purposes.

What if I don't qualify for a traditional loan?

Student Hero also explores funding from alternate student funders. The alternate funding providers are more lenient with their qualifying criteria, but their loans do not have an interest-only period.

How long will it take for my alternative loan to be approved?

Once you have completed the form and sent us the required documents, it will take about 24 hours to give you the outcome of the pre-qualification.

If you or your sponsor qualifies and elects to apply for a study loan, we will send the complete application to a funding provider for consideration. Approved loans can take about 4-7 days to finalise, so please be swift when we request additional information from you.

What does the study loan cover?

A study loan can cover tuition fees (including registration fees), the cost of prescribed textbooks, and special equipment or gear you may need to study (for example, your laptop).

Full-time students who are not living with family can also include the cost of accommodation. To apply for accommodation funding, you will need to provide proof of the cost of the accommodation, in the form of a quotation from a real estate agent.

Transport costs and an allowance are not included in a study loan application.

Is a laptop covered by my study loan?

You can choose to finance any laptop up to a maximum of R20,000 as part of your loan. Let us know if you'd like to include this in your study loan quote to Student Hero, and we'll add the recommended laptop to your quote.

What type of laptop will I need?

Your laptop specs have to meet the following requirements:

  • An older i5 with 8GB RAM.
  • A newer i3 with 8GB RAM.
  • 1 Terabyte SSD or 500GB.

We recommend the ASUS X515 i5-1135G7 8gb 512gb 15.6 inch. We can assist you in submitting a quote for your laptop once you have started your registration.

Get in touch.

Chat to our admissions team! We’re here to answer all your questions and set you on the right track to success!