How to Pay For Coding Bootcamp: Guide to Coding Bootcamp Financing
Between 2013 to 2020, more than 100,000 people in North America graduated from a coding bootcamp. While the rising popularity of bootcamps can be attributed to their affordability compared to the high cost of college, many low-income students won’t be able to pay out of pocket for bootcamp programs.
If you’re wondering how to pay for a coding bootcamp, you’ve come to the right place. This article offers a list of coding bootcamp financing options that you can explore, which includes scholarships, monthly payment options, and private loans for coding bootcamp. Read on to find out how to get financial aid for coding bootcamps so you can acquire the in-demand skills you need for the best tech jobs in the industry.
Ways to Pay For a Coding Bootcamp
Excluding the upfront payment option, there are several ways to pay for a coding bootcamp. They include coding bootcamp financial aid, scholarships, and loans with your school’s lending partners. The list below delves deeper into some of the most popular ways to fund your coding bootcamp education.
- Coding bootcamp scholarships
- Deferred tuition
- Income share agreements (ISAs)
- GI Bill
- Coding bootcamp loans
- Employer sponsorship
Coding Bootcamp Scholarships
Coding bootcamp scholarships and grants are a great way to cover your tuition costs. Many nonprofit and governmental organizations work together to encourage people to transition to technology-based careers. They achieve this by removing financial barriers that make education inaccessible to select groups of people.
Today, there are a lot of coding bootcamp scholarships available to veterans, women, members of underrepresented groups, low-income earners, older and displaced workers, and people who are new to the workforce. Prospective students should check if they qualify for any coding scholarships before applying to a coding bootcamp.
Coding Bootcamp Scholarships for Women
There are many coding bootcamp scholarships available to women who are historically underserved in the tech world. These scholarships empower women to gain in-demand tech skills and unlock quality jobs after a coding bootcamp. By encouraging more women’s participation, scholarships can also help bridge the gender gap in the tech industry.
|Jill H. Mays Scholarship||Sabio||$5,000|
|Women’s Coding Scholarship||LEARN Academy||$2,000|
|The Software Guild||The Software Guild||$2,000|
|Women Who Code Scholarship||Codesmith||$1,000|
Scholarships for Minority Groups
Data from the US Equal Employment Opportunity Commission show that the diversity gap still exists. According to the 2021 report, the tech industry comprised only 14 percent Asian Americans, eight percent Hispanics, and seven percent African Americans. Here are some scholarships that seek to diversify the workforce by increasing tech education for minorities.
|Scholarship||Bootcamp||Amount Awarded||Who’s Eligible?|
|Black Engineers at Codesmith||Codesmith||Full Ride||Black students|
|Diversity Scholarship||Grand Circus||$1,750||Black, Latinx, Native American, LGBTQ+, and veteran students|
|Break the Glass Tuition Discount||General Assembly||$1,500||Transgender, genderqueer, gender nonconforming, and nonbinary students|
|You Belong in Tech Scholarship||V School||$4,000||Members of any underrepresented group|
|Breaking Barriers: Diversity Coding Scholarship||LEARN Academy||$2,000||Members of any underserved community|
Deferred tuition is a financing method that makes it possible for students to study now and pay later. Unlike an interest-bearing loan, a deferred tuition plan specifies an amount that you will owe at some definite point in the future or over a set number of payments. The clock may start a certain number of days or weeks after graduation or not until you find a job.
One drawback of deferred tuition is that you will end up paying significantly more than if you had been able to pay the upfront cost. But if you’re able to sign onto a plan that won’t kick in until you have a steady income, this shouldn’t be a problem. It’s an investment in your future that will eventually pay for itself, and then some.
Income Share Agreements
The core model for a coding bootcamp income share agreement (ISA) is straightforward. It is a form of deferred tuition where you pay for your coding bootcamp with a fixed percentage of your future earnings over a set period of time. Basically, the school agrees to allow you to complete the required courses and helps you find employment. In exchange, you don’t owe the bootcamp anything until after you’ve found a high-paying job in your desired field.
Indeed, most coding bootcamps that offer ISAs guarantee job placement after graduation and if they can’t place you, you’re not liable for repayment. If you are eligible for this type of ISA at your coding bootcamp, you only have to pay after you are hired. This means the school will work hard for you to succeed. Repaying an ISA loan doesn’t have to strain your finances if you find a high-paying entry-level coding job.
Qualified veterans can use their GI Bill federal financial aid for up to 36 months of college or career education. This means you can use GI Bill benefits at coding bootcamps approved by the Department of Veteran Affairs. The GI Bill also gives a monthly housing allowance to make it easier to go to the coding bootcamp you choose, even if it means moving.
A GI Bill coding bootcamp gives veterans the opportunity to learn marketable skills and improve their future income. Not all bootcamps are GI Bill-eligible, but some of the more prominent ones include:
- V School
- General Assembly
- Code Fellows
- Tech Elevator
Coding Bootcamp Loans
While you cannot generally get federal student loans through FAFSA for coding bootcamps, you can take out a personal loan or a private student loan to finance your bootcamp education. Taking out a student loan for coding school may sound risky, but there are steps you can take to ensure financial security. Some coding bootcamps work exclusively with lender partners to offer zero-interest or low-interest loans to bootcamp students. Let’s look at some bootcamp loan options below.
Apply For a Private Student Loan
While not all lenders partner with coding bootcamps, student loans for bootcamp students are becoming increasingly popular. A private student loan generally only covers tuition so students would have to look for ways to cover their living expenses while studying.
Younger people or those with a low credit score may need to have a family member co-sign for the loan. One important thing to note is that bootcamp lenders will likely charge a higher interest rate and stricter repayment terms than a federal student loan. You would also need to make due monthly payments even if you can’t find employment upon graduation.
Apply For a Personal Loan
You can also take out a personal loan to cover the costs of coding bootcamp tuition fees. In comparison to a private student loan, a personal loan affords you more flexibility with how you use the money. As such, you don’t have to worry about finding additional sources of income to cover your living expenses while studying.
Note that personal loans may be more difficult to obtain and require security. In most cases, they have higher interest rates, smaller loan amounts, and shorter repayment terms, so take these factors into account before deciding between a personal loan and a student loan for coding bootcamps.
Top Bootcamp Lenders
Should you choose to take out a loan to finance your coding bootcamp, it will benefit you to know who the top bootcamp lenders are and some of the schools they partner with. The table below gives you a sense of what’s out there. Remember that when it comes to student loans for coding bootcamps, your terms will vary based on your credit score, loan amount, and other factors.
|Bootcamp Lender||Partner Bootcamps|
|Ascent||General Assembly, Coding Temple, CareerFoundry, Ironhack, Nucamp|
|Climb||Springboard, Fullstack Academy, Flatiron School, Epicodus, Thinkful|
|Meritize||CodingNomads, Clarusway, LEARN Academy, Nashville Software School, Codeup|
|Sallie Mae||Turing, Tech Elevator|
Top companies that pay for coding bootcamps include Google, Apple, Amazon, and Facebook. This is a win-win effort that helps both companies and employees. Companies can increase overall retention rates and have a team of highly-skilled staff, while employees gain both professional and personal satisfaction from their jobs.
If you’re already a tech professional, check with your employer to see if you can attend a coding bootcamp with corporate sponsorship. If not, find out if there are any educational benefits like tuition reimbursement that you may be eligible for. You can also help your employer see the value in helping you pursue career advancement opportunities.
Payment Plans and In-House Financing Options
Other coding bootcamp financing options that you can use include in-house payment plans. These are generally payment plans that are unique to a coding bootcamp, designed to accommodate students of all financial backgrounds and increase access to coding education.
Some coding bootcamps offer plans that break up the cost of tuition into smaller chunks of monthly payments throughout the course. You would still need to find ways to pay the installments, but it could be a better option than paying for it all at once. Note that a down payment and credit check may be required.
How Much Does a Coding Bootcamp Cost?
Coding bootcamp costs vary depending on the length of the program, area of training, skill level, and whether or not you qualify for financial assistance. A study by RTI International says that the cost of a coding bootcamp can range anywhere from $7,500 to $13,950.
What Is the Best Way to Pay For a Coding Bootcamp?
Ultimately, there are many ways to get you started on the road to a more lucrative and in-demand career. A little creative thinking, asking questions, and research will go a long way to saving you money on your education. Our goal at Bootcamp Rankings is to show you how to pay for a coding bootcamp and guide you through the process of finding a rewarding career and making smart decisions for your financial situation.
For students who have money saved up, upfront payment is the least costly option. Those with leaner budgets will need to consider installments, deferred tuition, or loans. While these options do cost more over time, some coding bootcamps with job guarantees waive tuition debts for eligible graduates who are unable to find gainful employment. Whatever you decide, the high-paying job opportunities awaiting you when you graduate are likely worth the investment.
How to Pay for Coding Bootcamp FAQ
FAFSA, also known as the Free Application for Federal Student Aid, does not usually cover coding bootcamp costs. FAFSA is only available to students attending accredited higher education programs. A few bootcamps, such as Codeup and Kenzie Academy, are accredited and are therefore eligible for FAFSA funding.
Are there coding bootcamps with housing?
Coding bootcamps with housing do exist, but they have become less common in the United States since the pandemic. Schools like 42, Big Nerd Ranch, and Devmountain used to offer onsite housing as a way to intensify the immersive experience of their in-person programs. Most bootcamps nowadays have shifted their resources toward offering high-quality online training, which obviously does not require housing.
Is a coding bootcamp worth it?
Coding bootcamp is worth it if you are looking for a low-cost, short-term training program that is geared toward career development. Most coding bootcamps tailor their curriculum to fit industry standards and market demands, ensuring that your skills are relevant for today’s workforce. They also generally come with career assistance to help students prepare for a successful job search.
What jobs can you get after a coding bootcamp?
The types of jobs you can get after a coding bootcamp depends on your area of study. Some of the most common job titles include software engineer, web developer, data analyst, full stack developer, and systems engineer. Stack Overflow reports that 16 percent of graduates succeeded at finding a job right out of coding bootcamp while seven percent landed a job in less than a month. This demonstrates a positive career outlook for coding bootcamp graduates.