How to Pay for Coding Bootcamp
An increasing number of Americans are waking up to the advancements in technology and wondering where they may fit into this technological age. The Fourth Industrial Revolution means it is important – now more than ever – to build your knowledge to include various technology-based skills. However, an increasing number of Americans also realize that going back to school to get a traditional university degree is not only extremely expensive, but also time-consuming in their already busy lives.
Coding bootcamps are an excellent alternative to traditional degrees. They are rising in popularity because they are short-term (usually weeks compared to years), low-cost, and highly focused on giving you the skills you need to transition, break into or advance your tech career.
A great way to get a taste of what you will experience in a coding bootcamp, take advantage of some free online events and courses offered by bootcamps. For example, General Assembly, the world’s largest coding bootcamp offers free introductory courses for various subjects so you can find the best career path!
Sounds great, right? So, now the question is: How to pay for coding bootcamp? Of course, if you’re able to pay for coding bootcamp out-of-pocket, that is the easiest route. But, if you’re not able to do that, read on to find out more payment options.
Coding Bootcamp Scholarships
Scholarships, grants, and other initiatives are a great way to go, if you can qualify for them. Many nonprofit and governmental organizations are working together to help encourage people to transition to technology-based careers and boost local tech economies. In 2015, the Obama Administration created the TechHire Initiative to achieve that goal of unity and offering greater educational quality through innovative partnerships.
With so many initiatives currently available and increasing every year, you should start by exploring whether you qualify for any of the local funding programs first. Programs for veterans, women and underrepresented groups, low-income older displaced workers, and those who are new to the workforce are available. You just may have to do a little digging to find them.
Using Your GI Bill for Coding Bootcamp
Veterans are eligible to use their GI Bill federal financial aid for up to 36 months of college or career education. 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. For more information, check out if you’re eligible to use the GI Bill for your coding bootcamp of choice.
Coding Bootcamp Scholarships for Women
There are many scholarships available to women who are historically underserved in the tech world.
- The Jill H. Mays Scholarship offers $5,000 to women who apply to Sabio Coding Bootcamp
- Wyncode offers $1,000 tuition scholarship for its programs
- WeCanCode offers $1,000 scholarships to minority women
- Thinkful has several scholarship opportunities available, including a monthly deduction of up to $300 for women attending full-time or $100/month deduction for part-time students
- The Software Guild offers women a $2,000 scholarship for full-time female students
- The Lesbians Who Tech/Edie Windsor Coding Scholarship is offered to women in the LGBTQ community a 50% tuition reduction
Other Ways to Pay for Coding Bootcamp
If you find that you don’t qualify for scholarships or grants, don’t be discouraged! There are still many more options to pay for coding bootcamp and improve educational quality through innovative funding to get yourself into a lucrative career.
Research Payment Plans & In-House Financing Options
Some coding bootcamps, like Bloc, offer payment 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. Some bootcamps that offer in-house financing may require a down payment and credit check, so be advised.
Apply for Income Sharing Agreement
An Income Sharing Agreement (also known as an ISA) is offered by many prestigious coding bootcamps and is a great way to avoid shelling out money upfront to fund skills. Basically, the bootcamp agrees to allow you to complete the required courses, helps you find employment, and in exchange, you agree to pay back the funds from your income over a set period of time. Some bootcamps guarantee you job placement after graduation and if they can’t place you, you’re not liable for repayment. This is a great way to go if you can qualify for it as it means the school will work hard for you to succeed.
Apply for a Private Student Loan
This option is great for those who are able to qualify for the loans offered from a private lender to pay for coding bootcamp. Some banks and financial institutions won’t allow private student loans for non-degree programs like bootcamps, but they are becoming increasingly popular. There are a few options you can try to obtain a private loan for coding bootcamp, such as:
- Sallie Mae
- College Avenue
- Discover Student Loans
- Skills Fund
- Citizens Bank
For young people who haven’t yet established credit, having a family member co-sign for the loan may be necessary. But in the long run not only are you getting a fast education to start a new career, you are also able to build your credit right from the start. 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.
And, they will only cover the cost of tuition, so paying for living expenses will still need to be sorted out. And, be advised that if you can’t find employment upon completion of the bootcamp, you will still need to repay the loan to avoid default.
Apply for a Personal Loan
Personal loans differ from private student loans in that you can use the money for whatever personal need you may have. They may be more difficult to obtain or require a security, have higher interest rates, smaller loan amounts, and shorter repayment terms, so be advised.
Use Credit Cards to Pay for Coding Bootcamp
If you’re better able to qualify for credit cards, this may be a good way for you to pay for your courses and spread your tuition out over monthly payments.But, be sure to check the fine print to avoid unfavorable interest rates and terms! Try to seek out other financing options before maxing out your credit cards since doing so will adversely affect your score.
Employer Sponsorship of Coding Bootcamps
If you’re already a tech professional, check with your employer to find out if they offer sponsorship programs for tuition reimbursement. If they don’t why not ask if they would help? At first, your employer may not see the value in helping you continue your education, so be sure to come prepared to explain the many benefits your employer will enjoy.
Discounts From the Bootcamp
Sometimes, discounts may not be advertised, so why not ask if your school of choice offers discounts? For instance, if the school offers payment plans, ask if paying in full or paying early every month will provide a discount. Also, ask if pre-registering for classes will cut a little off the price.
Crowdfund Your Coding Bootcamp
Starting a crowdfunding campaign is easier than ever before and it’s a great way for your friends and family to share in your success. To succeed at crowdfunding, though, you will need to know how to do it right. Remember, it is all about storytelling. Tell your potential donors your personal story and why you want to attend a coding bootcamp.
Make them understand what it is and why it is important to you. And, don’t be afraid to share, share, share! Publish regular updates and aspirations. The only way you can achieve success with crowdfunding your education is to be completely transparent and passionate. Show them you’re willing to work hard to make your dreams come true, you just need a little help.
Ultimately, there are numerous 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 guide you through the process of finding a rewarding career in tech that fits your passion, personality, and goals. Ready to begin your coding bootcamp journey but not sure exactly where to start? Check out our list of careers to find one that fits you the best and find a coding bootcamp near you: