Coding Bootcamp Financing: Ways to Pay for Your Bootcamp Education
Coding bootcamps continue to gain popularity as an excellent alternative to traditional degrees. Between 2013 to 2020 alone, more than 100,000 people in North America graduated from a coding bootcamp. This trend can be attributed to several reasons such as high college costs and a shift in hiring approaches.
According to many coding bootcamp students, they prefer this mode of learning because it is both short-term and low-cost. Coding bootcamps are also focused on giving you the skills you need to land some of the best tech jobs out there. This ensures that you are prepared to transition, break into, or advance your tech career right after you graduate.
If you’re wondering how to pay for a coding bootcamp, then you have 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.
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.
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
- Personal or student loans
- GI Bill benefits
- Coding bootcamp loans and financing
- Income share agreements (ISAs)
- Employer sponsorship
Coding Bootcamp Scholarships
Caption: Some coding bootcamps offer scholarships to help you cover the cost of tuition.
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.
- The Jill H. Mays Scholarship offers $5,000 to women who apply to Sabio Coding Bootcamp.
- Learn Academy offers a $2,000 tuition scholarship for its four-month bootcamp.
- WeCanCode offers $1,000 scholarships to minority women.
- Thinkful offers a monthly discount of up to $600 or $100/month for six months for all female students.
- The Software Guild offers a $2,000 scholarship for full-time female students.
- The Codesmith x Women Who Code Scholarship offers $1,000 off of tuition for Codesmith’s Software Engineering Immersive students who identify as female.
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.
- Black Engineers at Codesmith Scholarship covers 100 percent of tuition for 10 Software Engineering Immersive students identifying as Black or African-American.
- Students identifying as women, Black+, Latinx, LGBTQ+, Native American+, and veterans automatically qualify for a $1,750 scholarship through Grand Circus Diversity Scholarship.
- General Assembly’s Break the Glass Tuition Discount offers a $1,500 discount toward tuition for students who identify as a woman, transgender person, genderqueer, gender non-conforming, or nonbinary person.
- V School’s You Belong in Tech Scholarship awards 35 partial scholarships ($4,000) and one full-ride scholarship to women and other members of underrepresented groups.
- Learn Academy’s Breaking Barriers: Diversity Coding Scholarship offers a $2,000 coding scholarship for members of underserved communities.
Personal or Student Loans
You can get a personal loan or a student loan for coding bootcamp. Taking out a student loan for coding school may sound like a risky endeavor, 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 loan options below.
Apply for a Private Student Loan
Some banks and financial institutions do not extend loan services for coding bootcamps but they 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.
GI Bill Benefits
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. For more information, check out if you’re eligible to use the GI Bill for your coding bootcamp of choice.
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.
Income Share Agreement
The core model for a coding bootcamp income share agreement (ISA) is straightforward: you don’t pay for your coding bootcamp until you get a job. Basically, the school agrees to allow you to complete the required courses and helps you find employment. In exchange, you agree to pay the coding bootcamp back a percentage of your income over a set period of time.
Some coding bootcamps 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.
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.
Best Ways to Pay for Coding Bootcamp
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 show you how to pay for a coding bootcamp and guide you through the process of finding a rewarding career.
How to Pay for Coding Bootcamp FAQ
FAFSA, also known as the Free Application for Federal Student Aid, does not cover coding bootcamp costs. FAFSA is only available to students attending accredited programs like college degrees. However, there are a lot of financing options like scholarships, loans, and benefits that you can use to fund your coding bootcamp education.
What are some coding schools that accept the GI Bill?
Some coding schools that accept GI Bill benefits include Galvanize, Codeup, V School, Sabio, General Assembly, Code Fellow, Tech Elevator, and devCodeCamp. They offer a range of tech training that can equip you with in-demand skills like software development, data science, and more. Note that the amount for GI Bill eligibility varies so make sure you check with the Department of Veteran Affairs before applying.
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.