Financial Aid for Coding Bootcamps: How to Pay for a Coding Bootcamp

If you’re curious about financial aid for coding bootcamps, be rest assured that you’ve come to the right place. Statista reports that over 100,000 students in North America graduated from coding bootcamps between 2013 and 2020.

However, it’s important to note that many low-income students cannot afford these programs. So you might wonder, “Can I get financial aid for coding bootcamps?”

Fortunately, this article provides various funding options, such as scholarships, monthly payment plans, and private coding bootcamp loans. By exploring these avenues, you can secure financial aid to acquire the in-demand skills required for the best IT jobs.

Keep reading to find out how you can obtain financial assistance for coding bootcamps and pave your way to success in the field.

What is Financial Aid for Coding Bootcamps

Financial aid for coding bootcamps encompasses various options to help you manage the costs of your coding bootcamp education costs.

Just like traditional educational programs, coding bootcamps understand the need for financial assistance and offer support to make their programs more accessible.

Financial aid for coding bootcamps can take different forms, including scholarships, grants, tuition reimbursement, installment plans, and loans. These options aim to ease the financial burden and enable more individuals like you to pursue their coding education.

It is crucial for you to research and explore the financial aid options available for each specific coding bootcamp. Understanding the requirements, deadlines, and availability of financial aid options or other forms of assistance is essential for making an informed decision.

By utilizing financial aid options, you can make coding bootcamps more affordable and attainable, allowing you to gain valuable skills and advance your career in the tech industry.

Remember to thoroughly evaluate the financial aid options, consider your eligibility, and choose the best option that suits your circumstances. Financial aid can make a significant difference in your pursuit of coding education.

How to Get Financial Aid and Pay for Coding Bootcamp

When it comes to financing your coding bootcamp education, it’s crucial to consider various options that can assist you in managing the costs. Let’s explore some options you can leverage. Let’s get started with financial aid for coding bootcamps

  1. Deferred Tuition
  2. Loans for Coding Bootcamp
  3. Income Share Agreements
  4. Payment in Advance
  5. Crowdfunding
  6. Employer Sponsorships
  7. GI Bill for Coding Bootcamp
  8. Scholarships for Coding Bootcamp

#1. Deferred Tuition

Deferred tuition schemes are a popular financing option for coding bootcamps. With this arrangement, you only need to pay tuition after graduating and secure a job surpassing a specific income threshold.

Typically, you are required to pay a small deposit at the beginning of a deferred tuition program, although this may vary.

Currently, several coding bootcamps offer deferred tuition. For instance, Flatiron School has partnered with the We Company to introduce the Access Labs program. Through this program, you can delay tuition payments until they find a job that pays over $35,000 annually. LearningFuze, Nucamp, and Thinkful are other coding bootcamps that also provide deferred tuition options.

Many bootcamps offer loan schemes to assist you with financing your studies. Some also collaborate with loan providers such as Climb Credit and Upstart. People with no or bad credit might also get financing that works for them to attend a bootcamp.

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Paying for coding bootcamp with a private student loan requires repayment after completion. In most situations, you cannot contribute to your loan until you graduate, at which point the payment period begins. Before signing an agreement, ensure you can commit to a loan.

Before you take out a loan to pay for your study, you should find out if the bootcamp has any lending partners. When you borrow money from a bootcamp partner, you are less likely to have communication breakdowns and are more likely to have a great experience.  

#3. Income Share Agreements

A coding bootcamp income share agreement (ISA) is a common form of deferred tuition that you might come across. With an ISA, you can attend a coding bootcamp without any upfront costs in exchange for a percentage of your future earnings.

After graduating, you will only need to make payments based on a portion of your salary. Payments are typically required if you earn above a specific threshold, which is usually between $30,000 and $60,000.

If you happen to become unemployed or underemployed, you won’t be obligated to make educational payments. Additionally, ISAs usually have payment caps to ensure that successful students don’t end up paying an excessively high share of their bootcamp costs.

The key advantage of ISAs is that they incentivize schools to invest in the success of their students. By tying the institution’s compensation to the student’s future earnings, ISAs encourage coding bootcamps to provide top-notch training and support services. This arrangement ensures that the school benefits only when the student succeeds.

#4. Payment in Advance

Opting to pay your tuition in advance is the safest option. You can enjoy a stress-free learning experience without the hassle of multiple payments by paying your school fees as soon as possible.

Many schools offer discounts to students who choose to make a single, lump-sum payment. For instance, General Assembly provides a $450 discount for students who pay the full tuition upfront for an immersive program. If you’re considering a part-time course, you can save $250.

Similar discounts are available at Fullstack Academy, Hack Reactor, and Ironhack.

#5. Crowdfunding

You can also fund your bootcamp through crowdsourcing. Crowdfunding services like Indiegogo and GoFundMe enable people to raise funds for various causes, including education. The advantage of crowdfunding is that it might make it simple to raise the funds you require.

There is a large audience to target who may be interested in assisting you with your college financing.

However, there are a few issues with crowdsourcing. The most important is that you will be competing with others who are raising funds for similar causes.

As a result, you’ll need to create a solid profile to increase your chances of raising the funds you’ll need to attend a coding bootcamp.

#6. Employer Sponsorships

You can always ask your company if they will pay for some or all of your tuition. Some organizations fund employee skill development classes, such as coding bootcamps. Your employer pays for all or part of your bootcamp tuition under a bootcamp employer sponsorship model.

Businesses benefit from bootcamps because they may help employees become more successful and productive. Bootcamp employer sponsorship is a terrific alternative if you already work in technology.

It allows you to work and attend coding bootcamp at the same time. Furthermore, firms that provide student loan repayment perks may be prepared to assist employees by paying off their loans.

#7. GI Bill for Coding Bootcamp

The GI Bill was enacted in 1944 after World War II. It was created to assist veterans in readjusting to civilian life.

It gives them the funds they require for schooling, home ownership, or a business start-up. Veterans’ education funds are now available to students enrolled in a short-term coding bootcamp. 

Veterans may be eligible for up to 36 months of college or job training under the Post-9/11 version of the bill. Eligible students must have been honorably discharged or be on current duty.

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They must also serve or have served at least 36 months of active service to be eligible for the full range of benefits. This covers funds for instructional supplies as well as living expenditures. 

Check out the complete list of bootcamps that accept GI Bill payments. Codeup, General Assembly, Code Platoon, Galvanize, and DigitalCrafts are among the coding bootcamps that take the GI Bill.

If you’re wondering how to pay for coding bootcamp, the GI Bill may be the answer. Some rewards are available even if you have served for a shorter period.

#8. Scholarships for Coding Bootcamp

Scholarships for coding bootcamps are another popular source of funding. Coding bootcamps are well-known for their efforts to enable students from all walks of life to begin a career in technology.

One way they achieve this is by providing a variety of scholarships. Scholarships are advantageous since students are not required to repay them.

Bootcamp grants often target a specific type of student. Some bootcamps, for example, provide bootcamp scholarships to women and marginalized groups.

Through its Women Take Tech scholarship fund, Flatiron School, for example, has awarded over $1 million to women’s coding education.

Some bootcamp scholarships are partial, which means they cover a portion of the tuition but not the entire cost. Others pay the entire tuition expense. Scholarships are available to students at bootcamps such as General Assembly, Coding Dojo, DevMountain, and Hack Reactor.

Coding Bootcamp Scholarships for Women

Many coding bootcamp scholarships are available to women historically underserved in the tech industry. These scholarships enable women to learn in-demand computer skills and secure high-paying jobs after completing a coding bootcamp.

Scholarships can help narrow the gender gap in the tech industry by encouraging more women to participate. 

Scholarships for Minority Groups

According to data from the US Equal Employment Opportunity Commission, the diversity gap still exists. According to the 2021 study, the tech business only has 14 percent Asian Americans, 8% Hispanics, and 7% African Americans.

Some scholarships aim to diversify the workforce by expanding minority access to technology education.

Student Financial Aid for Coding Bootcamps

Most lenders need you to be enrolled at least part-time in college and working toward a degree to qualify for student loans. Because coding bootcamps do not come under this category, most federal and private student loans are unavailable to bootcamp students.

However, a few lenders are willing to collaborate with suitable students enrolled in a coding bootcamp school.

Tech bootcamps play a crucial role in being a better IT professional. Here are 21 Tech Bootcamps with Job Placement in the USA, UK, & Canada.

Federal Financial Aid for Coding Bootcamps

In 2015, the United States Department of Education (ED) announced the launch of EQUIP, or the Educational Quality via Innovative Partnerships program. EQUIP collaborated with eight institutions and non-traditional training providers to fund non-degree programs.

Eligible students could obtain financing for online courses, employee organizations, and coding bootcamps.

The EQUIP program, which was well-received by many, has been discontinued. There are no alternative federal programs for coding bootcamp student loans or other financial aid.

Private Coding Bootcamp Loans

As federal student loans are not available for coding bootcamps, students need to explore options with private lenders.

However, obtaining student loans for bootcamps can be challenging because private lenders often require full-time enrollment at a university. Luckily, some student loan providers have introduced consumer loans specifically tailored for individuals interested in attending coding bootcamps.

If you’re considering taking out a loan to finance your coding bootcamp, it’s important to familiarize yourself with major bootcamp lenders and the schools they collaborate with. Here are some popular lenders and the bootcamps they partner with:

Financial Private LenderBootcamps
Ascent General Assembly, Coding Temple, CareerFoundry, Ironhack, and Nucamp. 
Climb Springboard, Fullstack Academy, Flatiron School, Epicodus, and Thinkful.
Meritize CodingNomads, Clarusway, LEARN Academy, Nashville Software School, and Codeup.
Sallie Mae Turing and Tech Elevator.
Quotanda Ironhack and Kodemia.

Importance of Financial Aid in Making Bootcamps Accessible

Financial aid ensures that coding bootcamps are accessible to everyone from diverse backgrounds and financial circumstances. Here’s why it’s important:

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#1. Affordability

Coding bootcamps often come with a price tag, and not everyone may have the financial resources to cover the full tuition. Financial aid options, such as scholarships, grants, and installment plans, help reduce the financial burden and make bootcamps more affordable.

#2. Equal Opportunity

Financial aid promotes equal opportunity by removing financial barriers. It allows individuals who may not have the means to pay upfront or take on significant debt to access quality coding education.

By making bootcamps more accessible, financial aid helps level the playing field and encourages a more diverse range of people to pursue coding careers.

#3. Skill Development

The tech industry thrives on innovation and a skilled workforce. Financial aid enables individuals to acquire the coding skills needed for the industry, regardless of their financial situation.

This benefits the individuals themselves and contributes to the overall growth and development of the tech sector.

#4. Career Advancement

Accessible financial aid empowers individuals to advance their careers through coding bootcamps. It opens doors to new job opportunities, higher earning potential, and increased job security.

Individuals can enhance their skills by investing in their coding education and positioning themselves for long-term career success.

#5. Diversity and Inclusion

Financial aid helps promote diversity and inclusion in the tech industry. It ensures that individuals from underrepresented backgrounds, who may face additional financial barriers, have the opportunity to access coding bootcamps.

By increasing diversity, the industry benefits from broader perspectives and experiences, leading to more innovative and inclusive solutions.

Financial aid in coding bootcamps is crucial to making education accessible and inclusive. It allows individuals to pursue their coding aspirations regardless of their financial circumstances.

Financial aid fosters a more diverse and skilled workforce in the tech industry by removing financial barriers. So, if you’re considering a coding bootcamp, explore the available financial aid options to make your education more accessible.

There are coding bootcamps in Seattle that will assist you with skills to succeed in it. Here are 15 of them: 15 Best Coding Bootcamps in Seattle

FAQ

Do coding bootcamps help?

Will a Coding Bootcamp Help You Find Work? In short, a coding bootcamp can help you find work. According to the CIRR, over 70% of coding bootcamp alumni find work in the tech industry within 180 days of graduation.

Who goes to coding bootcamps?

Coding bootcamps offer a streamlined and often significantly less expensive solution for anyone looking to break into the tech industry. They frequently cover subjects ranging from data science to software engineering to cybersecurity.

How old are people at coding bootcamps?

According to Career Karma’s 2021 Bootcamp Preferences Survey, 48.8 percent of coding bootcamp alumni, students, and applicants are between 18 and 30, while 49.5 percent are 31 or older.

How Much Are Coding Bootcamps? 

Many believe bootcamps are a better way to enter the tech industry than a degree. Good coding bootcamps, like any educational program, can be an expensive investment. Most programs cost $10,000 to $15,000 and take months to complete.

Conclusion

Financial aid is a crucial resource that helps individuals manage the costs of coding bootcamp education and makes it more accessible. 

Financial aid is designed to make coding bootcamps more accessible, but it’s important to research and understand the terms and conditions of each option. Explore the available opportunities, consider your eligibility, and choose the best financial aid options for your situation.

Leveraging financial aid can make coding bootcamps more affordable and attainable. Investing in your coding education can lead to rewarding career opportunities in the tech industry.

So, take the time to explore financial aid options, plan your finances accordingly, and start your tech career with confidence.

References

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