How to Pay for a Coding Bootcamp

Bootcamps play an important role in setting you up for a career in IT. Even without a degree in Computer Science, you can be more successful than those with just a degree in Computer Science. Most bootcamp students usually have a problem with how to pay for coding bootcamps.

So in this post, we shall be putting an end to that problem.

You’ll have all the knowledge you need from our in-depth guide to choose the best payment method for coding bootcamp.

You’ll learn about the many funding choices, such as coding bootcamp scholarships, personal loans, monthly payments, and public government funding. To learn more about paying for an online coding bootcamp, continue reading.

How to Pay for a Coding Bootcamps

Coding bootcamps draw many potential students, including college graduates, working professionals, those fresh out of high school, and armed forces members. One factor contributing to the popularity of coding bootcamps is the high pay of many IT workers.

For instance, in 2019, the Bureau of Labor Statistics reported that the median annual wage for computer programmers was $86,550.

More students from various backgrounds can now enroll in tech training thanks to practical and risk-free bootcamp payment alternatives. To learn how to pay for a coding bootcamp, continue reading.

You can attend a bootcamp without paying with an income share agreement. Here are 21 Best Income Share Agreement Bootcamps Existing

Does a Coding Bootcamp Worth It?

For most participants, attending a coding bootcamp demands a significant financial commitment. Students must invest much time in their coursework to benefit fully from the experience.

Attending a bootcamp may open up important career growth chances for registrants who can achieve these requirements.

Students can assess their return on investment by considering the cost of tuition, the time needed to graduate, their present income, and their anticipated income after finishing coding bootcamp.

Graduates of bootcamps frequently meet the requirements for employment in a range of computer science fields. After developing their talents through time, they can further boost their earning potential and employment alternatives.

A $25,000 median pay boost was observed in a 2020 poll of coding bootcamp graduates. After bootcamp, survey participants made a median salary of $65,000.

What’s the Best Way to Pay for Bootcamp in 2024?

The ideal method of financing your coding bootcamp will always depend on your circumstances. The cost of a coding bootcamp can be covered in various ways, including loans, scholarships, and deferred tuition.

Before deciding on one, you thoroughly investigate the various coding bootcamp funding alternatives and costs.

In 2024, coding bootcamps will still be a fantastic alternative to conventional computer science education. They offer top-notch instruction delivered by subject-matter specialists. The biggest challenge for many is figuring out how to pay for them.

If you are bothered about how to pay for coding bootcamps, We present to you 7 ways to pay for coding bootcamps:

  1. Income Share Agreements
  2. GI Bill®
  3. Upfront Payment and Payment Plans
  4. Loans
  5. Tuition Guarantees
  6. Deferred Tuition
  7. Fellowships and Scholarships

#1. Income Share Agreements

Income sharing agreement is one of the ways to pay for coding bootcamps. Taking advantage of an income share arrangement is an increasingly common method for students to enroll in a coding bootcamp without paying anything or little money upfront.

With ISAs, graduates can repay their student loans once they land a job by devoting a certain portion of their income over a predetermined period. Most graduates spread 8 to 25 percent of their salaries over one to four years.

By bootcamp provider, ISA options differ. While some bootcamps might want a small deposit upfront, others might not. ISAs occasionally demand that students accept their first job offer or obtain employment within a certain time.

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A minimum salary requirement must be frequently reached for the agreement to take effect. Prospective bootcamp students should study the tiny print carefully because ISAs are still unregulated.

Byte Academy and The Tech Academy are well-known bootcamps with income share agreements.

#2. GI Bill®

Veterans and their families can get financial aid through the GI Bill for education and job training. While GI Bill benefits frequently cover traditional degree programs, some bootcamps accept them as tuition payments.

Even if a bootcamp accepts this payment method, it’s possible that it’s not mentioned on the website. Therefore, if this payment method is available to you, you should get in touch with the bootcamp directly to learn more.

If you intend to pay for a bootcamp with GI Bill benefits, check with the US Department of Veterans Affairs to ensure your program is eligible because bootcamps do not undergo an accreditation procedure like most universities and colleges do.

#3. Upfront Payment and Payment Plans

The simplest way to pay for a bootcamp is to make a one-time, upfront payment. This is a terrific alternative if you can afford it because you can avoid paying any interest that could accrue with other payment methods.

Additionally, some bootcamps provide discounts for advance payments, lowering the entire cost of the bootcamp.

Numerous bootcamps also provide students with payment arrangements. Participants in the bootcamp may pay in monthly installments or over the length of the bootcamp in a few larger installments.

If you can keep up with the payments, these payment plans—frequently given interest-free—are a less expensive alternative to borrowing money.

#4. Loans

Loans go a long way to settle the problem of how to pay for coding bootcamps. Students attending coding bootcamps are not eligible for federal financial aid, unlike students participating in approved college or university degree programs. Some loan companies offer loans designed especially for bootcamp students to assist them get by financially.

The rates on these loans are typically lower than those on normal personal loans. Students must have strong credit or a cosigner to be eligible for loans. Learn more about a certain bootcamp loan company.

Climb Credit

Students at the Climb Credit Coding bootcamp can apply for a loan there. To finish the application, allow five minutes.

Students attending authorized bootcamps, like General Assembly that adhere to Climb’s curriculum and graduation requirements are the only ones who will receive credit. APRs range from 0-23%, most dropping below 19%, and climbing interest rates start at 6.99%.

Skills Fund

Skills Fund offers financing for students enrolled in partner coding bootcamps like Galvanize and Thinkful. Loan amounts vary, with some paying solely tuition and others covering tuition and living expenses.

Students can choose interest-only loans, loans with immediate payback, loans with deferred repayment, and loans for deferred tuition.

Upstart

Upstart offers financing to students enrolled in coding courses at 17 approved bootcamp providers. Bootcamps like Fullstack Academy, Coding Dojo, and DevLeague are acceptable options. To apply for a loan, a person must be at least 18 years old and a resident of the United States.

Students from West Virginia and Iowa are not eligible. Additionally, applicants need to meet the standards for the position and credit.

#5. Tuition Guarantees

A tuition guarantee is the best way to pay for coding bootcamps. Bootcamps frequently provide tuition assurances, also known as job or money-back guarantees.

Tuition guarantees provide students a full or partial tuition refund if they do not find employment in the computer industry within a predetermined time following graduation, typically 6 to 9 months.

#6. Deferred Tuition

Similar to ISAs, deferred tuition payment arrangements enable potential bootcamp participants to begin studying with little to no money down and to pay their tuition only once they land a job.

Deferred tuition plans are distinct in that students pay a specific sum over a certain period once working, as opposed to a portion of their wage.

Students who use deferred tuition payment plans may pay more overall than those who pay in full upfront due to the interest rates associated with those plans.

Since the tuition cost is predetermined, this alternative can occasionally be preferable to an ISA. App Academy and Springboard are two bootcamp companies that provide deferred tuition options.

#7. Fellowships and Scholarships

Coding bootcamp participants can also check their eligibility for grants and fellowships. However, there are fewer scholarship opportunities for bootcamps than traditional degree programs.

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Some bootcamps do provide them, particularly to people who belong to marginalized groups in the IT industry. Awards usually range between $500 and $5,000.

Women Who Code Portland, for instance, provides two $5,000 scholarships to female Alchemy Code Lab students. Furthermore, Bloc offers veterans a stipend covering up to 25% of their bootcamp tuition.

Fellowships that assist students according to need and pay the whole cost of tuition are another funding source. These financing solutions, nevertheless, are less common.

Some bootcamps could mandate that participants engage with career advisers and accept any job offer that meets their qualifications.

An income share agreement or a deferred tuition plan may be offered in addition to tuition guarantees. Springboard, Momentum, and Designlab are a few bootcamp companies that guarantee tuition.

Prospective students have a selection of payment alternatives at most coding bootcamps. While some bootcamps demand upfront payment from participants, many let students start without putting any money down, easing some financial barriers to admission.

Study the repayment conditions of any payment option you select in great detail. Read our Ultimate Guide to Coding Bootcamps to learn more about how bootcamps operate and how to pick the ideal bootcamp for you.

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Budgeting for Your Bootcamp

Make a budget to decide how much you can spend on this event before considering coding bootcamp payment choices. Think about how your budget might be impacted by the payment method(s) you select.

Costs vary depending on how you pay for coding bootcamp. Unlike school-based payment plans, private loans, for instance, can have high-interest rates and a lot of costs.

Additionally, while scholarships and fellowships do not demand payback after graduation, loans, deferred tuition plans, and ISAs do.

Costs vary depending on how you pay for coding bootcamp. Consider additional prerequisites that could raise the price of attending coding bootcamps. Costs may include down payments, application fees, textbooks, necessary software and gear, and tuition.

Consider how you will pay for your living expenses during the bootcamp if you do not intend to work while there.

Should I Pay for Bootcamp With an ISA or a Loan?

Several variables, including your existing financial condition, anticipated earnings after bootcamp, and creditworthiness, will determine whether you should take out a loan or an ISA to pay for your coding bootcamp.

Students at bootcamps like General Assembly and Kenzie Academy can access ISA-based financing options.

The distinctions between student loans and ISA are unmistakable. Borrowers will only make payments on an ISA if their income exceeds a specified threshold.

The student will always be required to repay a debt, regardless of their financial status. Traditional loans accrue interest and have a balance, whereas ISAs do not. This is another distinction.

When determining eligibility, ISAs consider a student’s potential rather than their credit score. This enables more students, including those with poor credit or no credit cards, to utilize this financing strategy.

If a student cannot obtain a private loan, they may frequently use an ISA to cover the cost of their bootcamp.

Even if you are eligible for an ISA, it might not be your best choice. Students may have to pay back more than they borrowed in an ISA. This is so that successful students won’t cease paying until the payment ceiling is achieved or their ISA term has ended.

Importance of Coding Skills in Today’s Job Market

Having coding skills is essential in today’s job market, and here’s why it matters to us:

  1. Increased Job Opportunities: Coding skills open up job opportunities in various industries. From software development to data analysis, web development to machine learning, companies seek individuals with coding expertise to drive innovation and meet technological demands.
  2. Competitive Advantage: Coding skills give us a competitive edge in a competitive job market. They showcase our problem-solving abilities, technical proficiency, and adaptability. Having coding skills on our resume can make us stand out to employers and increase our chances of securing desirable positions.
  3. Future-Proof Career: Coding skills are highly sought after and will continue to be valuable. The demand for individuals who can understand and develop software solutions will only grow as technology advances. Acquiring coding skills can help us future-proof our careers and stay relevant in an ever-evolving job market.
  4. Higher Earning Potential: Coding skills often come with higher earning potential. Jobs that require coding expertise tend to offer attractive salaries and benefits. Investing in coding skills allows us to position ourselves for better career prospects and financial stability.
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Overcoming Financial Barriers to Enroll in a Coding Bootcamp

Sure thing! Let’s discuss overcoming financial barriers to enrolling in a coding bootcamp. Enrolling in a coding bootcamp can be a significant investment, but with some strategies, we can overcome financial barriers and make our coding dreams a reality.

Here’s how we can pay for coding bootcamps:

#1. Research Financial Aid Options

Explore scholarships, grants, and financial aid programs offered by coding bootcamps. Many bootcamps have funding opportunities for deserving candidates. Look into eligibility criteria and deadlines, and apply for financial aid to reduce the cost of tuition.

#2. Employer Support

Check if our current employer offers tuition reimbursement or professional development programs. Some companies are willing to invest in their employees’ growth and education.

Discuss the possibility of financial support with our employer, showcasing how coding skills can benefit both the company and us.

#3. Bootcamp Financing Plans

Coding bootcamps often provide financing plans, allowing us to pay the tuition in manageable installments. These plans can help spread the cost over time and make it more affordable.

#4. Personal Savings and Budgeting

Start saving for the coding bootcamp by setting aside a portion of your monthly income. Create a budget to manage expenses and prioritize saving for our coding education. Cut back on non-essential expenses to save up faster.

#5. Side Hustles and Freelancing

Consider taking up side gigs or freelancing to earn extra income for the bootcamp. Platforms like freelancing websites or gig marketplaces can provide opportunities to generate additional funds.

#6. Peer-to-Peer Lending or Crowdfunding

Explore peer-to-peer lending platforms or crowdfunding websites where individuals can invest in their education. Present our coding goals and why the investment is worthwhile. This approach requires effective storytelling and engagement with our network.

#7. Personal Loans

As a last resort, we can consider personal loans from financial institutions. However, it’s important to carefully evaluate the terms, interest rates, and repayment plans associated with the loan before committing.

Enrolling in a coding bootcamp may require financial planning and creative thinking. By exploring different funding options, budgeting wisely, and seeking support from various sources, we can overcome financial barriers and make our coding aspirations a reality.

With determination and strategic financial planning, we can embark on our coding journey and acquire the valuable skills needed for a rewarding career. So, don’t let financial barriers hold you back—take the necessary steps and make your coding dreams come true!

FAQ

Can coding bootcamps be paid with a 529 account?

Generally, a coding bootcamp cannot be paid for with a 529 plan. Only those paying tuition to an eligible institution may use a 529 account. Eligible institutions include universities. However, since most bootcamps are provided by private businesses, using a 529 account is not an option.

What are the best online coding bootcamps?

Some of the top online coding bootcamps in 2022 are Flatiron School, Thinkful, and Nucamp. They frequently allow students to learn from anywhere in the US at significantly lower costs. An online bootcamp allows you to live at home without incurring housing or travel expenses.

Are coding bootcamps worth it in 2024?

A coding bootcamp is worthwhile, yes. Coding bootcamps offer cheap instruction of the highest caliber and industry standards. In just a few weeks, you may learn from professionals in the field and become job-ready. Coding bootcamps allow you to rapidly upgrade your skills and enter the job market. Tech occupations are still in high demand. 

Conclusion

When it comes to paying for coding bootcamp, there are several strategies you can consider to make it more affordable. These include; Income Share Agreements, GI Bill®, Upfront Payment and Payment Plans, Loans, Tuition Guarantees, Deferred Tuition, Fellowships and Scholarships.

By combining these strategies, you can overcome financial barriers and make your coding bootcamp aspirations a reality. Financial planning and exploring various funding options are key to making your coding education more affordable and attainable.

Investing in a coding bootcamp can be a transformative step towards a rewarding career in the tech industry. So, take the necessary steps, explore your financial options, and confidently embark on your coding journey. Best of luck in your pursuit of a successful coding career.

References

  • careerkarma.com – How to Pay for a Coding Bootcamp: The Definitive Guide
  • coursereport.com – Ultimate Guide to Paying for Coding Bootcamp: Loans & Financing

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