One of the best things about coding bootcamps is that they teach you marketable job skills relatively quickly. However, these programs can be expensive — costing anywhere from $7,800 to $21,000, so how do you pay for one?
- Coding bootcamps offer a shorter path to some of the most sought-after jobs in tech, with a mouthwatering six-figure salary without a college degree.
- Signing up for a coding bootcamp is a cheaper and more efficient way to sharpen your skills.
- According to Climb Credit, their coding bootcamp graduates witness a 70% salary increase.
- Most bootcamp graduates still get a formal college degree after working, so they have a better idea of what they’re studying.
This post will explore some options to finance a coding bootcamp. Remember that there is no perfect solution; it all depends on your circumstances and budget. But first, let’s define what a coding bootcamp is and what benefits you can expect from it.
What Are Coding Bootcamps?
Coding bootcamps are intensive, immersive training programs designed to teach people the skills they need to become professional software developers. These programs are typically three to six months long and usually involve a combination of lectures, projects, and team-based learning.
Coding bootcamps are an excellent option for people who want to change careers or learn new coding skills, but they can be expensive. In addition, most bootcamps require participants to be proficient in a programming language before starting the program.
How Much Does A Coding Bootcamp Cost?
According to Course Report, coding bootcamps cost $7,800 to about $21,000, with an average of $13,584. The cost of a coding bootcamp can also depend on the program’s length, location, and delivery method (short bootcamps typically cost less). And, of course, you’ll need to compare various coding bootcamps to know what you’ll be getting against the fee you pay for the course.
What Are The Benefits Of Coding Bootcamp?
Coding bootcamps can offer many benefits to those looking to change careers or upskill in the tech industry. For example, they can provide intensive, immersive training that can lead to a well-paying job in a high-demand field, but that’s just one benefit — let’s discuss more:
1. You’ll Enjoy Lower Tuition Costs
Compared to a four-year college degree, the tuition for a coding bootcamp is a fraction of the price. This is because bootcamps are shorter in duration — typically around 3 months — and are geared toward teaching you the specific skills you need for a tech career. No need to take extra classes or incur other costs associated with a four-year university degree program.
However, this doesn’t mean you rubbish a degree — coding bootcamps are a more efficient (and cheaper) way to learn the skills you need for a specific job. In fact, many bootcamp graduates go on to get a degree after they’ve started working and have a better idea of what they want to study.
2. You Can Network With People Quickly
Coding bootcamps are great for networking. You’ll be able to meet other people in the industry and connect with potential employers. And, since most bootcamps are located in major cities, you’ll have access to an extensive network of professionals.
3. It Qualifies You for Well-Paying Jobs
Coding bootcamps can be expensive, but they are worth the investment. Coding bootcamps will prepare you for well-paying jobs in the tech industry. From networking with potential employers to learning in-demand skills, a coding bootcamp will set you up for success.
4. Get Help With Your Job Search
There’s nothing as frustrating as going through a program, and graduating with excellent grades, only to find it challenging to land a job in your desired field. The job market is tough, and the competition can be intense. The good news is that you can get help from a professional or a career counselor from the bootcamp.
Working with a career counselor can help you develop an action plan and a clear understanding of what you need to do to land the job you want. They can also help you update your resume, practice for interviews, and negotiate your salary.
Coding Bootcamp Payment Options
There are a few ways to pay for coding bootcamp, but personal savings, bootcamp loans, and scholarships are the most common. Let’s discuss a few other ways to finance your coding bootcamp:
1. Set Up a Payment Plan
The first way to finance your coding bootcamp is to set up a payment plan. This means you’ll pay for the bootcamp over an extended period, usually with interest. Bootcamps typically offer two payment plan options:
- Pay in full upfront: This option usually comes with a discount, but it’s not always the best choice for everyone. If you can’t afford to pay the full amount upfront, you may want to consider a payment plan.
- Pay over time: This option allows you to spread out your payments, but you’ll likely pay more in the long run due to interest.
Depending on what payment plan you decide to use, just remember that you’ll need to budget for the additional costs, such as living expenses associated with financing your bootcamp.
For example, if you choose a pay-over-time option, you’ll need to account for the interest payments in your budget.
2. Grants and Scholarships
Grants and coding bootcamp scholarships can be a great way to finance your coding bootcamp education. Bootcamps often have relationships with schools and other organizations, offering their students grants and scholarships.
Some bootcamps also offer grants and scholarships. These are usually need-based or merit-based, so check with the admissions team to see if you qualify. Here are a few organizations that offer grants and scholarships for coding bootcamp students:
- Codesmith Scholarships: Offers full and partial scholarships to low-income students
- Fullstack Academy Scholarships: Offers need-based and merit-based scholarships
- Hack Reactor Scholarship Fund: Offers need-based scholarships to women and minority groups
- DevLeague Scholarships: Offers need-based scholarships to women and minorities
- Flatiron School: Flatiron School offers a need-based scholarship for women and underrepresented minorities.
- Code Platoon Scholarships: Offers need-based scholarships to veterans and their spouses.
- Coding Temple: Offers need-based scholarships to women and minorities.
Many organizations offer grants and scholarships specifically for veterans if you’re a veteran.
3. Use Federal Financial Aid
If you’re looking for a way to finance your coding bootcamp, you should consider using federal financial aid. You may qualify for federal student loans or grants to help you pay for your education. You’ll need to fill out a Free Application for Federal Student Aid (FAFSA) to apply for federal financial aid.
If you’re not sure you’re eligible for federal financial aid, you can contact the financial aid office at your coding bootcamp or the Department of Education. You can always find contacts and more information on the Department of Education’s website.
4. Income Share Agreements
An income share agreement is one of the best coding bootcamp payment options. With this option, you agree to pay a percentage of your future income to your school after graduation in exchange for tuition assistance.
Income share agreements can be an excellent option for students who are worried about taking out personal or private loan providers or want to minimize their upfront costs. However, it’s important to understand how these agreements work before signing on the dotted line.
Income share agreements for coding bootcamps typically last for a set number of years, and the amount you pay each month is based on your income. For example, if you agree to an income share agreement that lasts for four years and you make $50,000 per year, you would pay 4% of your income or $200 per month.
If you don’t make much money after graduation, you may not have to pay anything under an income share agreement. However, if you do well and make a high income, you may end up paying back much more than the cost of tuition.
Before signing an income share agreement, be sure to do your research and understand the terms. Make sure you know how long the agreement lasts and what percentage of your income you’ll be expected to pay. You should also ask about any caps or limits on the amount you’ll be required to pay back.
5. Check Out Employer Benefits
Did you know that some employers offer reimbursement for coding bootcamps? This can significantly reduce the cost of attending a bootcamp and get your employer invested in your new specific coding skills.
Check with your HR department to see if this is a benefit they offer. If not, you may be able to negotiate it as part of your salary or benefits package. For example, LinkedIn and Apple offer up to $5,000 in tuition reimbursement for employees who want to further their education.
Even if your employer doesn’t offer reimbursement, they may be willing to help in other ways. For instance, they may be able to give you time off to attend a bootcamp or allow you to study during work hours. If you’re hoping to make a career change, they may also be willing to help with your
In addition, many bootcamps offer financing options to make attending more affordable. Be sure to research all your options before making a final decision. With careful planning and a little research, you can find a way to attend the coding bootcamp of your dreams without breaking the bank.
6. Take Out A Loan
One of the ways that you can pay for coding bootcamp is to take out private student loans. Bootcamp loans are available from many lenders and can be a great way to finance your education. For example, Climb Credit offers financial aid specifically for coding bootcamps, and according to Climb Credit, their graduates usually see an average of 70% salary increase.
There are a few things to keep in mind when taking out a loan for coding bootcamp.
First, make sure you understand the terms and conditions of the loan. Read the fine print carefully to ensure you know what you’re getting into.
Second, shop around and compare bootcamp lenders from different lenders. Many options are available, and you want to ensure you get the best deal possible.
Third, coding bootcamp is a significant investment, and you want to ensure you can afford the monthly payments, so only take out a loan you’re comfortable with.
Bootcamp personal and private loans can be a great way to finance your coding education, but be sure to do your research before taking out a loan. With careful planning, you can find a loan that works for you and helps you pay for coding bootcamp.
7. Find a Tuition-Guarantee School
Not all coding bootcamps are created equal — some schools will guarantee you a job after graduation, while others offer a tuition-guarantee program. Research to find the right school for you and your career goals.
The best way to pay for coding bootcamp is to find one that offers a tuition-guarantee program — you only pay if you get a job after graduation. This means that you can feel confident about your investment and won’t be stuck with tuition debt if you don’t find a job.
A few schools offer this program, so do your research to find the right one for you. And remember, even if you have to take out loans to pay for your coding bootcamp, it will be worth it in the long run — coding is a high-paying profession with plenty of job opportunities. So don’t let the cost of tuition stand in your way of getting the education you need to start your new career.
Is a Coding Bootcamp Worth It?
Yes, coding bootcamp can be worth it, but you must consider a few things before deciding. It will help you if you have a solid idea of your goals and what coding bootcamp can offer you. Also, remember that not all bootcamps are created equal. Do your research to ensure you choose an educational quality program that will give you the education and skills you need to succeed.