How to pay for a coding bootcamp
Coding bootcamps are short-term training programs, but they can get expensive. For a typical full-time coding bootcamp, you’ll pay an average of $ 13,584 according to Course Report, a coding bootcamp review site. But some community colleges offer less expensive programs, like the one at John Tyler and Reynolds Community Colleges in Virginia which costs $ 3,945.
A lot coding bootcamps (even those at community colleges) are run by private companies. These bootcamps are generally not supervised by the government, and their participants are not eligible for federal student aid, such as the Pell Grant, or Federal Student Loans. Many bootcamp students also cannot get traditional private student loans because these lenders require borrowers to register accredited two- or four-year college programs.
If you’re attending a coding bootcamp – and can’t pay out of pocket – here are your payment options.
Apply for bootcamp scholarships
Many bootcamps offer scholarships to students. They are often awarded based on a student’s financial need and will likely have additional requirements. The course report has a list of coding bootcamp scholarships available on its website.
If you need to borrow money for your coding bootcamp, turn to personal loans designed for bootcamp costs and away from credit cards or high interest personal loans. Bootcamp loans can have lower interest rates and more favorable repayment terms for students.
Private lenders like Skills fund and ClimbCredit partner directly with coding bootcamps to provide loans to attendees. Compare interest rates and terms to find the best deal. Also, look for deferral and forbearance options, which you might need if you’re having trouble repaying.
Consider a revenue sharing agreement or deferred tuition fee
Some bootcamps offer deferred tuition until you find a job or allow you to do a revenue sharing agreement. At the Academy App, for example, students have the option to defer payment until they get a job with a salary of at least $ 50,000 per year. But deferring means paying more money overall. At App Academy, students who postpone end up paying $ 28,000 versus $ 17,000 up front.
The General Assembly is proposing a revenue sharing arrangement option which it calls Catalyst. Income Sharing Agreements, or ISAs, offer students funding for tuition in exchange for a percentage of their future income for an agreed period of time. Through Catalyst, GA graduates pay 10% of their income over 48 months. You don’t start paying until you get a job earning at least $ 40,000 per year, but you could end up paying up to 1.5 times the original cost of the program.
Attend a school with guaranteed tuition fees
There are coding bootcamps, like The Flatiron School, that offer full tuition reimbursement if you don’t get a qualifying job offer within six months of graduation. These are rare, and there may be strings attached. For example, receiving a job offer could make you ineligible for a refund even if you don’t accept the job.
Consult the employer’s benefits
If you want additional training to strengthen your current coding skills, your employer may offer education, training, or reimbursement benefits. Find out if coding bootcamps are eligible, as this benefit can only apply to traditional programs.