Coding Bootcamp Loans: How to Pay for Coding Bootcamp

While this amount might be manageable for already practicing professionals, who want to advance or change tech careers, it might not be as easy for beginners, college students, or those who are fresh out of college and haven't secured any employment.

Unlike college or university programs, many coding bootcamps are facilitated by private providers without much government intervention. Therefore, as a bootcamp student, you don't qualify for federal student aid or loans. But there's no need to worry. You can still pay for your coding bootcamp through loans, deferred payment, or scholarships if you are lucky enough.

If you are looking to join a coding bootcamp and don't have enough funds to pay from your pocket, please read on to learn about how to pay for one.

While this amount might be manageable for already practicing professionals, who want to advance or change tech careers, it might not be as easy for beginners, college students, or those who are fresh out of college and haven't secured any employment.

Unlike college or university programs, many coding bootcamps are facilitated by private providers without much government intervention. Therefore, as a bootcamp student, you don't qualify for federal student aid or loans. But there's no need to worry. You can still pay for your coding bootcamp through loans, deferred payment, or scholarships if you are lucky enough.

If you are looking to join a coding bootcamp and don't have enough funds to pay from your pocket, please read on to learn about how to pay for one.

How Much Does a Coding Bootcamp Cost?

According to Course Report, a coding bootcamp review site, a full-time coding bootcamp will cost you an average of $13,584. However, the amount can be between $7,800 and $21,000, depending on the bootcamp provider and program type (in-person, part-time, full-time, or online). Still, a coding bootcamp remains cheaper than a typical college or university degree, which can cost you between $37,600 and $50,000 annually.

 

It's advisable to choose a flexible and manageable method to finance your coding bootcamp –one that won't stress you out during repayment and matches your starting salary expectations after graduating. The secret is investing your time researching all the available financial options to find the one that works best for you and your needs.

 

Can I Get Student Loans To Pay for a Coding Bootcamp?

Yes, you can. Since coding bootcamp students aren't eligible for federal financial aid or grants, loans remain one of the most convenient ways to finance your pay for your coding bootcamp to graduation. However, you might be unable to secure a loan from most private student loan providers. These companies mostly extend loans for government-accredited courses.

 

Luckily, there are some loan providers that favor coding bootcamp students. Furthermore, some coding bootcamp providers work with loan providers to help their students secure loans easily. You can also opt for a personal loan to finance your coding bootcamp.

 

We'll cover coding bootcamp loans in detail later on in this article.

 

Does Financial Aid Cover a Coding Bootcamp?

Unfortunately, there's no Free Application for Federal Student Aid (FAFSA) or Pell Grants for coding bootcamp students since most coding bootcamps are provided by private institutions with no government intervention or regulation. Additionally, coding bootcamps aren't accredited, which is the main reason why most federal options aren't available for coding bootcamp attendees.

 

However, things are changing slowly, and coding bootcamp students might qualify for federal student assistance. One such development is the 2016 Educational Quality through Innovative Partnerships (EQUIP) program by the Office of Educational Technology. This program allows students undertaking online courses or coding bootcamps to apply for Pell Grants and federal loans.

 

If you're a military veteran looking to attend a coding bootcamp, you and your family or dependents can benefit from the GI Bill and Vet TEC.

 

Coding Bootcamp Financing Options

Just because you don't qualify for federal aid or grants, that shouldn't deter you from attending a coding bootcamp and pursuing the career of your dream in tech. It also doesn't mean you have to pay all the fees upfront before joining bootcamp.

 

There are various ways to finance your bootcamp, including coding bootcamp loans, deferred payments, and scholarships.

 

Coding Bootcamp Loans

Since you don't qualify for federal student aid or grants, coding bootcamp loans remain your best option for funding your way through coding bootcamp.

 

As coding bootcamps become more popular, there are lenders who have created loans specifically for students pursuing coding bootcamp programs. While these lenders offer loans with interest rates that are above those of federal aid, they're better and easier to service than traditional private student loans.

 

You can borrow money for your coding bootcamp from private lenders or designated coding bootcamp loan companies like Ascent at lower interest rates and more favorable repayment terms for coding boot camp students.

 

As mentioned earlier, some coding bootcamp providers partner directly with credit lenders to easily extend loans to their students. These loan companies include:

 

Skills Fund

Skills Funds favors coding bootcamp students, extending loans to them without much hassle, favorable repayment terms, and lower interest rates than other private lenders. The organization is also an active member of the Council on Integrity in Results Reporting (CIRR), a body that campaigns in partnership with other CIRR bootcamps stakeholders for transparent and universal standardization for examining coding bootcamp outcomes.

 

Climb Credit

This is yet another favorable loan provider for coding bootcamp students and others pursuing in-demand programs. Climb Credit's pro is its flexibility when it comes to repayment –it determines interest rates based on your financial capability.

 

Upstart

Upstart extends loans ranging from $1,000 to $50,000 to coding bootcamps students on a fixed monthly interest rate payment basis.

 

Earnest

Earnest offers loans to students in different educational situations, including those in coding bootcamps. They might consider your credit score before giving you a loan. With Earnest, you can start repaying your loan while you're still enrolled in their program. You can secure a loan at a 1.99% variable interest rate or a 2.98% fixed interest rate. However, you can secure a loan at lower rates with a guarantor or co-signer.

 

Other coding bootcamp lenders include Quotanda, Pave, Leif, and LendLayer.

 

Leif and Sallie Mae, our remarkable lending partners at Sabio, allow our students to pursue loans without the need for a down payment and a payment plan only when they start earning above a minimum threshold.

 

Personal Loan

If you don't qualify for a loan from any of these private lenders, you can also consider a private or personal loan with a bank, credit union, or online lender to finance your coding bootcamp. However, a personal loan requires that you have a remarkable credit score. Again, personal loans tend to have high-interest rates –they might end up costing you more after graduation.

 

Deferred Payments

Some coding bootcamps provide the option for students to defer payments until they graduate, find a job, and start earning a meaningful salary, one that's beyond the set minimum threshold. A deferred payment plan allows you to pay back a specified amount over a fixed period of time, like 2-4 years, until you settle the whole amount.

 

Some coding bootcamp providers might require you to pay a small amount upfront as some security or show of commitment. Again, most deferred payment plans have job search requirements that students must adhere to before qualifying.

At Sabio, we understand that financing your way through a coding bootcamp might be difficult, and that shouldn't bar you from accomplishing your career goals. Our deferred payment plan enables you to attend our coding bootcamp and pay later once you've secured a job.

One of our main partners in the deferred payment plan is Ascend, who allows our students to undertake deferred payments and start repayments at manageable interest rates immediately after graduating.

Similar to deferred payments are income share agreements. However, with income share agreements, you don't pay any upfront amount or deposit. You're only required to pay a percentage, usually 10-25%, of your salary once you secure employment and earn a minimum salary threshold. Leif offers such an arrangement for our students. However, some coding bootcamps have additional requirements like the mandate to accept your first job offer so you can start making payments immediately.

Scholarships and Grants

A good number of coding bootcamps offer full or partial scholarships to students based on their needs, qualifications, or background. You can also opt for private scholarships from nonprofits or local organizations.

 

Most coding providers will offer scholarships to underrepresented individuals like veterans and women. At Sabio, we're no different. We understand all about inclusion. We offer lucrative scholarships to veterans and women to ensure that everyone is equally represented in tech.  

 

The Bottom Line

Coding bootcamps are good if you want to advance your career in tech. However, financing your way through a coding bootcamp isn't easy. Not everyone is comfortable paying the $13 584 average. Luckily, there are various ways you can pay for your coding bootcamps. These include coding bootcamp loans, scholarships, grants, deferred payments, and income share agreements. S

 

At Sabio, we don't believe financial detriments should deter you from pursuing your dream career in tech. We have flexible options to help you successfully pull through coding bootcamp and be ready for that well-paying job in tech with a lucrative salary.

 

If you aren't comfortable enough paying for our coding bootcamp from your pocket, feel free to explore our flexible coding bootcamp payment options, including deferred payments. 

 

Please don't contact us today to get started or schedule a meeting.

 

Coding Bootcamp Payment Options FAQs

  • How much do coding bootcamps cost?

Most coding bootcamps cost an average of $13,854. But, the cost may vary with the coding bootcamp provider and program schedule.

 

  • Can I get a loan for my coding bootcamp payment? 

Yes, you can. You can get a loan from private lenders or those that are in collaboration with coding bootcamp providers.

 

  • Must I have a down payment to get a coding bootcamp loan?

You can get a coding bootcamp loan without a down payment.