Deferred Payment Coding Bootcamps

You are probably one of the many people that have decided to attend a bootcamp to launch your new tech career quickly largely due to cost. But even though boot camps cost less than the average four-year college degree, they can still be quite expensive — the average bootcamp will set you back about $13,500.The relatively low cost of a coding bootcamp makes it an attractive option for those wishing to enter the programming field.


Unless you have a hefty savings account balance, you may need to find an alternative way to pay for your bootcamp, other than simply paying your tuition upfront. 


Also keep in mind, employers will pay for the cost of third-party training programs such as coding bootcamps. Before you pay for one of these courses yourself, you should see if your employer has a program that would at least partially pay for this training.


You can pay for a bootcamp with a single upfront payment or with a number of alternative financing options. These include deferred tuition, private loans, tuition discounts, installment plans, and tuition discounts. People from marginalized groups can also save money on their program’s coding price by applying for a bootcamp scholarship.


If you've been trying to figure out how to pay for a coding bootcamp, you've probably noticed that many boot camps offer loans. Some bootcamps partner with private loan providers that offer loans specifically for bootcamp students.


Since bootcamps aren't usually accredited, bootcamp students do not qualify for federal financial aid or federal student loans. Most student loans from private lenders also require students to enroll in an accredited degree program.Bootcamp students can take out a personal loan to pay their bootcamp tuition, or they can apply for a loan specifically tailored for bootcamp students. These bootcamp loans may have a better interest rate than other personal loans, and they may come with more flexible repayment arrangements. 


For instance, some loan providers offer bootcamp students the option to make interest-only payments until three months after they finish their bootcamp, or to defer payments completely until three months after graduation.


Most loans require a minimum credit score for qualification. Students with less than good credit may be able to qualify with the help of a co-signer. Some lenders also offer loans to help cover living expenses incurred while attending the bootcamp.

What Is Deferred Tuition?

Deferred tuition plans also allow students to start their bootcamps for free or with a small deposit and pay the rest of the tuition after completing the bootcamp and finding a job. Graduates do not pay a percentage of their income with deferred tuition plans. Instead, they pay a fixed amount in installments over a set amount of time that is agreed upon before the boot camp starts. The tuition amount for a deferred tuition plan is usually higher than the upfront cost of tuition, often 1.3-1.7 times higher.


You may see private loans with "deferred payment" options. It can be confusing to tell all of these options apart, but there are several key differences between a deferred tuition plan and a loan with a deferred payment start date. 


Deferred tuition plans also don't kick in until you find a job, whereas loans with a deferred payment start date require you to start paying at a certain time, regardless of whether you have found a job by that date or not.


So which bootcamp financing option is best?

It depends on your financial situation, the specific terms offered by a bootcamp, and your priorities — such as paying the cheapest overall cost, finding the lowest monthly payments, or following the most flexible repayment schedule.


In terms of overall cost, the least expensive option will almost always be to pay the full tuition upfront. 


A loan may be right for you if you have good credit or a co-signer to help you qualify, depending on the conditions of the loan. Because you typically have the freedom to pay off a loan early, you may not be on the hook for as much money as you would in an income share agreement or deferred tuition plan.


A good way to pick the best financing option is to first explore potential bootcamps based on their curricula, student outcomes, and learning formats. Then, compare the specific costs, terms, and conditions of each bootcamp's payment options. If finding the cheapest option is a priority, you'll need to do some research and get all the details to really know which is best.



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