How to Pay for a Coding Bootcamp
So, you want to attend a coding bootcamp? Now that you have committed to attending a coding bootcamp, one of the first questions you have in mind is probably, “How am I going to pay for this bootcamp?”
Luckily, there are a few financial options you could choose from, including scholarships, loans, employee sponsorships, assistance from a family member, and crowdfunding. Let’s explore a few of these options here.
The First Step to Pay for a Coding Bootcamp
First, you need to figure out the amount you will need to raise. Based on our research, the average coding bootcamp tuition is $13,600. This is not a bad price when you compare it to traditional four-year education which can be tens of thousands over the academic period. The average boot camp will last fourteen weeks at $13,600 in total. So, it is monumentally cheaper. Coding bootcamps can vary in price, though, so you must determine the amount before you begin. It will be easier to reach a goal that you set instead of aiming for an unfixed amount. After you set an amount, below are a few ways that you can pay for a coding bootcamp.
Top Ways to Pay for a Coding Bootcamp
1. Pay Your Tuition Up Front
There are a few ways to figure out how you can pay for the coding bootcamp you decide to attend one. The first and lowest risk option is to pay the tuition up-front. If you have been saving and can pay fully without borrowing or raising the money, then that will be the best way to go as it rids you of financial burden in the future.
Another option is to borrow money. If you can ask your family or friends for assistance, that is another excellent option with low risk. There are a lot of benefits of obtaining a loan from a family member or friend. Not only you can work out a deal where you can take your time to pay accordingly, but you also won’t have to worry about interest.
2. Use a Deferred Payment Program
Another option if you are not able to pay for the coding bootcamp upfront is to opt for the deferred payment program. This type of program is newer to coding bootcamps, but most have begun to offer them to attendees. Deferring your tuition allows you to pay the tuition after graduation once you obtain a job and start making a certain amount of money. For example, a student could defer paying their tuition until they secure a job that makes over $35,000 a year.
A deferred tuition is not the same as a loan since you will not be expected to make consistent payments throughout the year, even if you have lost your job or took a pay cut. You will only be making payments if you are financially secure and earning a specific salary. So this makes a for another great option to pay off your coding bootcamp tuition.
3. Apply for a Coding Bootcamp Scholarship
Most people will not be able to pay for their tuition upfront, and that is okay. There are many other options, including scholarships and grants. There are a lot of similar assistance explicitly dedicated to those attending a college bootcamp. They typically look to fund students from a specific group. For instance, some bootcamps offer grants for women or underrepresented groups, while others provide grants for veterans and military members.
It is best to start with extensive research. If you fall under any specific categories for scholarships, this would be an excellent option since they do not need to be paid back. This means you’d be able to take a course without having to pay the full tuition fees, depending on what the scholarship entails. In some cases, you’d still be required to pay for additional learning materials but they would be a reasonable amount.
4. Apply for a Loan
A loan might seem like an ideal option for any student who wants to further their education. Loans are incredibly common today, especially to fund education. College students frequently take out loans to pay for their education, and a coding bootcamp is no different. So, when students decide to attend a bootcamp, a loan is another option that would come to mind in terms of payment plans. One disadvantage, however, is that not many places offer loans for coding bootcamp courses. Therefore, most students will have to rely on a private lender such as Affirm, Skils Fund, Climb Credit, and Earnest.
All the places mentioned above offer coding bootcamp loans. One advantage of a private loan, especially when using it for a coding bootcamp, is that it will not only cover the class itself, but it will also cover any necessary technology resources. However, unfortunately, private loans will have interests of varying rates that will accrue over time. The interest is one of the reasons why this is not an ideal payment plan but can still be beneficial if needed.
5. Apply for an Employee Scholarship
If it is possible for you, employee sponsorship would be a great way to get funding for the coding bootcamp you would like to attend. A lot of companies or employers will offer sponsorship for you to develop your skills further, and that would include coding. Your employer may offer to pay a portion, if not all of your tuition. If you attend a coding bootcamp, it would be an advantage to your employer since it will help you become more productive and boost your company further. Before you attend a bootcamp, you should check with your employer first and verify if they can assist with any portion of the coding bootcamp. It never hurts to ask.
6. Start a Crowdfunding Campaign
Another alternative to pay for your coding bootcamp could be by starting a crowdfunding campaign. You probably have already heard of some of the online crowdfunding platforms like GoFundMe, for example. These platforms allow people to raise money for causes, including education. One benefit of crowdfunding is you have the possibility of raising money quickly since you can reach a wide audience who is interested in helping others out. If you have exhausted all the other options, then this might be a great resource for you. If not, this can still be a backup plan to alleviate some of the financial burdens.
Commit to the Process of Attending a Coding Bootcamp
You’ve made a significant decision by attending a coding bootcamp. This is an exciting step toward your dream career. Therefore, you must use the time to set yourself up for success. First, decide what bootcamp you are interested in attending and find out how much the tuition will be. Then decide which will be the best way to pay your tuition, based on your personal situation.
As you can see, there are plenty of options when it comes to paying off your tuition. If you are lucky enough to pay it off all at once, do so. However, don’t be afraid to apply for a scholarship or a student loan. Remember to consult with your employer to see if there is an opportunity to have your company invest in your education. Lastly, you can use other resources like crowdfunding campaigns. Whichever route you take, know that it will all be worth it.