Coding Bootcamp enables students with little to no technical background to rapidly gain knowledge of computer programming, with most programs lasting 3-6 months. Additionally, with part-time schedules, many bootcamps are provided online, offering a flexible learning atmosphere for working professionals.
Coding bootcamps, however, also bill a substantial number for fees, usually from $7000 – $13,500. Luckily, several bootcamps have flexible options for payment that require little to no cash upfront. For a four-year degree program, which normally costs over $50,000, this price is often significantly cheaper than the tuition.
What’s the Average Cost of Coding Bootcamp?
While coding bootcamps are less costly than a four-year degree, they are still a big investment. In 2019, $13,584 was the estimated tuition for an in-person bootcamp, and $12,900 was the average cost of an online course.
Here are some other costs to keep in mind:
- Preparatory courses: You may need to complete preparatory courses before enrolling in the coding bootcamp, depending on the curriculum. Before you begin the program, these courses teach you foundational skills and can cost hundreds of dollars.
- Room and board, plus living expenses: Make sure the room and board are paid for, plus extra living costs. For starters, if you enroll in an in-person bootcamp in an area with a high cost of living (such as Los Angeles or New York), you may end up spending thousands of dollars to rent an apartment on top of tuition.
Is there Federal Financial Aid for Coding Bootcamps?
Federal Aid is not available for Coding Bootcamps. This means the people enrolled in a Coding Bootcamp can’t take subsidized and unsubsidized or any other loans. There are a few federal grants, however, to help pay for bootcamp coding.
In 2016, through the Innovative Collaborations Program or EQUIP, the Educational Quality Project was initiated by the Instructional Technology Office. This program allows borrowers to apply for Pell Grants and government loans, such as federal financial assistance.
This would allow students to afford non-traditional schooling more effectively, such as an online course or a bootcamp for coding. A number of entities have collaborated with a quality assurance agency and a conventional university through the initiative. Together, they help support low-income students with coding bootcamp financial assistance.
When it started, the initiative collaborated with eight independent organizations. However, the Department of Education has only accepted one program. Most students are also unable to profit from the EQUIP program until all programs are accepted.
The GI Bill for Coding Bootcamp
Provisions made under the GI Bill are another government initiative available to students at coding bootcamps. Since World War II, the GI Bill, introduced in 1944, was intended to support veterans. It gives them the money they need for college, to buy a house, or to start a business.
There have been substantial changes to the law since the GI Bill was enacted. Notably, students enrolling in a short-term coding bootcamp now have access to the money provided to veterans for higher education. To support their education, prospective and existing students who are veterans can receive funds under the GI Bill. In the Post-9/11 edition of the bill, veterans can be eligible for college or career training for up to 36 months. Veterans may have been discharged honorably, with a disability, or must still be on active service, in order to be eligible.
For the full suite of benefits, individuals eligible for GI Bill funding must serve or have spent at least 36 months on active service. Although, if you have served for less time, fewer of those benefits are offered.
How to pay for Coding Bootcamp?
Find scholarships
Many bootcamps offer scholarships for low-income adults, women, minorities, and others who have faced hardship or are committed to using technology to improve their communities.
Deferred Tuition Plans
Some bootcamps encourage learners to delay tuition costs until after graduation and getting a career in the tech industry. When a Bootcamp applicant finds a career, sometimes costing more than a certain minimum threshold, usually between $40,000 and $60,000, they pay back a certain amount of tuition for a specified period of time (usually 2-4 years). Students are sometimes also asked to pay a nominal fee upfront.
For students enrolled with a deferred tuition contract, there are also career search conditions, so make sure to scan the fine print carefully before signing the deal.
Income Share Agreements
Income sharing arrangements, with one significant exception, are close to deferred tuition plans. Students pay no initial expenses for an income sharing deal (or only a small deposit). When they graduate and land a technology job, they then make monthly contributions of a fixed amount of their earnings, mostly from 10-25 percent.
Graduates normally make these payments for 2-4 years, even before they are required to pay, there is also a minimum wage requirement a student must meet. There could be other provisions that come with a deal on income sharing, as well. For starters, bootcamps can enable students to approve their first job offer and immediately begin to make payments. A bootcamp graduate may end up paying substantially more in the long run than the advertised cost of tuition for this payment option.
Private Loans for Coding Bootcamps
Since private student lenders usually need you to be enrolled in a Title IV institution full time, bootcamp student loans can be difficult to locate. Contact their support staff if you have a lender in mind who you would like to want and register for and see if your bootcamp is valid.
Personal loans are an option if your bootcamp isn’t eligible. Below, the personal loan lenders encourage you to take out loans for bootcamp coding. Few borrowers are also working with some bootcamps.
Upstart
This lender is providing loans to some bootcamps that they fund. You are eligible to apply for a loan if you are admitted into one of the sponsored bootcamps.
Coding Bootcamps Partnered With Upstart
- Coder Camps
- Code Fellows
- Coding Dojo
- Dev Bootcamp
- Dev League
- Dev Mountain
- Fullstack Academy
- gSchool
- Hack Reactor
- Hackbright Academy
- Iron Yard
- Launch Academy (Learn on Campus Only)
- Metis (Kaplan)
- MakerSquare
- The Iron Yard
- RefactorU
- Turing
Skills Fund
This lender is devoted exclusively to bootcamp rooms. They offer adjustable financing plans on both tuition and living expenses loans, including the opportunity to make no installments while you study and for three months after finishing the degree.
Fellowships and Employer Sponsorship
There are a couple more options to pay for a coding bootcamp, beyond loans, scholarships and grants. As a means to have chances to enter the tech industry, several bootcamps provide fellowships with an outside partner.
All bootcamps do not have fellowship possibilities or have different eligibility criteria than scholarship offers.
Lastly, employers can have their own sponsorship opportunities for workers. It may be a voucher to take a part-time course or tuition assistance to learn new skills. One of the most rewarding investments you can invest in yourself is going to a coding Bootcamp.
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