How to Pay for Coding Bootcamp: All You Need To Know in 2024

Advertisement

Are you curious about how to pay for coding bootcamp journey? Explore various financial aid options 2024, including scholarships, income share agreements (ISAs), student loans, and flexible cash payment plans. Discover specialized scholarships for underrepresented groups, veterans, and individuals with unique backgrounds, empowering you to make informed decisions as you embark on your coding education.

READ ALSO: Veteran Scholarships for Graduate School – A Guide 2024!

Not everyone deems a conventional college degree program fitting due to its cost and time commitment. Thankfully, alternative routes exist for obtaining technical training and acquiring in-demand skills to enter the workforce, with enrolling in a coding boot camp being one such option.

How to Pay for Coding Bootcamp

Coding boot camps present individuals, even those with minimal or no tech background, with the opportunity to swiftly acquire computer programming knowledge, typically within 3-6 months. Many boot camps offer the flexibility of online learning with part-time schedules, catering to the needs of working professionals.

Despite the significant tuition fees associated with coding boot camps, averaging around $13,500 based on data from over 130 programs, there are flexible payment options that may involve minimal or no upfront costs. Notably, this cost is substantially lower than the tuition for a traditional four-year degree program, which often exceeds $50,000.

The potential for lucrative careers post-completion makes the investment in tuition for a coding boot camp worthwhile. Graduates commonly secure roles as web developers, with a median annual salary of $73,760 in 2019, according to the Bureau of Labor Statistics. Alternatively, they can pursue careers as software developers, earning a median salary of $107,510 that same year.

While coding boot camps offer more cost-effective tuition than traditional college degrees, it’s crucial to note that federal financial aid is not available for coding boot camps. This raises the question: How can you finance your coding boot camp? Keep reading to explore financial aid options for coding boot camps.

Table of Contents

Is There Federal Financial Aid for Coding Bootcamps?

Assessing a coding boot camp’s quality goes beyond relying on the program’s accreditation status. Unlike traditional colleges, coding boot camps typically lack regional or national accreditation.

Since coding boot camps operate in a relatively new industry, they remain largely unregulated. The absence of accreditation places the responsibility of verifying a boot camp’s quality primarily on the student. Another drawback of the unaccredited status of boot camps is that students are ineligible to use federal financial aid, including federal grants and loans, to cover the expenses associated with coding boot camps.

To address the financial aspect, many coding boot camps provide financing options, including private loans and scholarships, for students who cannot pay their tuition upfront. Additionally, students can explore income share agreements or deferred tuition plans, allowing them to make payments only after graduation and securing a job in the tech industry. While federal financial aid is not an option, these alternative financing avenues offer flexibility in covering the costs of attending a coding boot camp.

READ ALSO: A Guide on NAIA Rules on Scholarships in 2024!

Alternate Financial Assistance Options

1. Loans

Although federal financial aid is not an option for coding boot camps, students can access specialized loan options tailored to boot camp education. Collaborations with companies such as Skills Fund, Upstart, and Climb Credit enable boot camp providers to offer comparatively lower interest rates than typical private loans.

2. Scholarships

Numerous coding boot camps extend scholarship opportunities that cover a portion of the tuition cost. These scholarships often target specific demographics, including veterans, women, or underrepresented individuals in the tech industry.

3. Payment Plans

Many boot camps present flexible payment plans, allowing students to distribute their tuition costs evenly over the duration of the boot camp through monthly installments, often without incurring interest.

4. Deferred Tuition Plans

Certain boot camps permit students to postpone tuition payments until after graduation and secure employment in the tech industry. Graduates repay a fixed tuition amount over a predetermined period, typically 2 to 4 years, once their earnings surpass a specified minimum threshold.

Note: It is crucial to review the terms and conditions of deferred tuition plans, as they may entail job search requirements.

5. Income Share Agreements

Unlike deferred tuition plans, income share agreements involve no upfront costs or a minimal deposit. Graduates commit to monthly payments based on a percentage of their salary after securing a tech job, typically ranging from 10-25%. These payments typically span 2-4 years, and specific conditions, such as a minimum salary threshold, may apply. Understanding the terms is essential, as graduates may pay more than the initially advertised tuition cost.

Top 16 Coding Bootcamp Scholarships in January 2024

Although coding boot camps present a cost-effective alternative to traditional four-year colleges, their tuition expenses can still be significant, averaging approximately $13,000. To aid you in overcoming this financial hurdle and venturing into the tech industry, we have compiled the definitive guide to coding boot camp scholarships. Continue reading to explore the leading coding boot camp scholarship opportunities!

Top Coding Bootcamp Scholarships

1. “Tuition Solution” Scholarship for STEM Students

– Eligibility: Open to high school seniors, college students, and graduate students interested in STEM.

– Amount: $500

– Deadline: January 31, 2024

2. Coding Dojo Fresh Start Fund Scholarship

– Eligibility: Requires full-time enrollment in the Coding Dojo Full-Time Bootcamp.

– Amount: Up to $1,500 for those making less than $40,000 annually.

– Deadline: Varies by enrollment deadline.

3. Code Platoon Scholarships

– Eligibility: Available for veterans enrolling in a Code Platoon program; requirements vary slightly based on the scholarship.

– Amount: Ranges between $13,000 and $16,000 (varies based on the specific scholarship).

– Deadline: Varies.

4. Turing School BIPOC & Inclusion Scholarships

– Eligibility: Open to students accepted into the Turing School and belonging to underrepresented groups in tech (LGBTQ+ people, women, racial minorities, people with disabilities, and veterans).

– Amount: $4,000

– Deadline: 5 weeks before classes begin (depending on the specific program).

5. Tech Elevator Represent Tech Scholarship

– Eligibility: Applicants should be part of an underrepresented group in the tech industry and enroll in the next available Tech Elevator cohort.

– Amount: $13,175 (85% of tuition cost)

– Deadline: 7 weeks before the individual’s selected program starts.

6. Galvanize Scholarship

– Eligibility: U.S. citizens or permanent residents accepted to either the Hack Reactor at Galvanize Software Engineering Immersive (SEI) Program or the Galvanize Data Science Immersive (DSI) Program.

– Amount: Full tuition

– Deadline: Varies.

7. Horatio Alger Career & Technical Scholarships

– Eligibility: Open to students enrolled in eligible technical programs.

– Amount: $2,500

– Deadline: Rolling.

8. We Stand Together Scholarship

– Eligibility: Black or African-American students enrolling in the Data Science or Hack Reactor Software Engineering Immersive Bootcamp through Galvanize.

– Amount: Full tuition

– Deadline: Varies (refer to your program’s enrollment deadline).

9. Code Fellows Diversity Scholarship

– Eligibility: Open to individuals from underserved backgrounds with little representation in the tech industry enrolling in a Code Fellows course.

– Amount: Varies based on financial need

– Deadline: Contact admissions for the deadline and application link.

10. Digital Crafts Builder Scholarship

– Eligibility: Open to students from underrepresented groups in tech, including female, Black, and Latina students enrolling in a Digital crafts program.

– Amount: $1,000 (Part-time program) or $1,500 (Full-time program)

– Deadline: Depends on the application deadline for your intended program.

11. We Can Code It Low-Income & Diversity Scholarships

– Eligibility: Open to low-income or underrepresented students enrolling in a We Can Code It bootcamp.

– Amount: Up to $2,000

– Deadline: Depends on the specific program enrollment deadline.

12. Zipcode Wilmington Need-Based Scholarship

– Eligibility: Open to students enrolling in a Zipcode Wilmington coding program with a household income 200% below the national poverty level.

– Amount: $6,000

– Deadline: By the application deadline of the intended program.

13. DeltaV Diversity Tuition Scholarship

– Eligibility: Open to students enrolling in a DeltaV course who belong to a population underrepresented in technology (e.g., women, veterans, low-income, racial minorities, and those with disabilities).

– Amount: Varies

– Deadline: Varies (based on the specific program).

14. Brainstation Scholarships

– Eligibility: Separate scholarships available for women, underrepresented populations in tech, recent college grads, veterans, and entrepreneurs enrolling in Brainstation programs.

– Amount: Varies

– Deadline: Must be submitted and approved before enrollment in a Brainstation program.

15. LEARN Academy Diversity Scholarship

– Eligibility: Open to individuals enrolling in a LEARN Academy course or boot camp who belong to an underrepresented community in tech.

– Amount: $2,000 off tuition

– Deadline: Depends on the intended program’s application deadline.

16. Flatiron School Access Scholarship

– Eligibility: Open to female or other underrepresented students enrolling in a Flatiron School course with no prior experience working in the role they’re being trained for.

– Amount: Between $1,000 and $3,000 (May qualify for an additional grant, up to $50,000)

– Deadline: None! (Ongoing program).

READ ALSO: Virginia Scholarships – Empowering Futures through Educational Opportunities in 2024!

Tips on Winning Coding Bootcamp Scholarships

As the demand for coding boot camps grows, so does the scholarship competition. Given the unconventional nature of coding boot camps, scholarship applications may necessitate additional materials, such as a resume. To enhance your likelihood of winning coding boot camp scholarships, consider the following tips:

1. Develop a Comprehensive Scholarship Resume

– Highlight your educational background, work experience, and relevant achievements.

– Showcase your passion for coding along with any related skills or projects.

2. Emphasize Your Unique Story

– Use your essay to explain the reasons behind enrolling in a coding boot camp.

– Share unique experiences and perspectives that make your story stand out.

3. Follow Guidelines

– Adhere to the specific guidelines outlined in the scholarship application.

– Pay attention to word limits, essay topics, and additional requirements.

4. Articulate Goals

– Clearly express your goals and how attending the coding boot camp will contribute to your professional and personal development.

READ ALSO: Scholarships for Dance Majors – An Excellent Guide 2024!

5. Demonstrate Commitment

– Showcase your commitment to the coding field and your dedication to completing the boot camp.

– Highlight any self-learning or coding-related activities you’ve undertaken.

6. Seek Professional Advice

– Consider seeking guidance from mentors, teachers, or professionals in the coding industry to refine your application.

7. Proofread Thoroughly

– Ensure your application is error-free by thoroughly proofreading all written components.

– Ask someone else to review your application for additional feedback.

8. Utilize Essay Writing Guides

– If required to submit an essay, use guides for writing 250-word and 500-word essays to structure your content effectively.

By meticulously preparing your scholarship application and highlighting your unique qualities, you can increase your chances of securing funding for your coding boot camp journey.

Tips for Coding Bootcamp Students

Embarking on a coding boot camp journey brings both excitement and challenges. To optimize your experience and set the stage for success, consider the following tips:

1. Explore Free Online Coding Programs:

– Utilize free online coding courses to acquaint yourself with fundamental coding concepts.

– Platforms such as Codecademy, Khan Academy, and freeCodeCamp offer valuable resources.

2. Build a Strong Foundation:

– Strengthen your foundational knowledge in programming languages, algorithms, and problem-solving.

– Focus on mastering key concepts that serve as building blocks for more advanced topics.

3. Engage with Coding Challenges:

– Regularly practice coding challenges to enhance your problem-solving skills.

– Platforms like HackerRank, LeetCode, and Codewars provide a variety of challenges for all skill levels.

4. Create Personal Coding Projects:

– Undertake personal coding projects to apply your skills in real-world scenarios.

– Building a portfolio of projects will showcase your abilities to potential employers.

5. Join Coding Communities:

– Connect with like-minded individuals by participating in coding communities or forums.

– Engage in discussions, seek advice, and share your experiences with others.

6. Attend Meetups and Networking Events:

– Attend coding meetups and networking events in your local area.

– Building a network within the coding community can provide valuable insights and support.

7. Stay Consistent with Learning:

– Establish a consistent study routine to reinforce your learning.

– Regular, focused practice is key to mastering coding concepts.

8. Seek Mentorship:

– Find a mentor within the coding community or your boot camp program.

– A mentor can offer guidance, share insights, and provide encouragement.

9. Utilize Bootcamp Resources:

– Take full advantage of the resources offered by your coding boot camp.

– Attend workshops, seek help from instructors, and collaborate with fellow students.

10. Stay Resilient and Positive:

– Coding boot camps can be intense, so maintain a positive mindset and stay resilient.

– Embrace challenges as opportunities for growth and learning.

Remember, you’re not alone in your coding journey. By leveraging free online resources, engaging with communities, and staying dedicated to learning, you can enhance your skills and maximize your coding boot camp experience.

Income Share Agreements: A Flexible Financial Option

For students searching for coding bootcamp scholarships, income share agreements (ISAs) introduce a contemporary and adaptable model for educational financing. In an ISA, students commit to repaying a certain percentage of their post-graduation income for a specified period, diverging from the conventional method of repaying a fixed borrowed amount. This forward-thinking approach carries several advantages:

1. Flexible Repayment

Unlike traditional loans, ISAs eliminate the need for upfront payments or a fixed repayment amount.

– Payments are directly linked to the graduate’s income, offering flexibility and aligning with individual financial capabilities.

2. No Cash Upfront

– Students are relieved of immediate financial obligations, enhancing accessibility to education.

– The absence of upfront costs lowers financial barriers for those considering enrollment in coding bootcamps.

3. Common in Coding Bootcamps

– ISAs are prevalent within the coding bootcamp education sector.

– Many coding bootcamps provide their ISAs, empowering students to customize repayment plans based on their income levels.

4. Limited Credit History Consideration

– ISAs often prioritize earning potential over credit history.

– This feature makes ISAs a viable option for students with limited credit history seeking financial support for their education.

5. Third-Party Services

– Beyond boot camp-provided ISAs, third-party servicers also extend income share agreements.

– This diversity enables students to explore various ISA options and select the one that aligns best with their needs.

While ISAs offer flexibility, it is crucial for students to meticulously review the terms and conditions of any agreement. A comprehensive understanding of income percentage, repayment duration, and other specifics will empower individuals to make informed decisions regarding their financial commitment after completing a coding boot camp.

READ ALSO: Scholarships for International Students in USA – A Basic Guide 2024!

How to Pay for Coding Bootcamp

Understanding the Cost of Coding Bootcamps and Potential Returns

Ever wondered about the expenses associated with coding bootcamps and whether the investment is justifiable? Let’s delve into the figures.

Average Cost of Coding Bootcamps

Coding bootcamps, offering accelerated tech education, come with diverse price tags. According to the Bureau of Labor Statistics, the average annual earnings for a web developer are $77,200. Bootcamp costs vary from $1,480 to $30,000, with a median cost of $13,580 (BestColleges data).

Discipline-Specific Pricing

Costs fluctuate based on the technical discipline. Web development and UX/UI design boot camps average around $12,500, while data science and software engineering boot camps may cost approximately $15,000.

University-Affiliated vs. Private Providers

University-affiliated bootcamps might offer cost advantages compared to private providers like Hack Reactor or General Assembly. Private schools provide diverse payment options, including scholarships, coding bootcamp loans, and borrower/cosigner programs.

Return on Investment

Despite upfront expenses, the potential return on investment from a coding bootcamp is substantial. According to the Council on Integrity in Results Reporting (CIRR), bootcamp graduates showcase high employment rates, with approximately 79% securing employment within 180 days after graduation (data from January to June 2019).

Skillcrush Program Insights

For instance, Skillcrush’s flagship program costs approximately $2,499 before any applicable discounts. Programs like Skillcrush’s Break Into Tech provide accessible options within this broader landscape.

Consideration for Aspiring Coders

While costs vary, understanding potential earning outcomes, employment rates, and available payment options can assist aspiring coders in making well-informed decisions.

While the initial cost of coding bootcamps may appear significant, their accelerated learning approach and high employment rates position them as valuable investments in the rapidly evolving tech industry.

Exploring Payment Options for Coding Bootcamps

Embarking on your coding bootcamp journey necessitates a thorough understanding of how to finance your education. Individuals employ diverse methods to pay for coding bootcamps, tailoring their approach to align with their financial circumstances.

1. Scholarships

Some coding schools, such as Galvanize and Coding Dojo, offer scholarships to support aspiring learners, focusing on women in tech, diversity, and military service members.

2. Income Share Agreements (ISAs)

ISAs are a popular option where students defer upfront tuition and commit to a percentage of their future earnings. Boot camps like Lambda School, App Academy, Thinkful, and Flatiron School provide ISAs. While ISAs offer flexibility, understanding potential risks is crucial, necessitating a comprehensive review of the terms and conditions.

3. Student Loans and Financing

Student loans and financing programs through entities like Climb Credit or Ascent are viable alternatives. Hack Reactor, Flatiron School, and General Assembly accept funding through these avenues. While student loans may offer lower interest rates, approval may be influenced by applicants’ credit scores, though some lenders permit cosigners.

4. Cash Payments

Many students choose to pay for coding bootcamps upfront or through installment plans. Examples such as Coding Dojo, Actualize, Covalence, Bloc, and Skillcrush accommodate various payment structures. Skillcrush’s commitment to affordability is evident in its mission to empower underrepresented groups with accessible and affordable tech education, exemplified by monthly installment or upfront payment options for its programs.

5. Choosing the Right Path

When deciding how to fund your coding education, consider your financial situation, preferences, and the terms associated with each payment method. Skillcrush’s dedication to affordability and accessibility underscores its commitment to serving diverse student populations.

Obtaining Student Loans for Coding Bootcamps: A Guide

Disclaimer: The information provided here is for informational purposes only and should not be considered legal, tax, investment, financial, or other advice.

1. Opt for Bootcamp-Focused Loans

When contemplating student loans for coding bootcamps, choose personal loans designed for boot camp costs. Avoid high-interest personal loans or credit cards, as bootcamp loans typically offer lower interest rates and more favorable repayment terms.

2. Explore Private Lenders

Private lenders like Skills Fund and Climb Credit collaborate directly with coding bootcamps to provide loans to attendees. Compare interest rate terms and assess options for deferment and forbearance in case of repayment difficulties.

3. Utilize GI Bill Benefits

Veterans with GI Bill benefits can explore coding boot camps eligible for GI Bill funds. The U.S. Department of Veterans Affairs offers a search tool to identify qualifying boot camps. Additionally, consider the VET TEC program, aligning with GI Bill eligibility without depleting existing GI Bill time.

4. Check Employer-Sponsored Training

Inquire with your employer to determine if they offer professional development and training opportunities. Some employers provide free training, and a coding boot camp may qualify as part of your professional development.

Navigating student loans for coding boot camps involves selecting loans tailored for boot camps, exploring private lenders, leveraging GI Bill benefits for veterans, and considering employer-sponsored training options. Prioritize loans with favorable terms to ensure a smooth repayment process.

READ ALSO: Scholarships That Cover Housing Costs – An Excellent Guide 2024!

Conclusion on How to Pay for Coding Bootcamp

In 2024, funding your coding boot camp education entails exploring diverse financial aid options customized to your individual circumstances. Despite the absence of federal financial aid for coding bootcamps, there are several alternatives to alleviate the financial strain. Viable options include scholarships offered by coding schools, income share agreements (ISAs), student loans, and staggered cash payments. Furthermore, specific bootcamps extend specialized scholarships targeting underrepresented groups, veterans, and individuals with specific backgrounds. A comprehensive understanding of financial aid possibilities empowers prospective students to make well-informed decisions and embark on their coding journey with a clear and strategic financial plan.

Advertisement

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button