As the world shifts towards becoming a digital sphere, there is an apparent surge in demand for skilled programmers. This is evidenced by the U.S Bureau of Labor Statics predictions, which anticipates a 26% growth in job opportunities for software developers by 2026. The increase in the number of coding Bootcamps is another indicator of the increase in coding skills demand.
Unfortunately, despite the short learning period, the cost of attending and graduating from a coding Bootcamp is steep. Besides, coding Bootcamps do not enjoy support from financial aids. Nevertheless, the expensive nature should not stop you from attending the Bootcamp, thanks to various alternative payment options you can leverage. Below are some ways to pay for a coding Bootcamp.
Scholarship from the Bootcamp
Before enrolling in any coding Bootcamp, you should search for Bootcamps with scholarship programs. Most Bootcamps have specific requirements for students they can fund. For instance, some Bootcamps provide scholarships after launching a new course, to support underrepresented groups, military, veterans, or specific scholarships for women.
Scholarships, such as those from Flatiron school, Hack Reactor, and General Assembly, are the best option for students who meet the requirements, as they won’t have to pay back after graduating. Students may only need to meet the costs of equipment and resources required during the study period. Note that some Bootcamps offer partial scholarships, meaning they won’t pay the entire tuition fee.
Income Share Agreement or Deferred Tuition Programs
Deferred payment is increasingly gaining traction as a favourite alternative for enthusiastic coders. In these options, the students pay for the tuition fee after graduating and getting an employment opportunity that pays them above some amounts. Students who fail to graduate have to pay less amount. For instance, App Academy enrolls students for deferred tuition and requires them to pay once they are employed with minimum salaries of $50,000.
Unfortunately, students under this program eventually end up paying more than the initial cost. For instance, students enrolling in App Academy end up paying $28,000 instead of the initial $17,000. That aside, some Bootcamps have a similar program called the income share agreement. Through ISA, students can attend the Bootcamp with no upfront payment. However, as the name suggests, they will have to pay using a percentage of future income.
Join a Tuition-Guarantee School
Most students are optimistic after graduating from a Bootcamp. However, despite the heavy spending on tuition fees, unforeseen possibilities, such as failure to graduate or no job offers, can happen. Fortunately, some coding schools, such as Flatiron, provide a full refund for students who fail to secure employment six months after graduating. However, this program has some drawbacks. For instance, you bail out of the program once you receive a job offer, even if you don’t pick the job. Additionally, tuition guarantee schools don’t apply to extra educational costs like room, board, and fees related to student activities. Most tuition guarantee schools have very specific criteria that you must meet to be eligible, such as setting a minimum and a maximum number of credit hours students must complete.
Employer benefits are best for employed software developers looking to enhance their coding skills. Therefore, if you are employed, you can inquire from your employer if they are willing to partially or fully pay your Bootcamp tuition fees. Both the employer and the employee benefit from this model. The employee benefits from a better education while the employer benefits from better productivity after graduating.
Consider reaching out to your HR manager or boss to discuss employee benefits. Some companies will offer to pay upfront for an online course; others will request that you pay the cost but reimburse you through a check or an addition to your direct deposit. If you feel that you would need to convince your employer to pay for the course, explain how it could add value to your place in the company. Your employer is much more likely to agree to financially support you if they feel that they are making an investment.
G.I Bill Funds
G.I Bill benefits is a government program under the GI Bill, which was passed after World War II. This program was incepted to help to return veterans with the capital they might need to advance their education, buy a home, or start some businesses. After several legislations in the bill, the money initially given to veterans to further their education is available for students looking to enroll in coding Bootcamps. As such, veteran students can access full funding under this bill to pay for their education. However, make sure you choose one of the coding Bootcamps eligible for GI Bill benefits.
Personal loans are another alternative source of funds you can leverage to pay for your Bootcamp studies. Unlike credit cards, loans from private lenders have low-interest rates and are better suited for large expenses. That said, you can take a personal loan online from a credit union or bank of choice. Note that the interest rates charged significantly depend on your credit score.
Another viable personal financing option is taking a coding Bootcamp loan from personal lenders. Lenders such as ClimbCredit and Skills Fund partner with coding institutions to provide student loans. Always compare the interest rates and repayment details before choosing your preferred source of personal loan.
When looking for a personal loan, it pays to shop around for low APRs. Your local bank may be convenient, but it may not offer the lowest rate you could be getting. However, if you feel like you’ve found a deal that’s too good to be true, be on your guard. Some loans that seem like a great deal at first come with very specific conditions.
Find the Right Coding Bootcamp Financing
You shouldn’t be discouraged by the heavy price tags of attending a coding Bootcamp. Attending these institutions is an assured recipe for a luxurious job with better salaries. With software development and cybersecurity being on the upward swing, take a step towards this lucrative career by signing up for a coding Bootcamp. If you are facing financial bottlenecks, take advantage of one of the payment options above.