How to Pay for Coding Boot Camp
Coding boot camps can provide the opportunity to jump into a career in IT without the high price of a college degree. It will still cost you a pretty penny. Paying for coding boot camp can involve a mix of scholarships, loans, benefits, and more.
Before you sign up, here’s what you need to know about the benefits you can get from coding boot camps, how much they cost, and how to pay for one.
What are the benefits of coding boot camp?
If you’re interested in a career in IT, there are plenty of reasons to consider a coding boot camp over a college degree in the field:
- Acquire the necessary skills in less time: The standard length of a coding boot camp is 12 weeks, according to ComputerScience.org, but course lengths can vary. If you want to change careers, but don’t want to go back to school for two or more years, a boot camp is a great alternative.
- Benefit from reduced tuition fees: Coding boot camps aren’t cheap, but you’ll likely save money over a college degree.
- Build a network quickly: As you get to know the other attendees, you’ll have the chance to quickly grow your network of motivated, like-minded people. Doing the work necessary to establish these relationships can benefit you for years to come.
- Get help with your job search: Students are often on their own when it comes to finding a job, but with coding boot camps you can usually work with a guidance counselor to improve your chances of getting a job after completing the course . In fact, some boot camps even offer partial or full refunds if you can’t find a job within a set time frame – although there are some limits to these promises.
How much does a coding boot camp cost?
On average, a full-time coding boot camp costs $13,584, according to Course Report. However, options range from $7,800 to $21,000.
When comparing the different boot camps available, check what you are getting for your tuition. Cheaper does not necessarily mean better. Do your due diligence to maximize the value you get for your money.
How to Pay for Coding Boot Camp
There are many ways to pay your way to a career in IT. Although federal financial aid through the FAFSA does not typically cover boot camps, there are still options for scholarships, loans, and more.
Many coding boot camps offer scholarships to their students, usually based on need or background. When comparing different options, check what scholarship options are available and what requirements you must meet to receive one.
You can also search for private scholarships, offered by nonprofits, local organizations, and websites. A scholarship search engine is a tool you can use to search for scholarships that match your experience and interests.
Coding boot camps aren’t eligible for federal student loans, and even most private student loan companies don’t offer financing. However, there are a few exceptions. Ascent, for example, is a student lender that offers a loan program specifically designed for coding boot camps.
A personal loan could be another option to consider. Personal loans have very few limits on how you can use your loan funds. Paying for a coding boot camp is generally considered an eligible option.
Before applying, shop around and compare interest rates and repayment terms. You should also try to borrow as little as possible.
Revenue sharing agreement or deferred tuition
With some boot camps, you may be able to defer the cost of your tuition until you find a job. App Academy is an example of a boot camp that offers this option.
Alternatively, some programs, such as the General Assembly, offer Revenue Sharing Agreements (ISAs). These programs cover your tuition in exchange for a percentage of future earnings for a specified period. The main disadvantage of an ISA is that if you land a high-paying job, you may end up paying a lot more than if you had used another option.
Some employers may offer to cover boot camp tuition as an investment in their workforce. That said, you’ll want to double-check to see if a coding boot camp is an eligible program or if you’d need to go to college for help.
GI Bill Fund
If you’re a veteran, there are plenty of coding boot camps that can accept GI Bill money. The US Department of Veterans Affairs’ GI Bill Comparison Tool can help you find eligible programs in your area.
Is a coding boot camp worth it?
To determine if paying for a coding boot camp is worth it, it’s important to think about what you want to do with your career and how a boot camp can help you get there. Although the initial cost may be high, your return on investment may be even greater if the program helps you land a lucrative job.
That said, a career in software engineering isn’t for everyone. If you know someone who has done a coding boot camp, ask about their experience and advice. You can also ask colleagues or use online forums like Reddit to gather more information.
Ultimately, it’s up to you whether coding boot camp is right for you. Take all the time you need to learn more about the pros and cons and what it can do for you in the long run.