How To Pay for Your Coding Bootcamp
Coding bootcamps are designed to offer intensive, accelerated training that prepares you for a range of jobs in the high-growth field of computer technology. Whether you're a beginner looking for a career change or an experienced professional wanting to update your credentials, completing one of the best coding bootcamps can be a quick and effective way to develop valuable skills.
The cost of on-site and online coding bootcamps, however, may pose an obstacle for some prospective students. Fortunately, you don't necessarily have to pay the full price out of pocket. Many bootcamp providers offer deferred payment plans, income share agreements (ISAs), and discounts. You may also be eligible for other types of financial assistance that will help offset the expense of enrollment. In fact, there are a surprising number of funding options for you to explore.
Still wondering if you should enroll in a coding bootcamp? Let us help you decide if coding is the right career for you and show you how to choose the best coding bootcamp for your goals.
How Much Does a Coding Bootcamp Cost?
One of the earliest steps in preparing to attend a bootcamp is to work out your budget and how you're going to finance your education. Just don't be deterred if you don't have enough money to pay up front for the type of coding bootcamp you have in mind. First, find the program that's right for your needs, and then look for ways to reduce the price or obtain some type of financial help from other sources.
As you research your options, you'll discover that coding bootcamp costs vary dramatically. Although many programs fall in the $10,000-$15,000 range, several variables may affect the price. Generally speaking, shorter bootcamps of three to six months cost less than longer bootcamps lasting six months or more, and part-time offerings may cost less than full-time plans. Additionally, courses that focus on highly specialized subjects often cost more than those that teach coding and programming basics.
Before you invest, make sure you know what to expect and what you're paying for by visiting our comprehensive guide to coding bootcamp costs.
What Services Am I Paying For?
Another factor that may influence the cost of a bootcamp is the number of services that are included in the price. Some providers offer more one-on-one training, career development assistance like resume writing help and interview coaching, and guaranteed job placement services. These can all add to the bottom line but may be well worth the extra expense.
There are additional benefits that may also drive up the price, and the value of these characteristics can be harder to establish. These include the prestige of the bootcamp provider, the quality of the assigned projects that you'll create for your final portfolio, and the networking opportunities with fellow alumni.
Bootcamp Payment Types
On-site and online coding bootcamp providers often offer a variety of financing options that make it easier for you to get the training you need. These include payment plans, discounts, deferred tuition programs, and income-share agreements. However, before you sign up for a bootcamp, always be sure to read the fine print of your contract so you know exactly what to expect and what's expected of you.
Upfront Payments
One possibility is, of course, to pay in full before you begin. If you can afford it, a 100% upfront payment means you can forget about the money and focus on the course. Some providers even offer a discount for paying in full, and this approach also eliminates the interest fees that come with some of the other payment options.
Payment Plans
You may also find some bootcamp providers that offer generous payment plans. Some allow you to make an initial deposit and then spread your payments out over time without any additional interest charges. Others provide in-house financing, which allows you to make payments over time with nominal interest fees. Be aware, however, that either type of plan may involve a penalty if you miss a payment.
Deferred Tuition
Another option is to defer payment until a later date. In other words, you can enroll in a "study now, pay later coding bootcamp." Under a deferred tuition program, you can start with little or no money down and pay for the bootcamp after you have completed your course and found a job. You will then pay for tuition in monthly installments that include interest fees, which means that you'll pay more for the bootcamp in total. As an incentive to use this type of payment system, most providers promise to assist you in finding a job within a certain amount of time. If you don't find a job in the prescribed time frame, you don't have to pay the tuition fees.
Income-Share Agreements
Income-share agreements are very similar to deferred tuition programs with the same benefits and drawbacks. However, the major difference is that your monthly installments under an ISA are based on your post-graduation income. The agreement usually spells out how long you'll have to pay and what percentage of your income you'll owe, which could be anywhere from 8% to 25% of your monthly income for one to four years. Again, if you're unemployed or don't meet the stated salary threshold after completing the course, you don't have to pay.
Financial Aid
Since most courses are operated by business organizations and not educational institutions, you generally can't use federal financial aid, such as a Pell grant, to pay for coding bootcamp. However, if the program you've chosen is entirely operated by an accredited college or university, you may be able to apply for aid by filling out and submitting the Free Application for Federal Student Aid (FAFSA).
The good news is that funding may be available from other sources. You may be able to secure money from a loan provider, a bootcamp or other scholarship-granting organization, or your employer. If you're a veteran, you may be able to use the GI Bill to cover most or all of your coding bootcamp costs.
Bootcamp Discounts
Occasionally, bootcamp providers offer special discounts. Look for offers like pre-registration and end-of-the-month discounts, which reward students who can pay early.
Loans
Although the federal and private lenders that typically offer college student loans usually don't offer loans for bootcamp tuition, there are other lenders that specialize in bootcamp loans. The interest rates vary but are usually comparable to those of private student loan lenders, and the repayment time frame is typically three to five years. Keep in mind that you'll need to repay the loan regardless of your employment status and salary after completing the course. Climb Credit, Ascent Funding, and Meritize are some of the more popular lenders.
Scholarships
This may come as a surprise, but there are coding bootcamps that pay you to attend by offering scholarships for bootcamp students. These scholarships and grants — a few of which are funded by non-bootcamp organizations — can be a huge advantage as they don't have to be repaid. Awards are often based on financial need or designed to incentivize students from traditionally underrepresented groups in the tech industry, particularly women. Depending on the state you live in, you may also be eligible for a grant under the Workforce Innovation and Opportunity Act.
Employer Tuition Reimbursement
If you're already working in a for-profit or nonprofit organization that needs qualified coders, you may be able to take advantage of an employer tuition reimbursement program. You'll probably need to pay for the course yourself, but your employer will reimburse you for some or all of your coding bootcamp costs when you successfully complete the program. These programs typically contain repayment terms that require employees to remain with the company for at least a year after graduation or pay back some or all of the award.
GI Bill®
If you're a veteran, consider using your GI Bill benefits to pay for a coding bootcamp. Some providers accept GI Bill funding, but be sure to confirm with the U.S. Department of Veterans Affairs that the program you've chosen qualifies.
University Bootcamps
Over the years, as coding bootcamps have grown in popularity, many universities have formed partnerships with bootcamp providers to create on-campus and online coding bootcamps. University bootcamps may be a smart choice because you get a proven curriculum, experienced instructors, and job placement support through the college. However, many programs at universities are offered by the same bootcamp provider and are functionally the same bootcamp, regardless of the school you choose.
Because of the partnership agreements, paying for a university bootcamp is similar to most other types of coding bootcamp. However, the partnership may offer special payment options. For example, EdX programs allow you to use Segal Americorps awards for payment. Keep in mind that university bootcamps operated by external providers may not be eligible for federal financial aid.
Bootcamp Tuition Guarantee
In addition to payment plans, deferred tuition programs, and ISAs, some bootcamp providers offer a tuition guarantee. Also called job guarantees or money-back guarantees, these incentives promise to give you a full or partial refund if you don't find a tech job within a certain amount of time — usually six to nine months — after completing the program.
Some schools require you to accept any tech job that you're offered. If you choose not to accept, you may not get any money back. For this reason, tuition guarantees are probably best for individuals who are just starting out in the tech industry and are more likely to seek out an entry-level position.
Coding Bootcamp Payment FAQs
Are There Free Coding Bootcamps?
Yes, there are some free coding bootcamps. Offered both in person and online, free bootcamps tend to be shorter, introductory courses that prepare you for a longer, more intensive bootcamp. They're a great way to pick up some basic skills, and they may even provide sufficient training for a coding job. At the very least, a free coding bootcamp will help you decide if this is a smart career move, worthy of a bigger investment in an in-depth training program.
Does the GI Bill Pay For Coding Bootcamps?
Yes, the GI Bill can be used to pay for some coding bootcamps. The GI Bill is designed to assist veterans in pursuing job training opportunities after leaving military service, so you may be able to use this funding for a bootcamp. However, not all coding bootcamps qualify, so be sure to check with the U.S. Department of Veterans Affairs before enrolling.
Do Bootcamps Have Tuition Assistance?
Yes, many bootcamp providers feature tuition assistance. Some offer discounts and scholarships that may reduce the overall coding bootcamp cost. Other providers offer payment plans, deferred tuition programs, and income-sharing agreements to make it easier for you to pay for coding bootcamp. A few also offer tuition guarantees, which helps minimize any risk in completing a coding bootcamp.
Can I Write Off Coding Bootcamp Tuition?
Generally speaking, you cannot use your coding bootcamp tuition as a tax write-off. The IRS doesn't allow write-offs for education designed to prepare you for a new career. However, if you already had a programming job and were required to complete a bootcamp in order to retain your position, you may be able to claim tuition as a deduction. Be sure to check with a qualified tax professional before filing your tax return.
Are Coding Bootcamps Worth It?
For many people, coding bootcamps are definitely worth the time, effort, and expense. In a relatively short amount of time — much faster than earning a college degree — you can hone in-demand skills that qualify you for a career in the tech industry. You'll complete real-world projects from industry experts, giving you a taste of what your future holds.
What's more, many coding bootcamp providers offer job placement services as part of your tuition, making it easier for you to land a job after completing a course. With the help of a coding bootcamp, you may soon be on your way to a new career with increased salary potential.
GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Website at https://benefits.va.gov/gibill/index.asp.
