coding bootcamp with personal loans

Financing a Coding Camp with Online Loans

If you are thinking about signing up for a coding camp, there are several reasons it’s a good idea.

Web developers are in high demand, and the job opportunities are trending to increase for the next seven years. Meanwhile, the supply of qualified individuals is low, and bootcamps quickly get students ready to enter the workforce.

Many people are jumping on board. In fact, there has been a ten-fold increase in coding bootcamp enrollment rates since they started three years ago. In 2017, an estimated 22,949 students will graduate from one of the programs; about half the number of graduates from accredited colleges and universities combined.

The only problem is that bootcamps can come with a high price tag, in the ballpark of $10,000 to $11,000, on average. However, there are more financing options, like online loans, that are cropping up as the coding bootcamp industry grows.

More financing options for coding bootcamps

Jonathan Lau, the owner of SwitchUp, says that students used to need to rely on traditional funding sources like saving up the money, but now that is changing.

“Private lenders such as Earnest and Pave offer market rates to bootcamp students. There are also two private lenders – Climb Credit and Skills Fund –  that work exclusively with bootcamp students, and have partnerships with most major bootcamps. Further, the bootcamps themselves have introduced new options to help students with cost,” says Lau.

Compare online private lenders

He adds, “Several schools also offer scholarships for minorities, women, or LGBTQ identifying individuals, and another big development is that many schools now accept the G.I. Bill, which is helping more veterans to begin a tech career.”

While many options are becoming available, government programs are lagging behind. Many people are wondering about FAFSA and federal loans.

Can the FAFSA help me with the costs of coding bootcamp?

Unfortunately, at this time, the FAFSA will not help you to get any funding for a coding bootcamp. While it may help sometime in the future, at this time, FAFSA is only for “eligible certificate or degree programs,” which do not include coding bootcamps.

Are the federal loans for coding bootcamps?

So, you can’t get help from the applying for the FAFSA but are there any federal loans that can help? Not yet. However, don’t get discouraged.

While the government has yet to create any programs providing or backing loans, they have started a pilot program to help students with low-income at select schools by providing them with financial aid. Further, online loans are available now, and many offer competitive rates.

Current ways to fund coding camp

We’ve rounded up the top nine ways that students can currently get access to funds to pay for a coding program. Here’s the quick list.

  1. Bootcamp payment programs
  2. Bootcamp lenders
  3. Personal loans
  4. Credit cards
  5. Crowdfunding
  6. Employer sponsorship
  7. EQUIP
  8. Reboot Northwest
  9. The Workforce Services Division of the California Employment Development Department

Learn more about these funding options and which will work best for you.  (link to other article)

Finance your coding camp

A coding bootcamp can give you the opportunity to start a new career with a relatively high starting wage. Further, new financing options make it easier to foot the bill.

Be sure to check out what options your bootcamp offers for scholarships and payment programs, then look to loans if you need additional help. Wondering which loan will be best for you? Compare the top online lenders below.