The Definitive Guide to Coding Bootcamp Financing

Everything you need to know about financing your coding bootcamp education

In our increasingly digital world, the demand for skilled computer programmers continues to rise. According to the U.S. Bureau of Labor Statistics, the employment of software developers will grow by 26% between 2016 and 2026.

As a result of this demand, we have seen about 100 coding bootcamps crop up around the world since 2012. The average bootcamp costs $11,400 and lasts about 14 weeks, according to Course Report. During that time, students get an intensive crash course on digital skills such as web development and UX/UI design.

By the end, graduates will be ready to start a new career in tech. While expensive, the investment can pay off quickly as graduates report an average starting salary of $78,000.

But what if you don’t have $11,000 lying around to pay for the program?

Not to worry, there are ways to make it happen, and below are nine ways to do so. Here’s what you need to know about coding bootcamp financing and loans.

How to pay for a coding bootcamp

Coding bootcamp students have typically not had access to traditional funding sources but now that is changing. Private lenders, such as Earnest and Skills Fund offer competitive rates to bootcamp students.  – Some work exclusively with bootcamp students, and have partnerships with the major training institutions. Further, the bootcamps themselves have introduced new options to help students with cost.

Compare online private lenders

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.

Scholarships are a valuable resource for financing college expenses. About a third of college costs are covered by scholarships and grants. If you are going to college and you want to use your education to help people reach their financial goals, check out SuperMoney’s Financial Literacy scholarship program. It awards $2,500 a year to a student who wants to help Americans improve their financial wellness through continued education.

While many options are becoming available, government programs are lagging behind. You may be wondering if you can fill in a FAFSA form and apply for federal loans.

Can the FAFSA help me with financing 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 bootcamp financing?

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 for coding bootcamp financing

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.

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.

Bootcamp payment programs

First, check with the bootcamp(s) you are interested in to see if they have any programs to help with the cost. Bootcamps offer several options to help underrepresented groups to afford a tech education. For example, Ironhack, Bloc, and many others offer scholarships ranging from $500 to $1,000 to women and veterans.

The bootcamps themselves have also introduced new options to help students with cost. Some programs, like App Academy, do not require tuition upfront: instead, students pay back a percentage of their salary after they land a job. The way it works is App Academy has a deferred payment plan where you put down a $5,000 refundable deposit, and you don’t pay the remaining $23,000 until you get hired and earn over $50,000 per year. Another hybrid option enables you to pay $9,000 upfront and the remaining $14,000 after you land a job.

Income Share Agreements’ have also become more popular. This is where students pay a percentage of their salary after they land a job if their salary is above a certain threshold. In this approach, both the school and the student share the risk. Align is a good of example of a lender with an income share agreement model.

All of these can be very helpful and reduce the need for borrowing.

Bootcamp lenders

If you need more than what is available from the company running the program, many bootcamps partner with lenders that finance the costs for qualifying students. Increasingly, bootcamp students are taking out private loans to finance their education. As the number of bootcamp students grows, private lenders have become adept at offering attractive terms.

For example, some lenders offer deferred payment plans, in which students pay interest only while they are in the program and for a short period after. This allows students to stave off any serious costs until they land a job.

The lenders will each have their own underwriting guidelines which the bootcamp has no control over, so you must qualify to get the funding. If you can get approved, it’s a great route to take.

Typically, the loans come with repayment periods ranging from one to five years and an annual percentage rate based on your creditworthiness.

It’s a good idea to shop around and compare the total costs with each lender so you can pick the best one.

Personal loans for coding bootcamp financing

You can also apply for a personal loan from a private lender and use it for whatever purpose you want, including a bootcamp. Similar to the loans from lenders that partner with bootcamps, you will have to apply and get approved.

Different personal loans come with different rates, fees and requirements, so check out what the best personal loans are to ensure that you choose the best option for you.

Again, be sure to compare various lenders and their offerings to ensure you meet the eligibility requirements and get a good deal. Take note of each lender’s loan amount limits, repayment periods, interest rates, fees, and flexible payment options.

You may be able to find longer repayment terms than those that are available with loans specifically for bootcamps.

Credit cards for coding bootcamp

Good old credit cards may be able to cover the bill, as well. If you have a fair amount of credit established, you will likely be able to get a credit card limit high enough to cover the costs.

The problem is, credit cards often have higher interest rates than installment loans. That could end up costing you if you carry a large balance for too long.

However, one solution that can help is getting a credit card with a 0% interest introductory period. The no-interest period typically ranges from six months up to 21 (with the Citi Simplicity card). That may give you enough time to complete the 14-week course, get a job, and pay it back with absolutely no interest.

If you can’t pay it off in full by the time your interest rate jumps up, you could transfer the balance to another card with an introductory rate or pay it off with a personal loan.


If the above options don’t work for you, you can also start a campaign to raise the money from your family, friends, and strangers.

Crowdfunding platforms like Kickstarter and GoFundMe allow you to tell others why you need their help and how much you need. Then, you promote the campaign and “the crowd” can come together to contribute and help you reach your goal.

Employer sponsorship

Will the skillset you acquire from the coding bootcamp be of value to your current or future employer? If so, you can approach them and request a sponsorship.

Some students are able to make the case that the skills learned at a bootcamp will add value to their employer. While this situation accounts for a small percentage of immersive students, it is becoming more common for part-time bootcamp students who can continue to work while in the program.

Government programs

Are there any federal loans for coding bootcamps? There are a handful of programs that offer some assistance. We list the main ones below. However, there are no traditional federal loans as of yet.


In August of 2016, the U.S. Department of Education announced the start of the Educational Quality through Innovation Partnerships (EQUIP) pilot program. It is designed to provide financial aid to students, primarily those with a low-income, who want to attend programs from non-traditional training providers.

Only eight institutions were invited to participate and four of them were coding bootcamps:

  • Epicodus.
  • The Flatiron School.
  • MakerSquare.
  • Zip Code Wilmington.

Upon approval, they will be able to provide government-backed financial assistance to qualifying students.

Reboot Northwest

Reboot Northwest is a program funded by the federal government designed for people who:

  • Have been underemployed for 27 weeks or more.
  • Are underemployed.
  • don’t have a job and are a veteran.
  • Are unemployed and the spouse of a veteran.

If selected to participate, you’ll receive career coaching and will make a plan for your professional future. The program partners with leading IT employers, manufacturing employers, and even some coding bootcamps like Epicodus to help participants get the training they need.

The Workforce Services Division of the California Employment Development Department

The Workforce Services Division of the Employment Development Department will cover bootcamp costs for up to 15 students per year if the student’s job had been outsourced to another country.

A couple of students that have graduated from Origin Code Academy in San Diego have tapped into the California Employment Development Department to have their $12,000 tuition costs covered.

Government programs are still few and far between. However, they are emerging and will likely continue to do so as the workforce’s demand for developers continues to grow.

Find the right coding bootcamp financing for you

If you have your mind set on attending a coding bootcamp, don’t let the price tag put you off. There are many options to help you take the first step toward a lucrative career. Software development is on the upward swing, and it’s a good time to get in if you have the interest.

Ready to start shopping? SuperMoney’s loan offer engine can help you find the best rates available.