How to Pay for a Coding Bootcamp: Loans, Financing, and Scholarships

How to Pay for a Coding Bootcamp: Loans, Financing, and Scholarships
How to Pay for a Coding Bootcamp: Loans, Financing, and Scholarships

Introduction

Coding Bootcamps are growing increasingly popular, especially due to traditional methods such as a full-time degree being more time-consuming. Full-time degrees are not flexible and are not the best choice for working professionals.

Meanwhile, Bootcamps holistically cover topics that professionals can effectively use at their workplace. Except for foundational topics and basics, boot camps also skip out on many unnecessary topics that are deemed actively unusable for a particular job role.

This allows a more isolated approach towards acquiring skills which allows candidates to completely focus on what they require while ignoring everything else.

There are many coding camps such as Coding Ninjas’ Career Camp that allow flexible payment schemes that allow students to pay after placement. Most Coding Bootcamps require more funds than a week-long or a month-long Bootcamp. Especially due to the specialized learning infrastructure required and the experienced faculty.

This is where students are placed in a dilemma about how to pay for the online coding camp of their choice.

Let us check what are the different ways to tackle a challenge such as this and what options are available for us. 

Paying for a Coding Bootcamp with a Loan

Student loans are becoming immensely popular in this country. With more private financiers springing up, students do not need to try their luck with government financing anymore. Government loans and financing cannot be accessed at any given time but there are multiple schemes and events orchestrated by the government in order to promote education.

However, these loans are generally provided to assist in completing bachelor’s or master’s degrees and PhDs. These loans are not provided for Bootcamps and other online courses, thus, interested students must look for private lenders. But due to the immense availability of these private lenders, students do not need to rely on government loans and can readily access private financiers and creditors.

Financing is also similar to a loan, however, there are a few subtle differences. Instead of paying back the borrowed amount with interest, like in loans, financing demands a return according to the time value of money or TVM. Financing is generally a better choice as interests may stack up over time in the case of loans, while financing generally calculates the potential surplus and is more considerate when asking for the returns.

Coding Bootcamp loans are getting incredibly popular nowadays, with many too busy to enroll in a full-time degree program or wanting to study a skill without relying on family members for finance. The fees of some programs go quite high, especially in terms of monthly income, so when the programs require you to pay the full fee upfront, it can be a problem.

There are also many working individuals who need all of their salaries to sustain themselves, thus coding Bootcamp loans are perfect for them, allowing them to pay them back in time, especially when the individual has a better financial situation. 

Paying for a Coding Bootcamp with a Scholarship

Reputed learning providers frequently offer grants and scholarships to support and encourage talented students. Being offered a scholarship is one of the most desirable outcomes that a student can expect. The desire to get a scholarship makes students work harder and focus more on their skills.

blog banner 1

Students with excellent academic records or who score well on scholarship tests have a great chance to enroll in a fully-funded Bootcamp. There are scholarships that fully fund the program and there are scholarships that cover 50% or even 90% of the fees. Coding Ninjas frequently orchestrates scholarship tests to provide scholarships to many talented students.

Payment Options offered by Bootcamps

Since the coding Bootcamp cost can go quite high for learning providers to host the faculty and create an advanced learning environment, sometimes the enrollment fees can be a bit overwhelming for some students to pay at once.

There are many payment methods and programs offered by popular learning platforms that make it much easier for students to pay for their boot camps. Most reputed learning providers boast of a range of flexible payment procedures that do not require the student to pay upfront or the choice to pay in installments.

Some creditors come to arrangements with these learning platforms as well for providing financing for students throughout their education. These firms simply take responsibility for the student’s debt or pay upfront to the learning provider in lieu of the student.

Common Payment Methods that Make Life Easy For Students:

Deferred Payments:

This allows the students to pay after being placed or benefitting from the program in another manner.

Income Share Agreement:

This payment system conjures up a deal with the student that allows the student to pay a small part of their income once they get a job.

Easy EMIs:

This is offered by most coding bootcamps in India and is a great way of paying off your coding bootcamp fees in instalments.

Financing through third-party firms:

Many learning providers have partnered up with finance providers to provide the necessary financing for students. Students simply need to pay the financers after a few years or in installments.

Frequently Asked Questions

How do you pay for coding bootcamp?

You can pay for coding bootcamps upfront or in installments through EMI options. Or, you can also apply for loans and pay for the bootcamp.

Can you finance coding bootcamp?

Yes, you can. Some companies have arrangements with creditors ready to assist you in doing so or you can choose your own financier.

Do coding bootcamps take FAFSA?

Yes, some coding bootcamps do accept FAFSA or Free Application for Federal Student Aid, however, this only applies to US citizens and US learning providers.

How do I get a coding bootcamp scholarship?

You can easily score a coding bootcamp scholarship by applying for the many scholarship programs and tests held by learning providers and then scoring well in them. There are many scholarships such as the BrainStation Scholarship, Code Platoon Scholarship, and the Code Fellows Scholarship that you can choose from.

Is coding dojo any good?

Yes, Coding Dojo is one of the biggest names among coding bootcamp providers and coding academies.

Are there scholarships for bootcamp?

Yes, there are multiple scholarships for coding bootcamps.

Do Coding Ninjas provide scholarships?

Yes, Coding Ninjas quite frequently offer scholarships for fellow ninjas. These scholarships range from fully-funded scholarships to a huge discount of the fees.

Does Coding Ninjas Career Camp have flexible payment options?

Yes, Coding Ninjas Career Camp has many flexible payment options such as EMIs, deferred payments, and other payment options with third-party lenders.

Can you get a student loan for a bootcamp?

Yes, you can get a student loan for a bootcamp, however, if you are approaching big financial institutes, you must have your bootcamp documents in order alongside other proof.

Key Takeaway

There are many learning providers that offer flexible payment options and you always have the choice of applying for financing. So, for all the interested students out there, do not worry about financing, and feel free to go for the bootcamp that will teach you what you wish to learn.

The financing for the coding bootcamp of your choice can definitely be arranged with determination, or you can simply join our Career Camp.