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The student loan options for a coding bootcamp are a little different than traditional student loan options.
A coding bootcamp could help you land a better-paying job. In fact, you could learn enough in 8 to 12 weeks to change your career forever. But these technical training programs, while short, can be very costly.
Unfortunately, most coding bootcamps don't qualify for federal student loans. However, some private lenders offer financing options to cover your bootcamp costs. We explore some of the best student loan options for coding bootcamps to help you find a suitable financing solution for your needs.
Loans for coding bootcamps
Federal student loans won't cover the cost of your coding bootcamp. And many private lenders require students to be enrolled full-time at a Title IV institution, which rules out many potential lenders.
However, some lenders do offer loans for bootcamp students. Here are some options to consider.
Rise
Ascent offers bootcamp loans to students from various schools. These are consumer loans, not student loans.
The lender requires you to work with one of their many partner schools, which they vet to ensure it is a legitimate educational experience. If you get accepted into a boot camp at an accredited school, you can apply for a loan with Ascent. If the loan is approved, Ascent will send the tuition fees directly to your school. If you borrowed money for living expenses, it will be sent directly to you.
Although APRs vary from school to school, you can borrow between $2,000 and $40,000. Funds can be used for both tuition and living expenses during the program.
Learn more in our Ascent student loan review.
Promotion credits
Climb Credit offers coding bootcamp loans to students at over 160 accredited schools. When you apply to Climb Credit, you'll find out in minutes if your loan is approved.
The funds can be used to cover your tuition and living expenses. During the repayment phase, you can choose a lower rate for the first six months and pay a higher rate for the rest of the loan term. This could give your finances a little more breathing room to look for a new job.
Other ways to pay for coding bootcamps
If you are interested in a coding bootcamp but are not convinced by the options above, you can also consider other funding methods.
Payment plans
Some programming schools offer tuition payment plans that break the total cost of your program into more manageable monthly payments. If you're having trouble coming up with the entire price up front, finding a payment plan can help.
Save
In a perfect world, you could save enough money to cover the entire cost of college. Of course, sometimes saving for college is easier said than done. But paying up front can save you thousands in interest.
One way to save is to increase your income for a period of time. For example, if you can take on a side job for a few months, putting those funds into a high-interest savings account earmarked for your bootcamp can make a big difference.
Income sharing agreements
An income sharing agreement is a type of financial contract in which you agree to pay a percentage of future income for a set period of time.
Some bootcamps offer this option. The contract will specify exactly how long you have to give up your income, how much you have to give up, and what income level you have to reach before you have to give up any of your income.
While this option allows you to cover your expenses without going into debt, you may regret sharing your income for an extended period of time. Make sure you are completely happy with the arrangement before moving forward.
Private Loans
A personal loan can help you cover a variety of costs, including boot camp and living expenses. Although personal loans typically come with higher interest rates and shorter repayment periods, borrowers with a high credit score may find this type of loan to be just what they need.
If you're thinking about a personal loan, check out these top lenders.
The conclusion
A coding bootcamp could change your career. With the opportunity to increase your income, an education in the tech field could be the right move.
As your income increases, make a plan to improve your financial future. This includes paying off your high-interest debt, building an emergency fund with several months' worth of expenses, and investing for retirement. Of course, you can also use some of your newfound income to make meaningful lifestyle changes.
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