Let’s discuss whether financing coding bootcamp can be a viable option. The average fee for coding bootcamp stands at $11,000. While this might not be higher compared to college degree fees, we cannot overlook the fact that not everyone is in a position to raise such funds. In the past, many people have found it difficult pursuing their web development dreams in coding schools due inability to access funds. With possibilities of accessing funds from various sources, however, money shouldn’t stop you from being a developer. So, what are your options?
Federal Financial Aid
In the past, it was difficult or nearly impossible for students on web developer bootcamp to receive federal financial aid. Over the years, there have been impressive changes. Following the launch of Educational Quality through Innovation Partnerships (EQUIP), students pursuing selected programs can now benefit from federal financial aid. It is worth noting that this is still in its experimental stages and only those in limited coding bootcamps can access such funds. Given the incentives that come with these loans, you will be happy to get them.
Private financing coding bootcamp
For those who are unable to access government help, you can approach private lenders. Actually, private financing for a coding bootcamp are the best for funding because they offer a wide variety of funding for students. The flexibility and ease of access make them even more preferable. However, one should understand all the clauses involved in order to avoid pitfalls. For one, web developer bootcamp runs for a short time. In the same way, you might be expected to refund the finances within a limited time. Although many lending institutions will give you up to three years, do not be surprised if you are requested to redeem the loan in less than a year!
Some lenders also asses certain aspect such as dropout rates for particular courses. In the end, they only provide loans to those undertaking programs with proven records of accomplishment. Yet again, you need to have an impressive credit history to be able to access private loans the easier way. Always remember to ask yourself how long it might take to repay the loan before going for it. Before finding funds, learn which web developer bootcamp is right for you.
An option that many people tend to overlook is that of sponsorship by the employer. Many people gaining entry into coding bootcamps are those who need to change careers. Since companies find it expensive recruiting top talents, you will be an asset to the company if you are able to enhance your skills. You can talk your boss into funding your program regardless of the coding bootcamp. Articulate clearly why you need this program and how it will add value to the company.
Many people get into financing coding bootcamp through scholarships so we cannot ignore that as well. To qualify for such scholarships however, one needs to prove to the institution or body offer the scholarship that it is worth investing in you. At the end of the day, one realizes that there are multiple sources of funding you can explore to get your way through coding bootcamp.
What are other options to apply for funding for your bootcamp?