3 Tips for Coding Bootcamp Financing

Enrolling in a coding bootcamp is no easy feat. It requires focus, determination, three months off of work — and funding.

For the few who have a $10,000 to $16,000 rainy-day fund to invest in a new career path, as well as the ability to support their living situation without pay, coding bootcamp financing isn’t a concern. However, for the majority of students who enroll in coding bootcamps such as Coding Dojo, the cost of living and tuition can become an additional stressor, and even form a barrier to enrollment.

To prevent this from happening, students have to find creative ways to invest the money needed to kick-start their future. At Coding Dojo, we believe that financial barriers shouldn’t come between motivated individuals and their career aspirations, so we’ve put together a few tips on coding bootcamp financing:

1)      Scholarships and Loans

You might be surprised by how many people want to see you succeed and are willing to invest in the potential of your future. After all, that’s what a scholarship is, right? Many coding bootcamps offer scholarships based on a wide-range of criteria. At Coding Dojo, we offer scholarships to recent college grads, those changing career tracks, female developers and military servicemen/women. For Washington residents, we’re kicking off a pilot program with the Washington State Opportunity Scholarship to send three soon-to-be college grads through our summer program for free, and we hope to keep the program moving forward and offer the same opportunity to future graduates.

In addition to scholarships, you may also want to consider taking out a loan. While loans may not be the ideal approach, the cost of a coding bootcamp and time spent in the program are considerably less than that of graduate school or a traditional four-year university. If you’d be willing to take out a $30,000 to $100,000 loan to pay for one of those, borrowing $12,000 doesn’t sound like such a bad investment.

2)      Budget

While scholarships can help, they often won’t cover the full cost of tuition and living, so plan ahead and save as much money as you can before enrolling. Since coding bootcamps typically run from 9 to 12 weeks, you’ll have a couple of chances to enroll every year — so take your time. Waiting until the next program starts allows you extra time to save up and be even more prepared for your coding bootcamp experience.

Also, make sure you take the time to plan out your budget through the duration of the bootcamp. Many programs are located in cities with a high cost of living, but students can find cheaper housing by renting a smaller space (let’s face it, you’ll be at the bootcamp most of the time anyway). By allocating a certain amount of money to food and bills, and sticking to it, you’ll be much better prepared to handle the finances before you ever get to campus.

3)      Have a Post-bootcamp Plan

Starting salaries for programmers and Web developers, especially those with full-stack knowledge, are known to be high. While these six-figure salaries can help pay off loans, you can’t always rely on the job guarantee other than the coding bootcamp’s promise. Depending on your background and geographical location, it could take a couple of months to find a job, so plan accordingly when budgeting for your bootcamp experience. Twelve weeks comes around sooner than you might expect, so don’t let graduation catch you off-guard without a job-search plan in place.

You can find even more tips on how to pay for a coding bootcamp in our article 7 Essential Tips to Financially Prepare for a Coding Bootcamp.

For more information on Coding Dojo’s scholarships and admissions, check out our scholarships and tuition pages. At Coding Dojo, we want our students to be able to fully focus on the task at hand without having to worry about how they’re going to pay for it. While that’s not always possible, we strive to do what we can to help — and we want to help you invest in your future!

 

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