{"id":31691,"date":"2022-09-26T08:45:22","date_gmt":"2022-09-26T15:45:22","guid":{"rendered":"https:\/\/www.springboard.com\/blog\/?p=31691"},"modified":"2024-09-12T01:53:54","modified_gmt":"2024-09-12T08:53:54","slug":"bootcamp-loans","status":"publish","type":"post","link":"https:\/\/www.springboard.com\/blog\/software-engineering\/bootcamp-loans\/","title":{"rendered":"Coding Bootcamps Loans: 7 Ways To Pay for Your Bootcamp"},"content":{"rendered":"\n

One of the biggest draws of a coding bootcamp is the affordable pricing, at least compared to a college degree program. Still, coding bootcamps aren\u2019t cheap. And while some students can pay upfront, many would-be coders don\u2019t have $10,000-15,000 on hand. So it\u2019s no surprise that loan companies have begun catering to the bootcamp audience, just as they do with student loans for college degrees.<\/p>\n\n\n\n

Although student funding is becoming more accessible and easier to apply for, it\u2019s still not a decision to be taken lightly. There are many things to consider, including companies, types of loans, and other financing methods.<\/p>\n\n\n\n

That\u2019s why we\u2019ve created this guide. Below, we\u2019ll tell you everything you need to know about coding bootcamps loans, along with the seven best lenders, so that you can make an informed decision.<\/p>\n\n\n\n

Is It Worth Taking Out a Loan for a Coding Bootcamp?<\/h2>\n\n\n\n

It depends. Consider how much more money you\u2019d potentially make once you\u2019ve completed the bootcamp. It\u2019s also worth thinking about whether you\u2019d be willing to pay that amount if you had that money on hand right now.<\/p>\n\n\n\n

How Much Do Bootcamps Cost?<\/h2>\n\n\n\n

According to a study by Course Report<\/a>, the average online coding bootcamp<\/a> costs $12,898 and lasts for 24.3 weeks. Comparing prices against this average is a good way to make an initial judgment on the school, as bootcamps whose prices are drastically lower or higher may be suspicious.<\/p>\n\n\n\n

Related Read: What Is Coding?<\/a><\/em><\/p>\n\n\n\n

Best Coding Bootcamp Loan Providers<\/h2>\n\n\n\n

There are several companies that help aspiring software engineers<\/a> find funding for bootcamps, some of which are tailored socially to this form of education. Here are some of our favorites.<\/p>\n\n\n\n

Climb Credit<\/a><\/h3>\n\n\n\n
\"Coding<\/figure>\n\n\n\n

Climb has tailored its business model specifically around providing loans for coding bootcamps and trade schools. You can apply in five minutes and receive an answer instantly without affecting your credit score.<\/p>\n\n\n\n

Earnest<\/a><\/h3>\n\n\n\n
\"Coding<\/figure>\n\n\n\n

Earnest offers student loans for accredited universities, but it can also provide a private student loan that can help you fund a bootcamp.<\/p>\n\n\n\n

<\/a>Ascent<\/a><\/h3>\n\n\n\n
\"Coding<\/figure>\n\n\n\n

In addition to offering university funding<\/a>, Ascent has a service catered specifically to career training bootcamps. It also offers scholarship programs that anyone can apply for.<\/p>\n\n\n\n

Upstart<\/a><\/h3>\n\n\n\n
\"Coding<\/figure>\n\n\n\n

Personal loans at Upstart can be used to fund bootcamps, but it has also partnered directly with several popular schools to help make it even easier for students to get credit. Initial soft credit checks will not affect your credit score.<\/p>\n\n\n\n

Sallie Mae<\/a><\/h3>\n\n\n\n
\"Coding<\/figure>\n\n\n\n

Sallie Mae offers Smart Option Student Loans for Career Training, which are tailored toward educational courses like tech bootcamps. Monthly payments can start as soon as you take the loan or be deferred until you graduate from your coding course<\/a>.<\/p>\n\n\n\n

Quotanda<\/a><\/h3>\n\n\n\n
\"Coding<\/figure>\n\n\n\n

Rather than students going directly to the loan company, Quotanda partners with schools to help them provide funding for their students.<\/p>\n\n\n\n

Factors To Consider When Choosing a Coding Bootcamp Lender<\/h2>\n\n\n\n

The world of loans and funding can be difficult to navigate, especially if it\u2019s your first time. Many companies will expect you to already understand the fundamentals of the lending process and use a lot of terminologies you may not be familiar with. In this section, we\u2019ll cover the most important aspects to know if you\u2019re considering a loan to fund your coding education<\/a>.<\/p>\n\n\n\n

Annual Percentage Rate (APR)<\/h3>\n\n\n\n
\"Annual<\/figure>\n\n\n\n

Source: Insider<\/a><\/p>\n\n\n\n

The annual percentage rate tells you the full amount of fees and interest that you will pay each year as a percentage of your loan amount.<\/p>\n\n\n\n

For instance, if you borrow $10,000 with a 10% APR, your annual fees will amount to $1,000. APRs vary from company to company and can range from 0% to 30%.<\/p>\n\n\n\n

With APRs, the longer you take to pay back your loan, the more you\u2019ll have to pay. Because of this, it\u2019s important to consider how much money you\u2019ll be able to set aside every month for repayments.<\/p>\n\n\n

Get To Know Other\tSoftware Engineering Students<\/h4>
\"Rafael<\/a>

Rafael Alvarado<\/p>

IT Support Engineer at Amazon<\/p><\/div>

<\/div>

Read Story<\/a><\/p><\/div><\/div>

\"Nadia<\/a>

Nadia Luna<\/p>

Student at Springboard Software Engineering Bootcamp<\/p><\/div>

Read Story<\/a><\/p><\/div><\/div>

\"Geraldo<\/a>

Geraldo Gomes<\/p>

Software Engineer at Affirm<\/p><\/div>

Read Story<\/a><\/p><\/div><\/div><\/div><\/div>\n\n\n\n

Repayment Period<\/h3>\n\n\n\n

Depending on the company, there may be a set amount of time in which you need to repay your loan in order to avoid additional fees. The length of the repayment period is at the discretion of the company, so you\u2019re likely to see a lot of variation. Some companies don\u2019t have a repayment period, which means APR fees will continue to build up year after year.<\/p>\n\n\n\n

It\u2019s important to know the repayment period for the company you choose, so you know that you have enough time to comfortably pay back your loan.<\/p>\n\n\n\n

Eligibility Criteria<\/h3>\n\n\n\n
\"Eligibility<\/figure>\n\n\n\n

Source: Slide Geeks<\/a><\/p>\n\n\n\n

Your eligibility will be dependent on your credit score and the bootcamp program you are planning to enroll in. Most private lenders check the school before accepting you in order to make sure it meets their educational standards.<\/p>\n\n\n\n

If the school has a bad reputation or is connected to scams, the bootcamp student is much less likely to gain value from it and find employment after graduating, which could affect their ability to repay their loan promptly.<\/p>\n\n\n\n

Flexible Repayment Options<\/h3>\n\n\n\n

Source: Nexo<\/a><\/p>\n\n\n\n

It\u2019s often beneficial to choose a lending company with flexible repayment options. Common payment options include:<\/p>\n\n\n\n