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Worried About Paying For Your Coding Bootcamp? Check Out These Awesome Ideas

Worried About Paying For Your Coding Bootcamp? Check Out These Awesome Ideas

Written by Administrator on 19th August 2016, 2:30 PM

I have some bad news for you: the average programming coding bootcamp in the US costs just around $11,000 – and Wyncode is no exception.  Luckily, coding bootcamps are finally getting the good press they need, and important friends of this streamlined form of education are making themselves known.

“There’s a lot more we can do together to make sure that more Americans benefit from a 21st century economy,” President Obama announced on a visit to a Kentucky-based bootcamp. “Folks can get the skills they need in newer, streamlined, faster training programs.”

In addition to the president’s support and others, an exciting number of new payment options are popping up around the country. Financiers have taken notice of the effectiveness of coding bootcamps: the high placement rates (Wyncode boosts a placement rate of over 90%) and high salaries that follow. The federal government has even started allotting funds to help finance your coding bootcamp tuition!

Deciding to become a web developer is a life-changing decision, and the added stress of figuring out the least burdensome loan option can drive some potential kick-ass programmers to give up altogether. That’s why we are sharing this collection of financing options with you.

Here at Wyncode, we work with three primary financing partners: Climb Credit, Pave, and Skills Fund – who each offer a range of loans at varying rates. The partnerships we have formed ensure that loans are fair and flexible and that there is less communication breakdown between the lender and our students. However, it may be difficult to find a suitable loan option for non US citizens – but, there is always a way! With this in mind, check out other the options below or explore alternative financing, like crowdfunding, to see which one may be right for you: 

Upstart
Quotanda*
Earnest

* offers loans to international students

Young man pointing at piggy bank concerned with student loans for a coding bootcamp.

How long will it take to pay back my loan?

No two students will take the same path in paying back their loan. In order for you to manage your student loan responsibly, you should certainly pay attention to a potential lender’s terms and interest rates before deciding on anything. Furthermore, think about a realistic salary you can expect to make after you finish the program, as most loan programs work on APR (Annual Percentage Rate). This will help establish a timeline for you to logically pay back your loan.

Ultimately, it is up to you how much of a burden you want to place on yourself from month to month. Just keep in mind that the less you choose to pay each month, the longer it will take you to become debt-free.

For a more exciting option, you could always practice your self-marketing skills and crowdfund your education. Crowdfunding presents an interesting alternative for potential students who may feel as if they simply cannot afford the cost of attendance. Plus, there ss the added perk of helping you build an online presence. That’s why it should be no surprise that a recent article in the Guardian reported that raising money on sites such as Hubbub, GoFundMe, and Indiegogo is becoming increasingly normal and a strategy of choice  for thousands of students.  

One student explained, “People seemed to admire my stop-at-nothing attitude and the fact that it was my own proactive and creative approach. People understand how hard it is for regular people to take on further education, which entails enormous tuition fees.” If you are able to tell your story and demonstrate your future potential effectively to the world, you just might get more money than you even expected.

Try getting sponsored

Another option many individuals overlook is getting sponsored by an employer. Recruiting top talent is expensive for companies, sometimes costing as much as one employee’s annual salary per new hire. Sell your boss on paying for your programming education with a numbers game. Levelling up your skillset not only helps your personal career trajectory, but it can also save your company from spending tens of thousands of dollars on recruiting efforts for their next developer. This option often comes with the promise of working for the company for a set amount of time after your education is complete (but usually with a higher salary given your increased skillset!).

However you decide to fund your programming education, if you are considering attending our web immersive course in Miami or Fort Lauderdale, call us at (305) 720-2422 to learn more about our program. Ask our admissions team about our lending partners, and why they want to help you pay for this exciting new professional journey. 

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