Student Loans for Coding Bootcamp

There’s a huge tech gap in the U.S. job market right now. Many people don’t have the skills to take on computer programming and other tech-based jobs.

Coding bootcamps hope to change that. These technical training programs typically last for eight to 12 weeks. By the time you complete the bootcamp, you should have all the skills you need to build web applications and take on a high-paying job in the tech industry.

That sounds great, but there is a catch: These bootcamps can cost thousands of dollars. Student loans aren’t as readily available for coding bootcamps as they are for traditional college degree programs. Still, private lenders offer a few options for funding.

Can student loans be used for coding bootcamp?

Most lenders require students to be enrolled at least part-time in a Title IV institution, and working toward a degree, in order to qualify for student loans. Because coding bootcamps do not fall into this category, everyday federal and private student loans are not typically available to these students.

However, there are a few lenders that will work with qualified students enrolling in a coding bootcamp program. Here’s a look at your options.

Federal financial aid for coding bootcamps

In 2015, the U.S. Department of Education (ED) announced it was launching a pilot initiative called EQUIP, or the Educational Quality through Innovative Partnerships program.

EQUIP partnered with eight universities and non-traditional training providers to offer funding for non-degree programs. Eligible students could access the funds they needed for online courses, employee organizations, and coding bootcamps.

While the EQUIP program was well-received, it has been discontinued. There are no alternative federal programs for coding bootcamp student loans or other financial aid at this time.

Private loans for coding bootcamps

Since students aren’t eligible for federal student loans for coding bootcamp, they will need to obtain funding from private lenders.

But private student lenders typically require you to be enrolled full-time in a Title IV institution, so it can be hard to find student loans for bootcamp. Fortunately, these student loan lender are an exception to the rule:

Lender	Loan amounts	Rates (APR)
Ascent	$2,000 – $40,000	Varies by school
Climb Credit	Up to 100% of tuition	0.00% – 30.37%

Ascent

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• Consumer loans for bootcamps offered by a lender that specializes in education loans
• Defer payments for 3 months after finishing bootcamp or until you get a job
• Check your rate without impacting your credit

Ascent provides financing solutions in areas where it is typically hard to come by.

While not technically a student loan—due to the fact that bootcamps aren’t Title IV institutions—a bootcamp loan through Ascent is the only option on this list offered through a student loan lender.

APRs vary by school, but Ascent offers several repayment options, including interest-only payments or deferred payments while you’re in school. You may also qualify for Ascent’s outcomes-based loan. If you do, you won’t make any payments until you receive a job offer.

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Climb Credit

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• Only provides funds to those who attend an approved school or program
• Complete an application in as little as 5 minutes
• Not available in Maine

Climb offers funding for students in a variety of programs, including coding bootcamps. Climb Credit currently partners with more than 160 learning institutions like General Assembly, Flatiron School, Galvanize, and Coding Dojo.

You can use your Climb loan to cover both tuition and living expenses, even if you won’t be earning a degree in the end. How much you can borrow depends partly on the program or school you attend, and repayment periods usually range from 36 to 42 months.

Climb Credit offers rates as low as 0% and operates in all states except Maine.

Do bootcamps offer financing solutions?

Many bootcamps offer in-house financing for students who cannot afford to pay tuition upfront. The exact terms of these financing options will vary according to the individual school and program costs.

Bootcamps may also partner with national lenders, such as Ascent or Climb Credit, who will disburse the funds directly to the school.

To determine which financing option is right for you, consider cost, convenience, and access. Snagging the lowest possible interest rate will save you money over the course of the loan. Choosing a lender that offers the right loan repayment term can make or break your budget when it comes time to start making monthly payments.

You’ll also want to identify which financing options suit you best according to personal factors like your credit score and the availability of a cosigner.

Other financing options for coding bootcamp

If your coding school doesn’t offer financing or doesn’t work directly with one of these lenders, there are other options to consider:

• Income-share agreements: Under an income-share agreement, your tuition is waived while going through the program. When you land a job after graduation, you pay the school back with a percentage of your income.
• Personal loans: While personal loan lenders may not work directly with your school, they will still allow qualified borrowers to take out the funds they need to pay for any personal expense, including coding bootcamp.

Consider schools with a tuition guarantee

Some coding bootcamps provide a tuition guarantee. This policy offers to return your tuition payments if you are unable to find a job in your field after graduation. The rules of each school’s tuition guarantee will vary, but may require you to apply for a certain number of jobs each week or live in a specific area to be eligible.

Recap of coding bootcamp loans

Lender	Loan amounts	Rates (APR)
Ascent	$2,000 – $40,000	Varies by school
Climb Credit	Up to 100% of tuition	0.00% – 30.37%