5 Student Loan Options for Coding Boot Camps

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

student loans for coding bootcamp
Logo

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

If you’re looking for a new career with a company that pays well, learning how to code might be for you.

The median pay for web developers is $66,130, a significant increase over the national median salary of $37,040 for all occupations, according to the Bureau of Labor Statistics. The field is also expected to grow faster than other industries, which means your chances of finding a job — and staying employed — are better than if you were in another field.

Becoming a developer doesn’t require a degree from an expensive design school or advanced training. In fact, many coders start their first jobs with just a high school diploma or a certificate from a coding boot camp.

However, coding programs can be expensive. If you’re trying to figure out how to get student loans so you can boost your earning potential, here’s everything you need to know.

What is a coding boot camp?

Although many people dream of changing careers, the cost of returning to college and getting a new degree or specialized training can be intimidating. But coding boot camps provide you with the training you need at a fraction of the cost of a traditional four-year degree.

A coding boot camp is an intensive training program for web or software developers. Boot camp organizations like Bloc, the Flatiron School, and General Assembly prepare you for a high-earning career in just a few months. Upon graduation, you’ll be ready for an entry-level job as a coder.

How to get student loans for coding boot camp

Many boot camp programs are run by private, for-profit organizations. That can be problematic, as that means many of them are not eligible for federal financial aid. However, there are other ways to get student loans for coding boot camp.

1. Research the federal EQUIP program

In 2016, the U.S. Department of Education announced the launch of the Educational Quality through Innovation Partnerships (EQUIP) program. EQUIP is a pilot program that allows low-income students to qualify for federal financial aid to pay for non-traditional education programs like coding boot camps.

Students who qualify for EQUIP can access all forms of federal aid: including student loans and grants. As a low-income student, you could receive a Pell Grant for coding boot camp.

After graduation, you’ll be able to take advantage of federal aid benefits, such as income-driven repayment (IDR) plans for federal student loans and even loan forgiveness programs.

To get financial aid, make sure you complete the Free Application for Federal Student Aid (FAFSA). The FAFSA for coding boot camp is the same as the application for aid for regular schools.

Currently, only eight schools are in the EQUIP program. You can see each program and their application criteria on the Department of Education’s website.

2. Take out a private student loan

If you don’t qualify for federal financial aid, another way to pay for school is to take out a private student loan.

Many traditional banks and financial institutions do not let borrowers take out student loans for non-traditional programs, but there are now lenders available who cater specifically to coding boot camp students.

Boot camp lenders tend to offer higher interest rates and stricter repayment terms than federal loans, and they’re ineligible for IDR plans. Also, the loans usually only cover the cost of tuition; you’ll have to find other ways to pay for things like living expenses.

If you take out a private loan and cannot find a job after completing the program, you’ll still have to repay the loan. Make sure you research your school’s job placement success rate and are positive this is a career you want before applying for a loan.

If you keep those caveats in mind, private student loans can be a useful tool to help you get the education you need to launch your new career. Two boot camp lenders to consider are Pave and the Skills Fund.

Other ways to pay for school

If you cannot find a company that will approve you for a student loan for your chosen program, don’t give up hope; there are other strategies you can use to pay for school.

1. Research payment plans

Some schools offer payment plans for students. Coding boot camps like Bloc allow you to break up your payments over the course of several months rather than paying everything at once. Bloc also offers extensions, if needed.

You’ll still have to find the cash on your own, but having more time to pay your tuition bill gives you a chance to save for it.

2. Consider a personal loan

Another way to finance your education is to take out a personal loan from a bank or financial institution. Personal loans usually have higher interest rates and shorter repayment periods than student loans, but they have fewer restrictions on how you can use the money. Personal loans allow you to borrow what you need quickly to start your program.

If you’re not currently working or if you have poor credit, you might need a cosigner — a friend or relative with excellent credit and a stable salary — to sign the application with you. Having a cosigner increases your chances of getting approved for a loan and receiving a competitive interest rate.

3. Check out guaranteed-hire schools

Many coding boot camps, such as the Flatiron School, stand by the quality of the programs they offer. They’re so confident that what you learn will be valuable that they offer a tuition-guarantee. If you meet certain criteria, these schools will reimburse your tuition fees if you fail to get a job within six months of graduation.

A tuition-guarantee reduces some of the risks of paying for a coding boot camp. You can be confident that if the program is ineffective and you struggle to find a job, you won’t be out thousands.

Advancing your career

If you’ve decided to switch careers, figuring out how to get student loans and pay for school can be challenging. Thankfully, the industry is growing, and more lenders are willing to work with boot camp students.

By doing some research and identifying all of your options, you can find a way to finance your education that fits your needs.

And if you’re looking for a reputable coding boot camp, check out this list of continuing education programs.

Honey Smith contributed to this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal LoansFixed rates from 6.325% APR to 15.615% APR (with AutoPay). Variable rates from 6.275% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of July 3, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  • Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  1. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  2. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

  • Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  1. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  2. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7.73% – 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
6.28% – 15.62%1$5,000 - $100,000
Check rate nowon SLH's secure site
6.87% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% – 29.99%$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%2$5,000 - $50,000Visit Citizens
15.49% – 34.49%$2,000 - $25,000Visit LendingPoint
5.99% – 35.89%$1,000 - $40,000Visit LendingClub
5.49% – 18.24%$5,000 - $75,000Visit Earnest
9.95% – 35.99%$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.