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How to Pay for a Coding and Data Science Bootcamp: Your Financing Checklist

You've taken an important stride towards altering your professional future; you have been accepted to a high-quality coding, data science, or entrepreneurial bootcamp. But what's the best way to pay for it?

Whether it’s your first time attending a coding, data science, UX/UI design, cybersecurity, or entrepreneurial bootcamp, or you’ve gone down this path before, leaving your job behind to dive into an immersive and intensive program takes financial gusto. Bootcamp tuition averages a ticket price of $11,400, which might seem like a hefty sum, especially if you're no longer receiving a paycheck.

Financing should never be a barrier between you and your transformed future. There are multiple options available to you to help you out - and Skills Fund wants to be your guide. Let our handy checklist help you figure out how to pay for your bootcamp.

PART 1: FINANCING YOUR BOOTCAMP EXPERIENCE

Let's face it: a bootcamp education is a large investment. There are several different ways to borrow money for your tuition. It's all about figuring out which option has your best interests in mind.

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SO, WHICH LENDER SHOULD YOU CHOOSE?

Loans have historically been made complicated. With many different lenders on the market, it can be difficult to determine which will be your best fit. Make sure you do research and ask questions before you apply for any financing - otherwise you may end up surprised by the actual cost of borrowing money.

Look for the following things when researching your loan financier:

GET TO KNOW THEIR BUSINESS MODEL

Do they have your best interests in mind? Do they lend directly to students (meaning, are you lead generation for other products) or do they underwrite your partner school and only then offer financing?

Some lenders will let you borrow money regardless of whether or not you're a student. In that case, they will use your information to market other products to you, based off of the information they gathered from you as part of the loan application.

Other lenders will be more particular about who they lend to, in order to offer lower rates. Skills Fund underwrites all of our partner schools. We put every school through a rigorous QA process to determine that they offer RoE to their students. Because we know that the students are about to attend a high-quality program, we can offer lower rates.

What’s the difference? Well essentially, the difference is incentives. Some financiers exist to help promote student access to quality education, while others want to explore how they can be your long-term financial partner selling you lots of products for years to come.

THE PROOF IS IN THE PUDDING

How easily can you find out your interest rate and APR? Does the company advertise with teaser rates - giving you a range of APRs rather than a concrete number?

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Financial stability is one of the key factors to becoming a successful and career-minded individual. There is a multitude of options for personal financing, and it's important to weigh your options before you make any decision regarding taking out a loan or borrowing money. When you are applying for a loan, make sure you ask these questions. (Psst... if you're applying for a Skills Fund loan, we've answered these questions for you!)

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DO YOU WANT A LENDER - OR A PARTNER?

There are a number of lenders who operate in the bootcamp space, including Skills Fund.

Ask your Director of Admissions or Campus Director for which lenders work directly with your school and dive on in!

Skills Fund is vastly different than other lenders because we don’t finance students to attend crappy programs. We won't partner with schools who don't provide their students with a tangible return on their education, because that’s not in your best interest, nor ours. We believe your investment (both financial + time) in education should directly equate to successful professional opportunity and outcomes for you. When you win, we win.

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In our effort to be as transparent as possible, we're the only lender that provides students with all the details of their financing - including interest rates, estimated APRs, and monthly payments - before they begin the loan application. Students can use our loan calculator to determine their monthly payments right in their browser - no arithmetic needed!

We're more than just your lender - we're your partner. Learn more about our manifesto here and explore our student page here.

PART 2: OTHER SOURCES OF FINANCING

How to pay for your bootcamp program? Most programs require payment in full prior to your start date, so look for:

Scholarships: Most bootcamps offer scholarships to women, minorities, and/or veterans. Check out our monthly scholarship roundup for more information!

The GI Bill: After the recently-introduced Forever GI Bill, some bootcamps are eligible for funding via the GI Bill.

Payment Plans: The total sum of your coding education could be easier to digest if the bootcamp offers payment options.

SO YOU FOUND YOUR FINANCING. NOW WHAT?

Now that you're hunkering down and jumping into an education, it's more important than ever to manage your money and adopt a student budget.

STARTING THE SEARCH FOR A BOOTCAMP?

We've got just the thing. Every Skills Fund partner bootcamp is quality-assured for their curriculum, instructors and outcomes. We work with the best coding, data science, UX/UI design, cybersecurity, growth marketing and startup training bootcamps in the United States. What are you waiting for? Let's jumpstart your future.