Coding bootcamps are available in multiple locations and formats to fulfill the needs of a diverse population of students. Most of these bootcamps fall into one of two categories: live online coding bootcamps taken in a virtual environment and in-person bootcamps taken at a training school. This categorization applies to the format of the coding bootcamp and the overall cost and expenses. While virtual courses are taken from the comfort of your own home or office, in-person classes require students to travel. Depending on your location, in-person students should calculate the additional costs of traveling to and attending a coding bootcamp. Students planning to take in-person courses have to calculate the cost of coding bootcamp living expenses as part of the final cost of their program.
Coding Bootcamp Costs: Calculating Living Expenses
When preparing for a coding bootcamp, prospective students are encouraged to research the up-front costs of school tuition, though these often leave out the additional costs of in-person instruction. For example, students who attend a full-time program often give up time working at a job. Depending on the duration of the bootcamp, this could mean several weeks of working fewer hours to accommodate a busier schedule. And although bootcamps have a good return on investment for most students, not all students can afford this upfront cost if they are working a full-time job.
That cost is one of the reasons why virtual coding bootcamps are so popular. Some students can save themselves the opportunity cost of leaving their job by attending a part-time virtual coding bootcamp. Yet, even as virtual coding bootcamps allow students to learn on a flexible schedule from any location, they do not provide the in-person instruction that some students need to succeed. In those cases, students can choose from many in-person coding bootcamps taught worldwide. These in-person coding bootcamps come with costs that differ from student to student. Even though training schools and universities are located in hundreds of cities, not all students live in the major cities where coding bootcamps are found. In-person students have two options: commuting to the bootcamp or choosing to move near the bootcamp.
For students who live close to their training school's location, traveling to and from the coding bootcamp can be an easy commute to make daily. In that case, calculating the additional costs of the bootcamp means factoring in the price of gas or public transportation, the time cost of that travel, and buying food or snacks. However, many students do not live close enough to their bootcamp to make a daily commute. In those cases, coding bootcamp students will need to factor in the cost of living near the bootcamp and the opportunity cost of taking time away from work to learn these skills. Picking the right coding bootcamp includes researching the long-term benefits of the course, then calculating the cost of living expenses to determine how you will pay for these additional costs.
Three Ways to Pay for Your Living Expenses
There are three primary ways to pay for your living expenses when taking a coding bootcamp. Each payment method can help students offset paying for an in-person coding bootcamp by budgeting for additional financial expectations and opportunity costs. Because coding bootcamps are offered through training schools and universities, these institutions have departments that focus on working with students to explore external funding that will help finance the costs of attending a coding bootcamp.
1. Coding Bootcamp Stipends and Scholarships
One of the best ways to pay for your living expenses during a coding bootcamp is by applying for a stipend or scholarship. Some coding bootcamps offer stipends that pay for students' living expenses, while others offer scholarships for students. Although coding bootcamps are not as expensive as a college degree, like college students, coding bootcamp students can also find scholarships through the government or external funding sources. For example, US veterans can participate in coding bootcamps using the GI Bill or scholarships geared towards veterans.
Some scholarships for students that need help with living expenses are also offered through specific training schools and locations, such as Coding Dojo’s Fresh Start Fund or the Flat Iron School Access Scholarship. By weighing the opportunity cost of attending a coding bootcamp, living stipends are given to students who will significantly benefit from this course. There are many scholarships for communities that are underrepresented in specific fields. Students should research whether or not they qualify for scholarships and take that into account when looking for an in-person training school.
2. Financing Options for Coding Bootcamp Students
Depending on the cost of tuition, many training schools offer financing options to pay for the bootcamp. For example, some programs participate in income-sharing agreements that allow students to pay a portion of their tuition costs through a monthly installment plan. By financing the cost of the bootcamp through the training school, students can focus on paying for their living expenses in the present while paying for the bootcamp itself in the future. Many of these agreements also allow students to defer payment until they’ve secured a job.
Students can also pay for their bootcamps through an installment agreement, which breaks up the cost of the bootcamp into smaller payments over a set period. Finally, students can also finance their coding bootcamp by taking out a loan. A loan can be taken out through a financing partner like Ascent, which partners with Flatiron School, or a personal loan. However, students who take out a personal loan must calculate the cost of bootcamp tuition and the cost of travel and living expenses before determining the amount of money required to finance the entire coding bootcamp.
3. Saving for the Coding Bootcamp
The final option for students that want to pay for a coding bootcamp but are not qualified for a scholarship or a loan is simply saving for the coding bootcamp. After calculating the cost of tuition and any additional costs or living expenses, create a savings plan to attend your coding bootcamp of choice. The saving plan will include the amount of money you need to raise divided by the amount of time you have before the coding bootcamp that you want to take. You can then use this information to calculate a monthly or weekly saving goal for you to reach.
For example, you see a coding bootcamp with a $10,000 tuition located in a city close to your location. You calculate that tuition and living expenses for attending this bootcamp will be approximately $15,000 over two months. In looking at the schedule for the course, you have five months until you can take a coding bootcamp that fits into your schedule. Over the next five months, you will need to save $3,000 a month to meet your savings goal for that bootcamp. This method of saving is also adjustable. By shortening or extending the monthly goal, you can decrease or increase the time needed to raise funds for your coding bootcamp.
Need Help Financing a Coding Bootcamp?
Financing a coding bootcamp is an extensive process requiring students to measure the costs and benefits of different courses and careers. As a response to this diversity of options, Noble Desktop’s coding bootcamps offer a variety of opportunities suitable for students with varying levels of financial need. These courses include in-person coding bootcamps that students can attend at local training schools, and live online coding bootcamps that students can attend from their own homes. Regardless of bootcamp type, each course also has financing options that make it easier for students to find a coding bootcamp that suits their needs!