So you’ve decided to make a change in your life, and you want to be a software engineer. After weighing your options for learning how to code, you’ve decided the best path forward is to attend a software bootcamp.
However, choosing how to learn was the easy part.
Now you have to determine how to pay for your software engineering bootcamp.
Although many software engineering bootcamps don’t have the same financial requirements as a four-year computer science degree, it doesn’t mean they come free. A 2020 research study led by Best Colleges found that the average software engineering bootcamp costs $13,580.
That seems like a steep price, which has only risen in the years since this research was conducted – but don’t walk away yet. The return on investment of a software engineering career includes opportunities for a higher salary, career growth, and work-life balance. Bootcamps structure their payments in many ways to ensure accessibility for students.
The key to bootcamp affordability is finding a payment schedule that works for you. Let’s look at some ways to pay for your bootcamp and eliminate another roadblock between you and a career in software engineering!
The Free/Freemium Software Engineering Bootcamp Option
While everyone agrees free is good, you have to wonder how beneficial a free software engineering bootcamp will be for you. It will depend on the content model and the accessibility for students. While there are many good options, free bootcamps can run into issues such as using the “freemium” model and exclusivity in their admission processes.
There are free resources that can feel like a bootcamp. If you talk to many aspiring or newly graduated software engineers, they will have familiarity with the courses on Codecademy. It is a platform for free learning modules covering the basics of topics such as HTML, CSS, Python, JavaScript, SQL, and others.
With free courses, time is the only cost to start learning how to code. However, this changes as you advance in the curriculum. Once you reach a certain point, the course material becomes subscription locked.
This is a freemium pricing structure where the initial content is free, but you must have a paid subscription to get all content for the bootcamp and coursework. Many online learning options are similar. However, these programs can shift the responsibility of assembling a bootcamp structure to you. Compiling the course schedule requires you to set your own pace.
While freemium model bootcamps aren’t exactly free, the total cost is usually far lower than the average bootcamp. Bootcamp courses purchased on websites like Udemy may have a one-time fee of $120.
Subscription models such as Codecademy and Coursera will have variable costs depending on how long it takes you to complete the coursework. The price of learning on these platforms is directly tied to how much time you require to get through the content, thus making it essential to stay consistent in learning to minimize your costs.
Freemium bootcamps may make it seem that even free camps have costs, but truly free bootcamps exist. An excellent example of this is Launchcode. It offers web development bootcamps built around different languages completely free of charge.
These programs allow students to truly focus on learning to code without the pressure of paying for a bootcamp. However, they often have very specific application processes. If you are part of an underrepresented group, these bootcamps provide meaningful opportunities to break into tech.
Trying to complete a free bootcamp can be both challenging and rewarding. The responsibility of self-study and self-pacing is all up to you. If you are dedicated, interested, and disciplined, they can be a viable entry into your first tech job. If you need more structure, there are ways to pay for the more traditional bootcamp route.
The Software Engineering Bootcamp Regular Tuition Option
If the bootcamp isn’t free, you need to consider how to afford one. Education has always been seen as an investment, and bootcamps like Flatiron and Galvanize cost $16,900 and $17,890, respectively.
There are several traditional methods for paying for a software engineering bootcamp. Many bootcamps offer diverse payment options to make learning as accessible as possible. Galvanize is a bootcamp that offers two straightforward payment options, including:
• One payment at the beginning of the bootcamp
• Two separate payments at the beginning and middle of the bootcamp
Both payment options require students to have a lot of cash ready.
For smaller payments, you can find bootcamps at Thinkful, which offer monthly payment options. These payments run throughout the bootcamp and allow students to pay in smaller increments (closer to what they can save if they are working).
These payment methods are the most familiar to prospective bootcamp students. A single lump sum is an option for those who may have been saving money before starting. For those looking to spread out payments, a two-time or monthly payment structure makes sense – especially if they need to balance study with work.
There are more payment methods for students who don’t have the option to generate the necessary income before or during the course.
The Deferred Tuition Software Engineering Bootcamp Option
There is a way for students to not pay anything until they’re in their first software engineering job. This method of payment goes by many names. While Thinkful calls it “Deferred Tuition,” other camps might call it an “Income Share Agreement.”
With this payment method, students do not pay up-front or during the bootcamp. Instead, they wait until they are employed as a software engineer to start paying for their bootcamp education. At this point, a certain amount of their paychecks will pay down their education costs.
These payments continue for however long is necessary to pay off the initial camp cost and usually run 24 - 36 months. Deferred tuition is a great option for students needing more money to pay in a lump sum or during the bootcamp. This option allows students to attend classes without the immediate need to pay.
While this can be a good option for some students, there are two things to consider with this payment method. First, there is usually interest attached to this kind of payment. Although you don’t have to pay for the education upfront, you will end up paying more for your bootcamp as interest is added annually to your principal payments. The second consideration is that not all states allow this kind of payment. Please check that the state you are living in and planning to work in will enable ISAs before you enroll in the bootcamp.
Learn More From Our Admissions Team
Removing barriers to education is one of our main goals, so we offer flexibility in software bootcamp financing. Plus, we have confidence in our coursework, and that’s why we offer options like tuition reimbursement. If you are interested in starting a bootcamp, reach out to our admissions team, who can answer any questions you may have. After all, financing shouldn’t stand between you and a rewarding tech career.