How to Pay for Coding Bootcamps: 7 Financing Options for Tech Elevator
Most student interactions begin with questions about financing and how to pay for coding bootcamps.
“How do I pay for my coding bootcamp?”
“What are the financing options?”
“How do I choose which financing option is right for me?”
So where does Tech Elevator begin with the answers? Continue reading as we outline various financing options for enrolled students. Keep in mind, the availability of our financing options listed below is dependent on the campus location and program type. For the most accurate and up-to-date information, schedule some time to chat with Admissions or take a look at our financing page.
1. Loan Providers
Federal loan providers, Sallie Mae and Ascent, are available for all of Tech Elevator’s programs; our remote or in-person, and full-time and part-time offerings.
What makes these two financing options popular with Tech Elevator students is the cost of living option that can be added. It is strongly encouraged that students do not work while attending our full-time program, but we understand that people have bills to pay. The cost of living addition to these loans can give students some extra security while attending the program.
Tech Elevator is a preferred partner of Sallie Mae and as such, this financing option has helped many students finance their career-changing journey. There are only a handful of bootcamps that Sallie Mae has agreed to work with to offer their Career Training Smart Option Student Loan and Tech Elevator is proud to be one of them.
In addition to the loan amount, Sallie Mae offers an optional living expense addition of up to $7,000.
Ascent is a widely used lending partner for coding bootcamps and other training service providers. Similarly to Sallie Mae, Ascent offers an optional living expense addition of up to $4,000.
Ascent’s website has an online application process with a loan calculator so you can get a better idea of the cost of the loan before applying. Check out their website for more information and details on how to apply.
2. Income Share Agreement (ISA)
ISAs are another popular financing option for enrolled Tech Elevator students of our full-time program. Students who choose to finance the program with an ISA will pay a deposit, which is a portion of the tuition, and then pay the rest back after they receive a job with a salary of over $40,000. The student will pay a fixed percentage of their income until they reach the payment cap or until they make the maximum amount of monthly payments.
When it comes to ISAs, it is important that you understand the terms and conditions of these agreements. Students will often make comparison lists of the financing options and make their decision from there. Remember that an admissions representative can help to answer some questions, but the decision is ultimately yours. For more information on the ISA check our website for more details.
3. Workforce Funding
Some of Tech Elevator’s in-person bootcamps are approved as Eligible Training Providers in their local markets as part of the Workforce Investment Opportunity Act (WIOA). WIOA authorizes and funds employment training programs throughout the country and in some cases, WIOA can cover part of the total tuition amount in the form of a grant.
Eligibility varies along with the amount that a student can receive from these grants. To find out if you’re eligible for WIOA funding, talk to your local American Jobs Center.
Another important note to make when applying for these grants is the timeline for receiving and getting approval for these funds. Some job centers have their own application and acceptance process that enrolled students will need to complete and in some cases, this process can take up to 3-4 months. Remember to give yourself plenty of time when applying for this option.
4. GI Bill® Benefits
Veterans who still have GI Bill funds available are able to use them towards funding tuition at most of Tech Elevator’s in-person campuses. These funds can cover some or all of Tech Elevator’s tuition depending on how much has been used in the past.
This funding option has helped many veterans who attended Tech Elevator. When choosing this financing option, please keep in mind that it might not cover the full cost of tuition so it is important to explore other financing options too.
For information on how much is remaining or how to get the process started, veterans will need to reach out to the VA to secure funding. Please visit the VA Education and Training page to learn more or our GI Bill page for more info.
GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at https://www.benefits.va.gov/gibill.
5. VET TEC®
VET TEC is a pilot program through the U.S. Department of Veteran Affairs that pairs veterans with eligible training providers to learn skills for careers in the high-technology industry. Your VET TEC training will not count against your GI Bill entitlement, and you only need one day of unexpired GI Bill benefits to participate. To be eligible for VET TEC funding, you must meet all of the requirements listed on the VET TEC application page.
Selected veterans will have access to 14 weeks of fully-funded training and will be eligible to receive Monthly Housing Allowances during the program. Currently, VET TEC funding can only be used for Tech Elevator’s online full-time java bootcamp. Visit our VET TEC page for more information.
Tech Elevator’s mission is to elevate people, companies, and communities. In line with this mission, Tech Elevator created its own Represent Tech scholarship in an effort to elevate historically underrepresented groups in tech.
The Represent Tech scholarship is awarded to one student per cohort and covers a majority of the tuition costs. Once enrolled, a student is then able to apply for this scholarship.
Outside of Tech Elevator’s Represent Tech scholarship, some physical campuses offer other scholarship opportunities sponsored by our community partners and hiring partners. For up-to-date information on these scholarship opportunities, please reach out to our local admissions team or visit our scholarships page on our website.
7. Paying Out of Pocket
Students paying out of pocket have a few payment options, which can vary depending on the program type.
For a full list of these options, coordinate with your program’s admissions team and they will give you the most up-to-date and accurate information when it comes to paying your tuition along with how payment is accepted.
Learn how to pay for coding bootcamps and become a software developer.
There are quite a few financing options available at Tech Elevator and they can seem difficult to navigate on your own. This is where our expert admissions team comes in ready to assist. Contact your local admissions team member to discuss what options are available at your desired program and learn how to pay for coding bootcamps.
Transform your career in 14 or 30 weeks at Tech Elevator. If you’re looking to take the next step in your career and think being a software developer is the path for you, then take our Aptitude Test to get started.
Editor’s note: This article was published in February 2023 and these payment options may be subject to change. Please see our tuition page for the most up-to-date information.
Written by Kalyn Breneman, Tech Elevator’s Director of Admissions