GUIDE TO PAYING FOR YOUR CODING PROGRAM
After being accepted to be a part of a Code Ninja program, we understand that the next big question on your minds is “How do I finance my program?” How to pay for coding bootcamp is a really important, individual choice that should have thoughtful consideration and research.
We understand that researching these options can seem overwhelming at the outset and it can be hard to know where to begin. To help you understand which option might be the right fit for you, below we’ve created a list of questions to ask organizations who provide financing to ensure you get all the information that you need. We’ve also summarized key information about each of our lending partners, along with links to their pages. Before you make your decision, reach out to each individual lender and find out which option is best for you. Also most firms only work with those who have been accepted into the programs first. Apply to our RAMP or IMMERSION program before applying for financing.
Some questions you want to consider asking when considering financing:
Is there a penalty if I pay off my loan early?
What are your interest rates? Is the interest rate I receive dependent on my credit score?
Based on these interest rates, what is my monthly payment going to be?
Can my loan cover expenses other than tuition such as housing, living expenses, etc.?
What is the minimum credit score you look for? Do you take other factors into consideration when assessing my candidacy?
Do I have to start paying my loan back right away?
If I can defer my payment, will the loan accrue interest during that time? Also, if I defer payment, will my first payment be larger than the others?
Do you run a credit check to see if I am qualified for a loan? How will that affect my credit score?
Will my payments be fixed or will they vary?
What is your cancellation/refund policy?
A reminder when researching financing providers: it is always best to err on the side of financing as much of the tuition on your own as possible. This will lessen payments later and reduce the total repayment amount. Code Ninja also accepts major credit cards. Our RAMP Program is $999 and FULL IMMERSION is $15,500. We recommend with the FULL IMMERSION to include cost of living expenses when factoring in financing.
Code Ninja is the only organization that gives you 100% of your tuition back. Each ninja who graduates from our RAMP Programs can apply 100% of the program fees towards their IMMERSION Program, anywhere in the world.
These programs tend to be zero or very low rates, but would take effort on your part to gather the individuals willing to fund your cause. This is our preferred financing option due to zero or very low interest rate, plus once you graduate from our IMMERSION Program you will have a great opportunity to obtain a very high paying carrier.
Traditional lending programs are the second best option to us. You are receiving funding from a major institution and Federally governed organization. These programs do depend on lot on Credit Score and if you have co-lenders. They will also be the easiest to obtain and have rates from only 4%+. With today’s low interest rates, these programs are a very good option.
Local Credit Unions – Typically the lowest rates and credit requirements
Any Large Banking Institutions like, Wells Fargo, Bank Of America, US Bank and many more.
*Secured loans have a much lower rate than unsecured loans.
Bootcamp Specific Lending
These new financing programs specifically focus on coding bootcamps. Most are early stage startups or small firms that have unique offerings, like a percentage or your earnings after you graduate. If traditional lending is not feasible these programs are a great option.
Another option is credit cards. Many credit card programs can offer a zero percent for new accounts and very minimal payments. Code Ninja does accept most major credit cards. But do note credit cards tend to have the highest interest rate for unsecured lending.
About Code Ninja
We offer a variety of programs to help individuals at every skill level excel in a career of software development. Start on your path to being able to #CODELIKEANINJA