Financing Your Coding Bootcamp Tuition With Sallie Mae and Skills Fund

We know that financing options are a key part of the decision-making process for many of our students, so It's my pleasure to announce that DigitalCrafts has partnered with Sallie Mae and Skills Fund, two of the best lenders when it comes to financing your code school tuition.

The Benefits of Funding Your Bootcamp With Sallie Mae or Skills Fund

If you're looking at financing your coding bootcamp, there are a number of benefits to choosing Sallie Mae or Skills Fund. Students may borrow between $2,000 and $14,950, depending on whether you're enrolling in our Immersive Bootcamp or our Flex Program, to cover the entirety of tuition (less the deposit of $250). Immersive students who finance the full amount of their tuition can also borrow up to an additional $6,000 per month for housing and living expenses. 

Variable interest rates for a loan with Sallie Mae range from 5.74% to 13/11%. They offer both a 3-year loan and 5-year loan, and cosigners are allowed for those with limited or poor credit history.

Sallie Mae offers two different payment options for our students:

  • Pay $25 a month while in school and then principal and interest amount after the bootcamp.

  • Make interest-only payments while attending the bootcamp and for six months afterward, then pay principal and interest after that grace period ends. 

Interest rates for a loan with Skills Fund are fixed at 11.08% for a 3-year loan and 12.71% for a five year loan, and they allow co-signers for those with limited or poor credit history. Skills Fund also offers a 6 month interest-only period for our Immersive students, providing students with 2 months after graduation before full payments are due.

And there are no prepayment penalties with either loan option, so feel free to pay off your loan as soon as you'd like! 

Do I Have to Borrow From Sallie Mae or Skills Fund to Finance My Tuition?

Simply put, nope! Sallie Mae is our preferred lender followed by Skills Fund, but that doesn't mean prospective students are limited to only one option. There are many specialty lenders out there that are shaking up the credit industry, and we encourage you to shop around if you'd like.

One example is Upstart, a lender founded by some ex-Googlers that look at your whole financial and personal picture when considering a loan. There's also LendingTree, or we can introduce you to the good people over at Pave. Lastly, for our veterans out there, we have partnered with GoFundVeterans to provide additional crowd-funding avenues.

It's common for employers to pay for additional training for their workforce. Consider asking your boss for help with tuition- you might be surprised! The demand for development skills in non-developer roles is gaining steam and there's no industry that doesn't use technology in some way.

Scholarships and Discounts

We also have a few scholarships and promotions to consider:

  • You Belong In Tech Scholarship: We want to make bootcamps widely available to everyone, so we launched the You Belong In Tech scholarship, a $1 million fund to offer automatic partial scholarships to Black, Latinx and women students, no essay required.

  • The Builder Scholarship: This scholarship is awarded by committee to applicants of any background with especially inspiring lives, goals, and achievements.

  • We also offer early enrollment incentives, as well as a $250 decision-maker discount for those students who submit their deposit within five days of receiving an acceptance letter. 

Be sure to check out our Tuition page for more information about scholarships and discounts, and if you have any questions, reach out to our team at hello@digitalcrafts.com and we'll be happy to help!

Take the Next Step

Ready to take the next step in your career and become a developer? Download our course catalog for more information about our programs.

 

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This post was updated Feb. 2021.

 

Author
Max McChesney

Co-Founder, CEO