Investing in any type of education to advance or change your career is no small step. And it’s one that requires both time and money.
The financial element tends to be where many otherwise excited and motivated learners get hung up. When deciding to enroll in a coding bootcamp — or any other tech bootcamp — one question consistently pops up: “Is it worth it?” And it’s not just a question of worth from a general perspective. It’s also a question of financial investment. You want to know the money you’re putting in will give you the return on your investment you want and need.
At General Assembly, we like to let our students answer that question. Is taking a GA bootcamp worth it? We sure think so. And so do our grads.
Take Luxe Hahn for example. After becoming a mom, Luxe decided to enroll in General Assembly’s Software Engineering Bootcamp. She now works as a Software Engineer at Auctane. When asked about the impact of this career change on her life now, she explained, “I’m energized and fulfilled in my career and even after a full day of squashing code bugs, I’m able to be present for my family outside of work. Not to mention the hours I’ve gotten back in my day by having a flexible hybrid work schedule.”
A career pivot to tech can be immensely impactful, but so can the financial burden to get you there. Luckily, you don’t need to finance your career change alone. At GA, you have a number of options to take advantage of when it comes to financing and tuition.
This article provides a comprehensive look at various financing options and grants for coding bootcamps and our other tech bootcamp offerings — so you can focus more on your tech career transformation and less on cost.
How to Pay For a Tech Bootcamp at General Assembly
If you’re interested in taking a tech bootcamp at General Assembly, but the cost of the tuition is holding you back, it’ll pay for you to keep reading.
We don’t want you — or anyone else — to lose out on a promising career in tech because of the upfront costs. Check out just some of the financing options available to you so you can make a General Assembly bootcamp or other course a reality.
Installments
With an installment, you can set up a manageable payment plan where you divide your tuition into two, three, or four easy payments while in school. It’s a phased approach to paying your course tuition that lets you avoid having to make one large payment upfront.
Beyond being able to split the tuition cost into smaller chunks over a limited time, taking advantage of an installment has two other major upsides — you can pay back tuition quickly, and there are no fees or interest since you’re not borrowing money.
Private Loans — Interest-Bearing
At General Assembly, we work with several partners to help students pay for courses through loans that offer smaller monthly payments. When you choose a loan from one of our partners, they work directly with us on your behalf.
In the U.S., our partners include:
- Ascent (available for full-time bootcamps)
- Climb (available for full-time and part-time bootcamps)
- Meritize (available for full-time and part-time bootcamps)
An upside of partner loans is they don’t only cover tuition costs. If you need financial assistance with your everyday expenses while enrolled in one of our tech bootcamps, loans can cover up to $7,000 of living expenses.
With an interest-bearing private loan, you can begin repaying immediately, defer your payments, or choose an interest-only option. Interest rates range from 6.5–15%, with loan terms between 3–5 years. Loan approval is subject to eligibility.
Private Loans — 0% Interest
With Climb, you can apply for a 0% interest loan and pay zero interest on manageable payments. Two options are available:
- 0% Interest Financing with Fully Deferred Grace Period
Start paying 12 months after your loan is funded (over 36 months) with a $500 down payment.
- 0% Interest Standard Pathway
Start paying immediately over 18 or 24 months.
Loan approval is subject to eligibility.
Private Loans — Income Share Loans (ISLs)
Our goal at General Assembly is for you to achieve your career ambitions and land your dream job — and not have finances get in the way of that happening. Income share loans (ISLs) allow you to defer payment until you’re seeing the benefits of your new education come to fruition. You pay only after you’re hired and earning at least $40,000.
With an ISL, you get flexible monthly payments, and $250 tuition deposit is all that’s required upfront. You can also get rates as low as 1.60–10.00% of your income.
Here’s How the Catalyst ISL Program through Stride Funding Works
- The effective Income Share Percentage (“ISP”) on your Income Share Loan (“ISL”) is a fixed percentage of your monthly gross income and will range between 1.60% and 10.00%, for a period of 48 months after the beginning of your payment term.
- Monthly payments are required and will vary greatly in amount because they depend on your specific ISP and your reported monthly gross income.
To illustrate how much you might pay on your ISL, assuming you’re earning $40,000 gross income per year ($3,333.33 per month), with an ISP of 10%, amount financed of $16,200, 48-month repayment period, and 21 months until graduation plus three months grace period, you’ll be required to make 48 monthly payments of $333.33 for total payments of $15,999.84.
For this example, your total monthly payments would end after 48 months even though you wouldn’t have reached the Maximum Implied Annual Percentage Rate of 21%, because you reached your required number of Maximum Monthly Payments first, assuming that you have no deferrals or other pauses to your payments. You may repay more or less than the amount you received, depending on your specific circumstances.
Your loan has a maximum payment period of 96 months, inclusive of any months where monthly payments are made as well as any months that are deferred months after you leave or graduate from your program.
Please note: Due to state regulations, as of March 2023, ISLs are no longer offered to residents of Colorado or West Virginia. Stride Funding or FinWise Bank’s loans are not endorsed by General Assembly. Stride Funding and FinWise Bank are not affiliated with General Assembly.
EdAid
GA’s partnership with Ed-Aid is available to students in Australia, Canada and the UK. There are both 24-month and 36-month payment plans available — all interest-free.
GI Bill Benefit
The GI Bill is a benefit in the U.S. that helps veterans and their families pay for education. You can use GI bill funds for full-time bootcamps at General Assembly’s New York City campus.
If any of the following GI chapters apply to you, you can consider leveraging this funding for a General Assembly bootcamp:
- Post-9/11 GI Bill® (Chapter 33)
- Survivors’ and Dependents’ Educational Assistance (Chapter 35)
- Vocational Rehabilitation (Chapter 31)
- Montgomery GI Bill® (Chapter 30)
- Reserve Education Assistance Program (Chapter 1606 or 1607)
Thinking Outside the Box: Other Funding Options
If none of our official partnerships or payment plans suit your needs, don’t worry. There are still plenty of other avenues you can take to finance your future — the first step is being aware of your options.
Here are some other ways to take advantage of lesser-known financing opportunities.
Employee Sponsorship
More than 45% of GA’s part-time students receive tuition reimbursement from their employers. If you’re currently employed, checking in on what learning opportunities are available through your employer is a great place to start.
You might be wondering why your job would pay for your course. Many employers offer official learning stipends as part of their employee benefits package. After all, people who work for companies that invest in resources for learning are 83% more likely to feel happier in their job. And your new skills will be a valuable asset to the team — a win-win.
Even if your employer doesn’t have an official program in place, it doesn’t hurt to ask for their support. If you’re not sure how to broach the subject, here’s an example of an email you can send to your manager:
Dear [Manager’s Name],
I wondered if [company name] offers a budget for continued education.
I’m interested in enrolling in a bootcamp at General Assembly to enhance my skills and contribute more effectively to our team’s projects.
By investing in my professional development and acquiring in-demand tech skills, I believe I can bring a new level of value to our organization, helping us stay at the forefront of innovation and enabling us to tackle complex challenges with confidence.
I’d be happy to share an outline of both the benefits and costs of the program for your perusal.
I look forward to discussing this further and exploring the possibilities of company sponsorship.
Best,
[Your name]
Government Scholarships
Governments across the world offer assistance programs for residents looking to upskill or make a career change — especially when that change is toward an industry of interest for the local economy.
For example, in Singapore, there’s an increasing demand for tech employees. To help equip the workforce to meet this demand, the Infocomm Media Development Authority (IMDA) started the Tech Immersion and Placement Programme (TIPP). The TIPP subsidiary is for individuals not currently working in tech, but looking to make a career transition. General Assembly has an array of courses that are eligible for TIPP funding for Singaporean residents, including bootcamps in:
- Software engineering
- Data science
- User experience (UX) design
- Digital marketing
Singapore isn’t an exception. Other federal and local governments also offer grants for tech bootcamps and other hands-on courses. Be sure to check out your local government’s website to understand what options are available to you.
Saving
Saving a lump sum of money can seem daunting. And while saving enough money to cover tuition costs isn’t feasible for everyone, for others it can be more in reach than you think.
This route takes time and potentially some habit adjustments. Ask yourself, where can I cut unnecessary spending? For example, are you paying for recurring subscriptions you don’t use? Are you ordering Uber Eats when you could go pick up the food yourself? Are you buying clothes you never wear?
Oftentimes, we lose track of where our money is going. While $10 here and there may not seem like a big deal — over time these costs add up. Try putting away a set amount of money each month to prepare for a tech bootcamp. While this is surely no small feat and more time-intensive than other options, you might be surprised how much you can save to either pay for your whole tuition or supplement another financing option.
The Final Word: Is General Assembly Worth it?
From payment plans to loans to employee sponsorships and more, you definitely have options to get the financial support you need on your career change journey.
More than half of all GA students take advantage of financial assistance. Don’t let financial obstacles get in the way. After all, an investment in your career can pay dividends down the road.
Contact us today to discuss which financing option makes the most sense for you.
*The information provided in this financing blog is for general guidance only. Terms and conditions of financial products may change, so please be sure to consult our financing handbook for the most up-to-date and comprehensive information.