Is a Coding Bootcamp Worth It?
The short answer to this question is YES...sometimes. Not all Coding Bootcamps hold the same value to the student in the long run. There are several variables that you have to take into consideration when evaluating the "worth" of a Coding Bootcamp. The most asked question being "Is it worth it?". Let's take a deep dive into the price of a Coding Bootcamp to equip you with the necessary information to determine if it's worth it.
The True Cost
The average price of a Bootcamp is between $10,000 and $15,0000. There are two popular methods of payment in Bootcamps. The first being the Income Share Agreement(ISA for short). The ISA is a contract where you receive funding for your education. In return, you promise to pay a fixed percentage of your post-grad salary for a set amount of time. The classic hook for ISA's being "You don't have to pay a dime while you come through the course!". That sounds great! Right? That is until you evaluate what it's going to cost you in the long run.
For example, let's say you were to sign an ISA that would fund you $15,000 to come through a Bootcamp. The terms of this ISA are that you'll pay 20% of your salary once you're hired, making $40,000 or more. If you were to pay 20% of $40,000 for four years, you'd end up paying $32,000! That's twice the amount of money that you were funded for the Bootcamp. Not all ISA's follow these conditions, but this is a real situation that hundreds if not thousands of people have found themselves. If you're looking to go this route, do your research and math upfront to see if it's worth it for you!
The second most popular option is a direct payment plan. You'll have the option of directly paying the Bootcamp in monthly (often interest-free) installments or pay the entire tuition upfront. Nothing is hiding behind this option, no gimmicks or gotchas, just the tuition of the course. So the only thing to evaluate here is, "Is the price worth it?". As previously mentioned, the average cost of a Coding Bootcamp is $10,000-$15,000, which is similar to one semester at college with in-state tuition. So let's compare the price of college to a Coding Bootcamp.
College requires eight successful semesters(four years in most cases) to earn your undergrad degree. So that means you'd be paying $80,000+ to get your undergrad! On top of that, just over 50% of college graduates find a job within 3-6 months of graduating college. Some Coding Bootcamps boast an alumni employment rate of 70% or higher! Coding Bootcamps (on average) are an eighth of the cost and supply career services to help you get started in your career. Unlike other career fields, Software Development is moving more to skill-based hiring. Employers are finding that some of the most incredible developers don't have degrees! This phenomenon reduces career entry barriers for first-time developers who can fulfill the job requirements.
In short, some Coding Bootcamps are definitely worth it! Compared to college, Coding Bootcamps win in cost, time, and success finding a career after graduation! When comparing ISA's versus direct payment plans, the safest route is the direct payment plan. This will safeguard you from any misleading details hiding in the fine lines. When searching for a Coding Bootcamp, be sure to explore all of your different payment options to ensure that you're getting the best deal possible.
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