10 Ways to Finance your Coding Bootcamp in 2021

Coding bootcamps and data science bootcamps are the newest solution to navigating the ever-changing labour market, and provide a doorway into career security. You no longer need a university degree to secure a job as a junior developer or as a data analyst/junior data scientist - today, coding bootcamps and data science bootcamps offer a laser-focused path for students into a labour market in need of skilled talent. After all, data science and web development careers are two of the most in-demand professions in Canada, with a significant gap between talent and demand.

Over the past six years at Lighthouse Labs, student after student finds career success by making investments into career changes. In fact, 95% of job-seeking coding bootcamp graduates are employed within 180 days of completing the program. Of those graduates, 94% were hired immediately into developer roles.

Download our free financing ebook (PDF)

While online and in-person coding bootcamps and data science bootcamps are fast-paced and offer an expedited route into the job market, they also come with a financial costs. Paying for a coding bootcamp or data science bootcamp can be a difficult decision to make, and that financial commitment is not always feasible for all prospective students.

Sometimes these students are those in greatest need of a career refresh, so we’re committed to improving accessibility to education and addressing the financial barriers that many people face. That's why new ways of financing have emerged in the industry, from income share agreements (though at this time Lighthouse Labs does not offer a income share agreement) to deferred payment options to government re-skilling grants.

To help you with your in-person or online education pursuit, we’ve rounded up some of the best options to help you pay for a bootcamp. From scholarships to bursaries to charitable programs, these funding options can help you find the best financial relief when it comes to covering the cost of tuition.

In some cases, these financial options may be stacked so make sure to compare all avenues to maximize the available options.

Student Line of Credit

Your local private bank or credit union may be one of several viable lenders. Accessing a student line of credit is one option for financing yourself through bootcamp. Many banks may offer a student line of credit to help cover tuition costs, living expenses, and even the cost of your laptop. Interest rates are low, and are taken monthly. Check with your local bank to see if you qualify to receive a student line of credit for bootcamp based on your credit score.

Pro tip: you don’t have to be with a certain lender for a loan in order to receive a line of credit. Compare lenders' interest rates to ensure you get the best rate for interest repayments.

Student Loans

Government student loans are another great option to assist in covering your school tuition. Lighthouse Labs coding bootcamp and data science bootcamps are approved for Student Aid in Vancouver, Victoria, and Calgary. If you’re a resident of British Columbia or Alberta, you may be eligible for a student loan. For more information on this payment plan or to apply for a loan online, you can visit the student loans websites for British Columbia or Alberta.

Caisse Desjardins des Technologies de l'information

Caisse Desjardins des Technologies de l'information offers financing options to students in Montreal and Ottawa. At prime rate, you can take out a personal loan to pay for tuition. After graduation, you have four months of grace period before you need to begin to pay back the loan. If you’re interested in this option, you can discuss this option in your bootcamp interview.

Immigrant Services Society of BC

Immigrant Services Society of BC (ISS of BC) offers an employment bridging program designed to help internationally trained professionals to renew their credentials in Canada and return back to their profession or seek an alternative career. They help facilitate a low cost personal loan and offer employment counselling support.

First Nations Tech Council

The First Nations Tech Council (FNTC) are an Indigenous-led not-for-profit working to ensure that Indigenous peoples have the tools, education and support to thrive in the digital age. FNTC provides funded and accredited education programs to advance Indigenous peoples careers in innovation and technology, and Lighthouse Labs offers its 12-week bootcamp programs to prospective students.

Soldiers in Tech

The Soldiers In Tech program will support, train and secure employment opportunities for veterans in Ontario. The next cohort for the 12-week online coding bootcamp program starts January 4, 2021. Make sure to apply early, preferably 6 weeks to two months before the scheduled start date.

These scholarships covers 100% of the cost of tuition to bootcamp and makes education free. To learn more, submit your information via the Roland Gossage Foundation.

Accelerating Possibilities Project

Accelerating Possibilities brings together a consortium of employers, non-profit employment and training organizations and private trainers to prepare mid-career workers for tech-driven jobs in web development, data science and customer service. Accelerating Possibilities is a fast, innovative and practical workforce development approach to assess, train and develop jobs for mid-career workers.

OWN Tech Initiative

Lighthouse Labs comes together with the Ottawa Chinese Community Service Centre, CATA Alliance, My New Job Hunt, Riipen and the Social Planning Council of Ottawa to provide an innovative, made-in-Ontario solution to the employment and skills barriers experienced by newcomer women in the Ottawa and Eastern Ontario region. Sixty newcomer women with a background in IT upskill in a coding bootcamp with in-demand technical skills and complementary soft skills. Then, employment services will be provided to match them with employers to start a coding career commensurate with background and experience.

Learn more about the OWN Tech initative here.

Windmill Microlending

Windmill Microlending is a Canadian charity offering low interest loans of up to $15,000 in payments to help new Canadians with payment plans for education. Since 2005, Windmill has supported over 5,000 immigrants and refugees overcome underemployment and succeed in their careers.

Scholarships - COVID-19 Scholarship Fund

We offer scholarships here at Lighthouse Labs. In response to the COVID-19 outbreak, we've pledged $1 million in scholarship funds for our courses. These funds are available to those who face economic uncertainty as a result of the pandemic. This includes job losses, job minimization and school interruptions. Whether it’s a full career transition, or adding skills that would make someone more attractive in this job market, Lighthouse Labs would like to support every individual we can who is currently in a time of need.

Scholarship money is either $3,000 and $5,000 increments for live full-time online bootcamp and $750 increments for live part-time online courses. Our goal is to give as many of these out as possible and as quickly as we can, for those individuals who suddenly have the time, but paying for school may not be feasible at this time.

Accessig scholarship funds is a straight-forward process, and only takes a few minutes. To apply for a scholarship:

  1. Submit your application online, and pay the deposit if you're applying to a part-time course. (No deposit needed at time of application for bootcamp.)
  2. You'll receive an email with your personal link to apply for a scholarship.
  3. Complete the scholarship application and submit your written essay questions to determine eligibility.
  4. We'll let you know of the status of your scholarship roughly three weeks before the start date

Part-time Course Credit

For all graduates of Lighthouse Labs' part-time courses, you're eligible for an $850 credit towards either the online data science bootcamp or online coding bootcamp (web development). If you're curious about coding, or data analytics, the online introductory courses are a great start, and you'll get half of your money back through a coding bootcamp or data science bootcamp credit if down the road you are accepted.

With so many options to choose from, a career in coding or data science is within reach.

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