What are bootcamp loans and how do they work?

What are bootcamp loans and how do they work?

Bootcamp loans are specialized loans designed to help students finance their education at coding or vocational bootcamps. They typically cover tuition and sometimes living expenses.

Are there specific lenders that offer these loans?

Yes, several lenders specialize in bootcamp loans, including Climb Credit, Skills Fund, and Ascent Funding. Each has different terms and eligibility requirements.

What are the interest rates like for bootcamp loans?

Interest rates for bootcamp loans can vary widely, typically ranging from 5% to 15%, depending on the lender and your creditworthiness.

Do I need a co-signer to get a bootcamp loan?

It depends on the lender and your credit history. Some lenders may require a co-signer, especially if you have limited credit.

What happens if I can't pay back the loan?

If you can't repay the loan, it may lead to default, which can negatively impact your credit score. It's important to discuss repayment options with your lender.