We totally get it—coding bootcamps can be quite pricey. 

I mean, some of the top-notch software engineering bootcamps out there can set you back close to $30,000. That’s a significant financial commitment, no doubt.

But here’s the good news: many of the leading coding bootcamps, like Rithm School, offer a fantastic option called deferred tuition. 

Essentially, it means that you don’t have to pay the full amount upfront. You can defer the payment and settle it later. 

Pretty cool, right?

In this blog, we’re going to chat about how deferred tuition works, whether it’s a good route to take, and give you our list of the top 5 online bootcamps that offer deferred tuition. 

Let’s dive in. 

What is Deferred Tuition?

Deferred tuition is pretty much exactly as it sounds. 

It’s a method of education financing where, instead of paying upfront, you’ll pay for your education once you graduate and find a job. 

You’ll defer your tuition to a later date. In other words, you don’t really have to worry about it right now. 

Some deferred tuition programs require a small deposit, but most of the tuition is deferred until you graduate and find a job. 

Once you find a job, you’ll pay a fixed amount of tuition in a series of installments.

What are the Deferred Tuition Options?

The options for deferred tuition are going to depend on the school you’re applying to. 

At Rithm School, we offer a hybrid option and a fully deferred option. 

With the hybrid option, you will pay a $3,000 deposit and half tuition ($11,500) upfront. Once you land a job paying at least $60,000, you’ll pay your tuition in monthly installments equal to 5% of your monthly salary. You’ll make these payments for 4 years, or until you pay $17,250-whichever comes first.

With the fully deferred option, you will pay a $3,000 deposit upfront. Once you land a job paying at least $60,000, you’ll pay your tuition in monthly installments equal to 10% of your monthly salary. You’ll make these payments for 4 years, or until you pay $34,500-whichever comes first.

We have a pretty handy chart that compares all of our tuition financing options over on our tuition page.

Should You Consider Deferred Tuition? 

So, should you consider deferred tuition to pay for your coding education? 

In other words… is there a catch? 

While deferred tuition is a great option for a lot of students, there are a few drawbacks that we should mention. 

• You’re paying interest. Like every financing option, deferred tuition comes with additional payments in interest. This is to be expected, but also something to consider. You will end up paying more in the long run than you would if you paid in full. The biggest advice we can give you is to carefully read the terms of your deferred tuition agreement before signing. Some bootcamps may trap you into predatory terms, such as spreading out your tuition balance over a long period of time that forces you to pay more in interest. 

• You may have to pay even if you have a low-paying salary. As we mentioned, every bootcamp deals with its deferred tuition program differently. Here at Rithm, we don’t require you to start paying back tuition until you make at least $60,000 annually, however, not every bootcamp will have these same rules. If you’re only making $40,000 a year and still have to pay 5% back towards your tuition, it may not leave you with much money left over. 

While deferred tuition is a great way to finance your coding bootcamp and future career, it’s important to read over the terms and conditions with a fine tooth comb before committing. 

Read the reviews of the bootcamp before you join, and search specifically for feedback around the deferred tuition program. You’ll figure out pretty quickly which bootcamps are honest and which ones aren’t. 

List of Top 5 Coding Bootcamps With Deferred Tuition

Now that we’ve covered what deferred tuition is and whether or not it’s a good route to take, let’s dive into the list. 

Here are the top 5 online coding bootcamps that offer deferred tuition in 2023: 

• Rithm School: Rithm School has a really great deferred tuition option that allows you to not pay any tuition until you make at least $60,000 in your first job. You can learn more about the deferred tuition options here.
  
• App Academy: App Academy offers a deferred tuition plan that starts when you land your first job, regardless of the salary you’re making. You can learn more about the tuition options here.
  
• HackBright Academy: HackBright Academy offers a few financing options that allow you to pay back the tuition after you graduate. You can learn more about their loan options here.
  
• LearningFuze: LearningFuze has a few tuition options, with one being a deferred tuition option. However, the deferred tuition program is not applicable to California residents.
  
• Bloom Institute of Technology: The Bloom Technology Web Dev Program has a deferred tuition option that offers consistent monthly payments, regardless of how much money you earn. That means you’ll pay the same amount whether you make $50,000 or $150,000.

Have a Question About Deferred Tuition We Didn’t Answer? 

Here at Rithm School, we love speaking with new students about our program. 

You can find out how our deferred tuition program works by reading over on our Tuition Page, or use the chatbox in your lower right-hand screen to chat with our team. 

We’re always excited to chat! 

Until next time!