The prospect of dropping everything and attending a coding bootcamp for nine months without a steady source of income is a deal breaker for most people.
Recently, a popular coding bootcamp, Lambda School, announced that it will be launching a pilot program that provides living stipends to selected students, offering $2000 a month. The catch? Students have to pay the stipend back (with interest) if they make over $50,000 a year at their jobs.
This opens up a whole new world of possibilities for aspiring developers who’ve wanted to go to coding bootcamp, but need a steady source of income to take care of monthly expenses.
Think of it as a cash advance with a dynamic interest rate.
While some people may balk at the five-year repayment plan, this new program will certainly allow a greater number of eager, motivated students to receive a coding education so that they can get a job in one of the most rewarding and opportunity-laden career fields out there.
FAQs from Lambda School and its Living Stipend Pilot Program:
What is the Lambda Living Stipend Pilot Program?
Lambda School will be offering both current and prospective students the opportunity to apply for a total of $18K USD in financing to support their living expenses while they are enrolled as full time Lambda School students.
Why is Lambda School trying to launch this?
By launching this Living Stipend Pilot Program, we are looking at how we can create more products and innovative ways to help support our current students – and to expand who can become a Lambda School student.
How will it operate?
Students who are selected will receive $18,000 USD paid in nine monthly payments of $2,000 USD for the duration of the full time nine month program.
Who can apply for the stipend?
This program is open to current and prospective full time Lambda School students who are living in and eligible to work in the United States.
Do students then pay back the money?
Yes, this is a stipend and not a scholarship.
Upon completion of the nine month program students will be required to pay 10% of their salary for 5 years. The stipend is built into that amount.
What are the selection criteria?
We will not be looking at student financials or credit scores.
Instead the applications will be screened using the following questions:
Why do you need this living stipend to be successful as a Lambda School student?
Tell us a bit about the unique part of your story that will make you a valuable addition to both the Lambda and tech community?
Tell us why we should bet on you?