BloomTech

Coding bootcamp Lambda School — now BloomTech — is finally getting punished

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Why? Among other deceptive practices, the “Bloom Institute of Technology” didn’t call them loans. It advertised a way for students to get high-paying tech jobs “risk free” with “no loans” by paying 17 percent of their future income for five years — rather than the $20,000 sticker price of tuition. But those Income Sharing Agreements … Read more

Consumer Financial Protection Bureau fines BloomTech for false claims

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The U.S. Consumer Financial Protection Bureau (CFPB) said in an order on Tuesday that BloomTech, the for-profit coding bootcamp previously known as the Lambda School, deceived students about the cost of loans, made false claims about graduates’ hiring rates and engaged in illegal lending masked as “income sharing” agreements with high fees. The order marks … Read more