The institute’s six- to nine-month training programs in subjects including web development, data science, and computer engineering typically cost $20,000 to $30,000 in tuition, the CFPB order…
at companies such as Google and Amazon, has been sanctioned by federal authorities for allegedly deceiving students about loan costs and making false claims about graduates’ hiring rates.
“BloomTech falsely claimed its ‘income share’ agreements were not loans, did not create debt, did not carry a finance charge, and were ‘risk free,'”Wednesday. “In fact, the agreements are loans with an average finance charge of $4,000. The loans carry substantial risk, as a single missed payment triggers a default and the remainder of the $30,000 ‘cap’ becomes due immediately.”
BloomTech, and Allred, enticed prospective students with job-placement rates as high as 86%, when internal metrics showed placement rates closer to 50% and sometimes as low as 30%, the news release said. “Allred tweeted that the school achieved a 100% job-placement rate in one of its cohorts, and later acknowledged in a private message that the sample size was just one student,” the news release said.
Allred and the school agreed to sanctions without accepting wrongdoing, according to the order. The CEO and the school did not immediately respond to requests for comment.
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