In 2020, we wrote how coding bootcamp Lambda School seemed like a bit of a bait-and-switch. Four years later and one rebranding to “BloomTech” later, the US Consumer Financial Protection Bureau is finally slapping it on the wrist — it’s permanently banning it from issuing any more student loans, fining the company and its CEO $164,000, and releasing some students from some of their debt. Why? Among other deceptive practices, the “Bloom Institute of Technology” didn’t call them loans.
That said, the agency’s also ordering Bloom to cancel all loans for students who haven’t made a payment in the last 12 months, let current students immediately quit the program with no debt, and return a small amount of money to graduates who paid Bloom a premium and yet didn’t manage to land a job making $70,000 or more. That last group of students will still have loans, but retroactively capped at the sticker price of tuition.
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