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

Illustration by Alex Castro / The Verge

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 (CFPB) 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. 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 (ISAs)…

Continue reading…

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