BloomTech, formerly known as Lambda School, is an online coding bootcamp founded in 2017 by Austen Allred. The company offers intensive programs in full stack web development and data science, with courses lasting six months full-time or 12 months part-time. BloomTech's curriculum covers topics like JavaScript, React, Python, and machine learning, aiming to prepare students for careers in software engineering and data science. The bootcamp utilizes a live online instruction model with daily lectures, projects, and code reviews. A key aspect of BloomTech's approach is its focus on career readiness, incorporating resume building, mock interviews, and job search assistance throughout the program.
BloomTech's business model initially centered around Income Share Agreements (ISAs), where students agreed to pay a percentage of their future income after securing a job, rather than paying upfront tuition. However, the company has faced scrutiny and legal challenges regarding its use of ISAs and reporting of job placement rates. In 2024, the US Consumer Financial Protection Bureau ordered BloomTech to stop issuing new ISAs, fined the company and its CEO, and mandated the cancellation of some student debts. BloomTech has since introduced alternative financing options, including an outcomes-based loan program. As of 2024, the company continues to operate, offering its programming courses with third-party loans instead of ISAs.
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