Applying to BloomTech: How to Choose the Right Tuition Option for You
Congratulations on making the life-changing decision to join BloomTech (FKA Lambda School)! Right now, you’re partway through the admissions process. You’ve begun an application, chosen a program of study, and passed your entrance assessment. Next on your admissions to-do list: Choose how to pay for your BloomTech education.
We know that students come from a wide variety of backgrounds and life circumstances, and we’re committed to train a broader range of people who want to start a tech career. To meet learners where they are, we designed several tuition payment options. That way you can pick the one that makes the most sense for your financial status, family needs, and other circumstances.
There’s a tricky part to offering multiple tuition payment options, though. It can be confusing to wade through your choices. That’s why we put together this resource. Read on for help to decide how to pay for your BloomTech education.
BloomTech Tuition Options at a Glance
Once you complete your BloomTech application (great job!), you’ll start the enrollment process. You’ll see a screen like this.
First up is choosing the tuition option that works best for you. You’ll be sent to the tuition options page, which looks like this.
You have flexible options to pay for the tech training needed to jumpstart a career in technology.
Ways to Pay BloomTech Tuition
- Deferred Tuition
- Income Share Agreement (ISA)
- Upfront Tuition
- Tuition Installments
Tuition options may vary, depending on where you live.
You will only be shown tuition payment options available to you, based on the information you submitted about where you live.
Use the rest of this article to learn about which tuition option to select when you apply to BloomTech.
What is Deferred Tuition?
Since we began offering Deferred Tuition, it has been the most popular tuition payment plan among applicants. In a nutshell, here’s what makes Deferred Tuition such a great choice for many learners:
- No tuition up front
- Apply for a loan with our partner to cover your upfront tuition
- Interest on the amount borrowed begins accruing interest once you have completed 17 calendar days of your program
- Eligible for the BloomTech 100% Tuition Refund Guarantee, which gives you the confidence that you’ll get a job making at least $4,166 a month when you follow our post-graduation weekly career commitments—or we’ll refund all your tuition. (Awesome, right?)
You’ll need to fully understand the Deferred Tuition tuition option before selecting it.
What is the BloomTech Income Share Agreement (ISA)?
Our Income Share Agreement (ISA) is another choice to pay for our tech education programs.
Income Share Agreements are an attractive option for some learners because BloomTech invests in you and you invest in yourself, too. When you pay for your BloomTech education with an ISA, you’ll start by paying for a fraction of your tuition up front. Once you graduate, we’ll help you land a well-paying job—and then you’ll pay for the rest of your tuition with a percentage of your income for a limited time.
In other words, an ISA funds your tuition so you can pay back BloomTech later.
Here are some of the basics about ISAs at BloomTech.
- Know what you owe. Unlike with a typical loan, the maximum amount you owe will never increase with an ISA. Your total payment amount is capped at $40,000*, and you may end up paying less.
- It scales with you. Your goal is to get a great job; that’s our goal for you, too. Once you start earning at least an annualized $50,000** a year, you’ll pay us back with a percentage of your income each month. If your earned income falls below the minimum total amount, your payments will be deferred until your income reaches the minimum again.
- No lingering obligations. Your contract is finished once you complete the ISA payment schedule or reach the payment cap, whichever comes first. And if you aren’t making the minimum average monthly income, and have had deferred payments for a total of 48 months, then your ISA expires and you don’t owe anything else—even if you’ve paid nothing up to that point.
At BloomTech, we are committed to providing more people with a direct and lower-risk path to a rewarding tech job. That’s why we offer flexible options to pay your tuition—and launch your new career.
That’s a lot of information—which is why we created an explainer video. Watch this detailed rundown of theBloomTech ISA here.
What is Upfront Tuition at BloomTech?
If Deferred Tuition and Income Share Agreement aren’t a good fit for you, consider the Upfront Tuition option to pay for your BloomTech education. This option takes care of your program tuition in one lump sum.
A few top level things to know about Upfront Tuition:
- Tuition is $21,950 USD
- Learners who choose Upfront Tuition are eligible for the 100% Tuition Refund Guarantee, which gives you the confidence that you’ll get a job making at least $4,166 a month when you follow our post-graduation weekly career commitments—or we’ll refund all your tuition plus.
- Upfront Tuition can be paid by ACH/wire, credit/debit card, or check
- The Upfront Tuition option is not available to learners in California, Utah or Washington, DC
What if I want to pay in Tuition Installments?
If you like the idea of Upfront Tuition but want to spread out the cost, Tuition Installments could be the choice for you.
With our Tuition Installments option, you pay for your BloomTech education in three chunks. For most states, the first installment is due upon enrollment; the second at 25% program completion; and the third at 50% program completion. (You can see details about all tuition payment schedules here.)
Here’s what is different about paying Tuition Installments vs Upfront Tuition.
- Just like with Upfront Tuition, you’ll pay $21,950 USD—just spread over three payments
- Tuition Installments is not a loan, so you pay no interest
- Learners who choose Tuition Installments are eligible for the 100% Tuition Refund Guarantee. If you graduate and don’t find a job earning at least $50,000/year ($4,166 a month) within a year of graduating, we will refund all your tuition.
- Tuition Installments can be paid by ACH/wire, credit/debit card, check, or cashier’s check
Choosing the right tuition option is an important step in beginning the training that can launch your tech career. We’re committed to helping you feel confident in finding the one that’s best for you.
If you still want more information, please reach out! We’re always happy to help motivated learners like you begin BloomTech’s direct path to a rewarding career. Email us at firstname.lastname@example.org with any questions, and congratulations on deciding to take control of your career path!
Now that you know how to choose the right tuition option for you, complete your application today!