BloomTech Signs $20 Million Agreement with Long-term Education Investment Fund
Today we’re announcing that we’ve signed an estimated $20 million agreement with the Long-term Education Investment Fund (Leif) and its affiliated Student Advantage Fund.
This multi-year agreement will allow us to fund a world-class Computer Science education for thousands of students with little upfront cost. Unless the education the students receive enables them to earn a high-paying job, they will pay nothing at all in tuition.
This first-of-its-kind agreement is an enormous moment in education; capable students are finally seen as something to invest in instead of something to collect fees from. The unique structure completely aligns the incentives of the school, its students, and its financiers: nobody wins unless a student is successful.
Importantly, this agreement also represents the creation of a new asset class — that of untapped human potential. This will be the first of many sizable investments Bloom Institute of Technology (formerly known as Lambda School) and its partners make to help every American achieve his or her fullest potential.
We’re thrilled to be able to expand our reach to thousands of people who wouldn’t otherwise be able to afford this type of education. We see applications from thousands of people who are held back from high-paying, highly-skilled careers only because they can’t afford the up-front cost or risk of traditional loans to fund their education. Soon that will no longer be the case.
Read more about the Leif partnership at Business Wire.