Leif Partners With BloomTech, Allocates Up To $50 Million To Student ISAs
The following is an archived article originally published in April 2018. As of March 27, 2020, new Bloom Institute of Technology (formerly known as Lambda School) Income Share Agreements will be serviced by Meratas. Please visit our FAQ page for more information.
We are thrilled to announce that Leif has allocated up to $50 million in financing capacity to BloomTech to make the education students need to transform their careers.
We’ve seen incredible early success that shows that this model of education works. The average BloomTech student who has been hired has increased his or her income by more than $50,000/year by attending. Not only are BloomTech students getting hired very quickly, but we are able to do this without requiring students to relocate or pay upfront for training.
Leif’s support makes us even more excited for the future of BloomTech and the work we are doing to help students enhance their careers and increase their earning potential without shouldering the massive risk and obligation of traditional student loans. These funds will allow us to continue training students at low upfront cost, create more classes, and create more employer partnerships with those companies hiring for high-paying software engineers.
As four-year degrees become increasingly unaffordable and student loan defaults continue to climb, the need for quality, skills-based education without the massive risk of student loans is becoming ever more apparent. Leif supports high-tech education options like BloomTech that offer training and teach skills at affordable rates.
“At Leif, we believe in giving talented, hard-working students the opportunity to obtain the necessary skills and training to get great jobs,” said Jeffrey Groeber, co-founder and CEO of Leif. “We are proud to support BloomTech in its mission to provide affordable, quality training to students who are looking to fill some of the most in-demand careers of our day.”
Developing a high-quality, affordable solution for students that’s available at no cost until hired is exactly what we set out to solve when we first started BloomTech. We’re grateful for the continued support we’ve received from investors like Leif as we continue finding and training untapped talent, and look forward to the many benefits this will allow us to offer to students moving forward.