The BloomTech retail installment contract and ISA are each contracts under which you agree to pay a percentage of your post-BloomTech income, but only once you’re making more than $50,000 per year (or at least $4,166 per month). The BloomTech RIC has many of the same learner protections as the ISA. 

There are several key differences between the contracts:
- Payment Rate: under BloomTech’s RIC, you must pay 17% of your pre-tax income. Under both BloomTech ISA options, you must pay 14% of your pre-tax income.

- Satisfaction of the Contract: Once you have (1) paid the maximum amount of $30,000 or $40,000 (depending on your ISA) - excluding down payment and late or failed payment fees, (2) complete your 36th or 48th monthly payment (depending on your ISA), or (3) defer payment for 48 total months, whichever comes first, you are free of obligation under the ISA. You can only satisfy a RIC by paying $30,000.

- Total Payment Amount: As mentioned above, you must pay a total of $30,000 to satisfy their retail installment contract. A learner under an ISA will never pay more than $37,950 ($7,950 down payment + 30K cap ISA) or $42,950 ($2,950 down payment + 40K cap ISA), but may pay less than the maximum amount depending on their post-BloomTech income.
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Retail Installment Contracts are currently available as a form of tuition financing for residents of California. Income Share Agreements are not available for California residents.

The 17% monthly income payment requirement is based on your "Earned Income," which means all you are paid or that you earn. Earned income is your gross income earned or received in exchange for performing services, whether as an employee, independent contractor, paid intern, business owner or partner, before taxes or any other withholdings (including contributions to retirement plans and savings plans). 

For example, the US Internal Revenue Service for the 2019 reporting year defines income to include on an annual basis (a) the sum of Line 1 (Wages, salaries, tips, etc.) of IRS Form 1040, Line 1 of IRS Schedule C (Form 1040) (Gross receipts or sales) , as reported or required to be reported on U.S. federal income Tax returns. All of those are examples of “earned income.” 

‍Earned Income does not include:
‍- Income earned by your children or spouse (if any)
- Any money you inherit
- Any amounts paid to you under the Social Security disability insurance program (title II of the Social Security Act) or the Supplemental Security Income program (title XVI of the Social Security Act)
- Any amounts paid to you under the Child Nutrition Act of 1966.
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Learners are not required to make a monthly payment if their earned income for the previous month is less than $4,166.

"Deferment" is a period of time when you do not have to pay your RIC installments because you either do not make $4,166 or more per month. Learners are required to keep their servicer account up-to-date with their income and job status on a monthly basis once their RIC enters repayment status.

Yes. Technology is a part of nearly every professional field. In fact, technical skills—including the ones learners gain in BloomTech programs—dominate the list of most-in-demand qualifications for jobs overall. That means that our graduates can apply skills gained at BloomTech to a wide range of careers, not only roles that traditionally fall in the tech industry.

We may reduce the total tuition obligation for people who leave BloomTech based on completion of sprints. A sprint is one week long. You can cancel your RIC without owing any tuition within the first 2 sprints of your BloomTech program. Please see your Enrollment Agreement for the most up-to-date information.

Yes, during the admissions process you have the ability to choose from various options on how you would like to pay your tuition. California residents can pay for their BloomTech program via a RIC or upfront payments (one lump sum or 3 equal payments).

Learners are required to keep their servicer account up-to-date with their income and job status on a monthly basis once their RIC enters repayment status. A RIC enters repayment status when a learner either graduates or withdraws from their BloomTech program. 

Learners must inform their RIC servicer of their employment status no later than five days after starting work, regardless of whether or not they are in a position paying at least the minimum monthly income required to make monthly payments under the agreement. Learners must also inform their RIC servicer of the name of their earned income every month, or as requested by BloomTech, thereafter. 

Each year, there is a tax reconciliation process performed to verify the learners' reported income. This is to ensure that learners are not over- or underpaying what they owe per their financing agreement. 

‍Learners must submit to BloomTech and/or their servicer the following documentation evidencing their earned income: 
- Before their first monthly payment and every time their earned income increases or decreases, a pay stub, a letter from their employer, independent-contractor agreement, or other evidence of their monthly income. 

- By April 30th each year, a year-end pay stub, form W-2, form 1099, schedule K-1, or other official documentation showing their sources of earned income and the dates of their employment for the previous calendar year. 

- If BloomTech requests it, a completed and signed IRS form 4506-T (or any successor form) designating BloomTech as the recipient of their tax return information for returns covering any months for which they are required to make a monthly payment, dated no earlier than 30 days before the date they provide it BloomTech.

Meratas is a third party provider who services all RICs on behalf of BloomTech. Meratas handles parts of the financing process like origination and payment processing. They will perform things like identity verification, bank account verification, and learners will be able to make their payments through their online portal. 

For questions about payments or using the servicing platform, learners can contact the Meratas's support teams: 
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Email: help@meratas.com
Portal: message within your Meratas portal
Phone: (877) 311-3824, Monday through Friday, 8 am to 5 pm PST.

BloomTech tuition in California is $30,000, which you can choose to pay in 3 payments of $10,000, due at the following times:
$10,000 Due at Enrollment deadline
$10,000 Due by Sprint 7 (Web Development and Data Science) or Sprint 10 (Backend Development) [25% Program Completion]
$10,000 Due by Sprint 13 (Web Development and Data Science) or Sprint 19 (Backend Development) [50% Program Completion]

Once you are enrolled and have selected the tuition installment payment plan, you will receive an emailed invoice for each installment due. You can make your tuition installment payments via ACH, wire transfer, credit card, or check. For more information, please email financialservices@bloomtech.com.

If you withdraw or are withdrawn, you may be entitled to a tuition refund, as documented in your Enrollment Agreement. Your maximum refund can only be up to the amount of tuition you've actually paid. Please reference the tuition proration and vesting schedule in your Enrollment Agreement for additional information.

Once you withdraw or are withdrawn, someone from Financial Services will reach out to you to get any information necessary to process your refund. Your refund will be issued within 45 days of your withdrawal date.

For all other questions related to upfront tuition, please contact the front desk via The Hub or email financialservices@bloomtech.com.

Yes, California residents who pay full, upfront tuition for their BloomTech program are eligible for BloomTech’s Tuition Refund Guarantee.