Deferred Tuition

It is our mission to improve the financial future of our learners. Our entire curriculum has been designed to be the most direct path to getting our learners high paying jobs after graduation, and the new Deferred Tuition option backs our commitment. With deferred tuition, you’ll pay no tuition upfront to attend BloomTech. You’ll apply for a loan through Climb Credit to finance the upfront tuition amount ($21,950) of your BloomTech program. If after 365 days of receiving a Certificate of Completion from a BloomTech program, you are not earning or have received offers for at least $50,000 a year (or the equivalent of $4,166 per month for 3 consecutive months) in compliance with the Tuition Refund Guarantee (TRG), you may be eligible for a 100% refund of your Deferred Tuition and an additional payment of 10%.

If you are approved for a TRG refund, BloomTech will forgive 110% of your tuition, cause your lender to refund any amounts paid by you on your loan (including interest and fees actually paid), and pay you an additional 10%.

Student borrowers who would like to apply for a TRG refund must do so within 30 days of the Termination Date listed in their Tuition Refund Guarantee.

Climb Credit will conduct a soft credit check for all individuals applying for a loan. Loans to finance BloomTech tuition are available to individuals who are US Citizens or US Permanent Residents. U.S. temporary residents and other individuals who do not qualify on their own can apply for a loan with a creditworthy co-borrower that is a U.S. citizen or U.S. permanent resident.

Loans for BloomTech programs are 72-month loans. The 72-month term does not include the time a learner spends in school at BloomTech or the amount of time spent looking for and securing a job offer. After 72 months of on-time payments, 100% of the outstanding balance will be paid off.

All approved loans for BloomTech programs have a fixed interest rate ranging from 8.45% to 18.95%. Interest will accrue on the loan until the loan is fully paid off.

Approved borrowers will be charged a 5% origination fee (one-time) in addition to the interest that accrues over time on the outstanding loan principal balance. The origination fee helps cover administrative fees associated with originating the loan. It is added to the loan principal and is paid off over the term of the loan.

Because interest will continue to accrue during the periods when a learner is (1) in school and (2) in the job search, those who spend longer completing their BloomTech program or finding a job after graduation will accrue more total interest on their loan than those who graduate and secure employment sooner.

No payments are required when a learner is in school, or for up to a year after graduation. All learners are granted an automatic 3 month deferment period at graduation; additional deferment is available by request to Launch Servicing.

Yes, you may begin paying off your loan at any time. There is no penalty for prepayment.

Deferred Tuition is currently available for the Web Development, Data Science, and Backend Development programs at BloomTech.

The exact monthly amount will depend on a number of factors, namely the length of time a learner spends in school and subsequently spends in the job search upon receiving a BloomTech Certificate of Completion.

The total amount learners who finance their tuition with a Deferred Tuition will pay varies based on how long it takes a learner to complete their BloomTech program and subsequently how long they spend searching for a job.

There are several ways in which Deferred Tuition differs from a BloomTech ISA:

Learners who finance their BloomTech tuition with Deferred Tuition and graduate are eligible for BloomTech’s Tuition Refund Guarantee (TRG). The TRG is not available to learners who sign up for a BloomTech ISA.

Whereas ISA monthly payments scale based on income (meaning you pay more if you land a higher paying job, but in no event more than a total of $40k), monthly payments are fixed with the Deferred Tuition. You’ll pay the same amount each month whether you’re making $50,000 per year or $150,000 per year. 

The term of the loan is fixed, whereas BloomTech ISAs can have a variable term. You’ll make 72 monthly payments on the loan (assuming no prepayment), compared to up to 48 monthly payments with an ISA. A BloomTech ISA has a maximum total term of 95 months.

Deferred Tuition taken out to finance tuition for a BloomTech program will begin vesting once a learner has completed the first sprint of their program. Deferred Tuition fully vests after a learner has started a number of sprints equal to 50% of their BloomTech program length. For 24-sprint programs (Full Stack Web Development and Data Science), the loan is fully vested after the start of the 13th sprint. For 36-sprint programs (Backend Development), the loan is fully vested after the start of the 19th sprint. Vesting schedules may vary by state; please read your Enrollment Agreement for the most up-to-date information.

Regardless of your state of residency, you will owe no tuition if you withdraw within the first sprint of your BloomTech program. Learners who start the 2nd sprint of their BloomTech program but do not graduate from their program will still be responsible for paying off their loan. They may not be responsible for paying back 100% of the loan, depending on when they withdrew or were withdrawn from their BloomTech program. Generally, the principal amount of the loan is 100% vested at 50% program completion, although policies may vary by state. Learners should check their Enrollment Agreements for more specific information.

While learners who have ISAs with another school cannot sign up for a BloomTech ISA, it does not disqualify them Deferred Tuition eligibility. Climb Credit will run a soft credit check on all loan applicants. Climb Credit applicants must be U.S. citizens or permanent residents. U.S. temporary residents and other individuals who do not qualify can apply for a loan with a creditworthy co-borrower that is a U.S. citizen or U.S. permanent resident. BloomTech recommends reviewing your financial situation to determine if a loan makes sense.

Climb Credit requires that learners apply for a loan within 90 days of their desired program start date with BloomTech.

No, the loan must be associated with the individual attending BloomTech. Individuals who do not qualify on their own can apply for a loan with a creditworthy co-borrower that is a U.S. citizen or U.S. permanent resident.