Our Income Share Agreements

BloomTech's Income Share Agreements (ISA) is our investment in you. With this tuition payment option, you invest in yourself, too. Simply pay a fraction of your tuition up front to begin your education at BloomTech. Once you graduate and land a job making an annualized $50,000 or more, you begin paying 14% of your salary every month until you reach the ISA cap, hit 48 deferred payments, or hit the total number of payments your ISA is capped at. If you don't get hired? You never pay more than your down payment.

Two choices of Income Share Agreements

Please note: Our pricing options may vary by state. If you live in California, please review our California pricing >

How it works

  • Once you begin making at least $50,000 a year (or the equivalent of $4,166 per month) after graduation, you will owe BloomTech 14% of your monthly income until you cover the cost of your tuition, hit 48 deferred payments, or hit the total max cap for your ISA.

    A BloomTech graduate making $50,000 a year ($4,166 a month)  would pay BloomTech $583.38 each month. You will not be required to make ISA payments during months in which your pre-tax income falls below $4,166.
  • You must continue to make monthly payments toward your ISA until one of the following happens:

    1) You have paid 14% of your monthly income for either 3 or 4 years, depending which ISA option you choose.

    or

    2) You have reached the maximum ISA payment amount of $30,000 or $40,000, depending on which ISA option you chose.

    or

    3) You did not make more than $4,166 per month, and therefore "deferred" your monthly payments for a total of 48 months.
  • You are responsible for the full amount of your ISA once you have completed 50% of your program.

    If you decide that BloomTech is not right for you, you can withdraw within the first 2 Sprints with no tuition obligations or penalties. After you complete Sprint 2, you have vested 20% of your ISA, and will be required to repay 20% of your ISA when working in a job earning at least $50,000 a year. The percentage you owe will increase again after completion of every 2 additional sprints until Sprint 12 or Sprint 18 (depending on your program), at which point you are responsible for the full amount of your ISA.
  • You are required to report any changes in your income to your ISA servicer.

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

    Learners must inform their ISA 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 ISA servicer 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
SEE ISA FREQuENTLY ASKED QUESTIONS

How to get help with your ISA

An Income Share Agreement is a legally binding agreement. It's important to us that you understand what is required of you and how it will affect your finances.

Make sure you have read your ISA in full and understand the terms before you sign. You can see an example Income Share Agreement in the FAQ below. If you have any questions, please reach out to Meratas, the company that will manage and service your ISA.

Meratas

Website: https://www.meratas.com/
Phone number: (860) 935-6906
(Monday through Friday, 7 am to 4 pm PST)
Support email: help@meratas.com

Browse other tuition options

Pay Up Front

Pay $21,950 in a single payment
or 3 installments ($30K for CA residents). If you don't get a job, you may qualify for a full refund.

How it works

Outcomes Based Loan

Pay $0 upfront. If you don’t get a job paying at least $50,000 within 365 days, your entire loan could be refunded.

How it works

Tuition & Income Share Agreement (ISA) Questions

Important Note: The FAQs below explain certain tuition and ISA features and terms, but do not override any terms in the Income Share Agreement (ISA) itself. Students should read their enrollment agreement and ISAs carefully to understand their terms.
What is an ISA and how does it work?
An ISA is a way to pay your BloomTech tuition. A BloomTech ISA is a contract under which you agree to pay 14% of your post-BloomTech income for 36 or 48 months, depending on which ISA option you choose, but only once you're making $50,000 or more per year (or the equivalent of $4,166 per month).

If you pay a $7,950 down payment, your ISA is capped at a maximum repayment of $30,000, so you won’t pay more than $37,950 ($7,950 down payment + $30,000 ISA cap) under any circumstance. If you pay a $2,950 down payment, your ISA is capped at a maximum repayment of $40,000, so you won't pay more than $42,950 ($2,950 down payment + $40,000 ISA cap) under any circumstance.

This is our way of investing in you. We select students we believe will be successful and cover your tuition until you're in a financial position to pay us back.
When and how do I report my income?
Learners are required to keep their servicer account up to date with their income and job status on a monthly basis. Even if a learner is still active in the curriculum, they need to keep their account up to date.

Learners must inform BloomTech of their employment status no later than five days after starting work in a position that pays at least the minimum monthly income required to make payments under the agreement. Learners must also must inform BloomTech of the name of their employer, their job title, and their earned income every three months, or as requested by BloomTech, thereafter.

Each year, there is a tax reconciliation process performed to verify the students' reported income. This is to ensure that students 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: submit a pay stub, a letter from their employer, independent contractor agreement, or other evidence of their monthly income.

- By April 30th each year: submit 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: submit 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 during which they are required to make a monthly payment, dated no earlier than 30 days before the date they provide it to BloomTech.
Who is Meratas?
Meratas is a third party provider who services all newly originated ISAs on behalf of BloomTech in the United States.  

Servicers handle 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 

Meratas
Email: help@meratas.com
Portal: message within your Meratas portal
Phone: (877) 311-3824, Monday through Friday, 8 am to 5 pm PST.
When do I have to pay my ISA?
Payments are due on the first of every month.

Students will have a one-month grace period before their first payment is due. The first month for which they are required to make a monthly payment is the second full month in which their earned income exceeds the minimum. Here are two examples:

A student graduates from BloomTech on May 15th and on June 5th they start a job for which they are paid at least $4,166 a month. In June they are paid $4,166 or more. They must make their first monthly payment in August.

A student graduates from BloomTech on May 15th and on June 20th they start a job for which they are paid at least $4,166 a month. However, in June they are paid less than $4,166. The first month for which they must make a monthly payment is September.
How do I calculate how much I need to pay?
The 14% 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.

Learners are not required to make a monthly payment if their earned income for the previous month is less than $4,166.
What does "deferment" mean and what's the process?
"Deferment" means it is agreed you don't have to pay your ISA in a given month because you are not making $4,166 or more (the monthly equivalent of a $50,000 annual salary) in that month. Learners are required to keep their servicer account up-to-date with their income and job status on a monthly basis once their ISA enters repayment status.

When does the ISA contract start?
Once a learner signs their income share agreement, it is a live contract. Per the terms of the contract, there is a window of time during which payments may be owed. 

The contract enters the Repayment Period and becomes active upon the earlier of:
- The date of withdrawal from the BloomTech program (if the ISA has partially or fully vested);
- The date for completing the program specified in the learner's enrollment agreement;
- Earning at least $50,000 annualized ($4,166 per month) after the date specified in the enrollment agreement on which they are responsible for the entire amount of tuition funding allocated to their program (accepting a position after fully vesting the ISA). 

Once in Repayment, the maximum term of the contract is 83 months ($30k cap ISA) or 95 months ($40k cap ISA).

When does the ISA contract end?
$7,950 down payment + $30k cap ISA
Your ISA obligation will be deemed paid in full once (1) you have paid the maximum amount of $30,000 (excluding down payment and late or failed payment fees), (2) you have made 36 monthly payments, or (3) you have not been required to make a monthly payment for a total of 48 months from when you are first required to make monthly payments, whichever is the earliest to occur. The maximum term of this agreement is 83 months. 

$2,950 down payment + $40k cap ISA:Your ISA obligation will be deemed paid in full once (1) you have paid the maximum amount of $40,000 (excluding down payment and late or failed payment fees), (2) you have made 48 monthly payments, or (3) you have not been required to make a monthly payment for a total of 48 months from when you are first required to make monthly payments, whichever is the earliest to occur. The maximum term of this agreement is 95 months.

What is the total amount a BloomTech learner would pay with an ISA?
The total amount paid by learners with ISAs is dependent on (1) the ISA you choose and (2) your post-BloomTech income. 

If your total earned income is less than $4,166 per month (the monthly equivalent of $50,000 annually), you do not pay BloomTech anything. If your total earned income is at least $4,166 per month, the most you will pay is either $37,950 ($7,950 deposit + $30,000 ISA cap) or $42,950 ($2,950 deposit + $40,000 ISA cap).

Because ISA payments are based on income and the maximum number of monthly payments is either 36 or 48 (depending on your ISA), any learner who elects to use an ISA might pay less than the maximum amount. 

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.

Below are two charts illustrating the total amount you will pay under each ISA option in various earning scenarios.   

Table 1 - $7,950 down payment + $30,000 cap ISA ($37,950 total payment cap)
Table 2 - $2,950 down payment + $40,000 cap ISA ($42,950 total payment cap)
Can I see an example ISA?
Yes, you can see a template of the agreement we use with Meratas here ($30,000 cap ISA) and here ($40,000 cap ISA). Meratas services all ISAs for new BloomTech learners.
Is the repayment amount on an ISA calculated before or after taxes?
The 14% is a percentage of your gross income (i.e., before taxes).
Do I have to make ISA payments even if I do not get a job in technology or coding?
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. 
What if I file a joint tax return?
The Income Share Agreement requires you to submit your tax returns to Meratas. That said, we’re only interested in your personal income. While Meratas will need to see your joint tax return in order to verify your portion of the income, your spouse’s income will be deducted from the joint total and does not qualify for repayment.  

You must notify BloomTech no later than thirty (30) days if you change your tax filing status from single filing to joint filing (or vice-versa), so BloomTech knows whether to exclude earnings of your spouse when calculating your earned income.
What happens to my tuition if I withdraw from BloomTech?
We reduce the total obligation for people who leave BloomTech, based on completion of sprints. A sprint is one week long. The amount of your BloomTech tuition that has vested at the time you withdraw is dependent on the number of sprints you completed in your BloomTech program. Tuition vesting schedules also may vary by state, so please see your Enrollment Agreement for the most up-to-date information.  

Regardless of your state of residency, your ISA, RIC, or Outcomes Based Loan will be canceled if you withdraw within the first 2 sprints of your BloomTech program (by 7:59 AM PT on the 11th day of your BloomTech program).
Can I switch my payment type instead of signing an ISA?
Yes, during the admissions process you have the ability to choose from various options on how you would like to pay your tuition. If you have already selected the ISA and would like to switch, please email admissions@bloomtech.com to request a different payment type. Please ensure BloomTech receives your payment by the enrollment deadline, which is the last day you can switch payment type.
Do I need to be a US citizen to sign an ISA?
Income Share Agreements are available to people who live in the US (excluding California) who are US Citizens, US Permanent Residents, or DACA recipients. ISAs are not available to individuals who already have an obligation to pay under an ISA with another institution. Other people can still attend BloomTech by paying the tuition upfront or financing their tuition with an Outcomes Based Loan (BloomTech’s OBL has the same residency requirements as BloomTech’s ISAs). 

*International learners only have the option to pay upfront tuition. You can view our other tuition options here
Can I sign another ISA with another school after BloomTech?
No. A BloomTech ISA requires that you sign no other ISAs while your BloomTech ISA is active. The program is designed to make sure you get a job, not go on to more school.
When in the month are ISA payments due?
Payments are collected on the first of the month.
Am I eligible for an ISA?
ISA eligibility is not determined on the basis of prior income, sex, race, sexual orientation, religion, national origin or any protected class. There are certain minimum requirements to be eligible for an ISA. For example, ISAs are only available to people who live in the US who are US Citizens (excluding California residents), US Permanent Residents, or DACA recipients. ISAs are not available to individuals who already have an obligation to pay under an ISA with another institution.
How can I figure out my cost of living with my ISA payment?
There are a number of online financial tools you can use to calculate this. We recommend using https://2009-2017.state.gov/m/fsi/tc/79700.htm to figure your annual and monthly expenses, and how your ISA payment would affect your budget (enter the ISA amount as “miscellaneous”).

You can also view our ISA calculators above to get an idea of what your monthly payments will be based on your salary.
What options do I have if I experience financial hardship?
The BloomTech ISA has built-in protection for financial hardship. Should you lose your job or should your income drop below $4,166 per month, your payments will automatically be paused after you’ve reported the change. That said, we understand that unique and unforeseeable financial emergencies sometimes occur. 

In this situation please contact your ISA program manager (Meratas at help@meratas.com) to discuss available options rather than letting your account go into default. While we cannot guarantee your situation will qualify for deferment, we want you to know that we want the best for you and your family, and will do what we can to help in times of extreme financial hardship. 
What is the cost of BloomTech for California residents?
BloomTech tuition costs $30,000 for all California learners.
What payment options are available to California residents?
Our learners in California currently have the following tuition options: 

Full upfront tuition of $30,000 (to be paid in 3 equal installments) 
- With our 110% Tuition Refund Guarantee, if you graduate from BloomTech and do not get a job paying an annualized $50,000 per year or more after 365 days in compliance with the TRG, you will get your entire tuition refunded - plus 10%! Learn more about our Tuition Refund Guarantee here.

California Retail Installment Contract (RIC)
- Pay $0 upfront, then pay 17% of your income once you’re making at least $4,166 per month until you hit the $30,000 cap.
- Learners who choose our CA RIC tuition option are not eligible for the Tuition Refund Guarantee.
How does a California retail installment contract (RIC) differ from an ISA?
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). In this sense, the BloomTech RIC has some 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. 

Please note: Learners in California are not eligible to fund their tuition with a BloomTech ISA.

You can see a sample retail installment contract here.


If I choose the ISA tuition option, do I have access to the Tuition Refund Guarantee? 
No, learners paying for BloomTech through an ISA (or RIC for CA residents) do not have access to the Tuition Refund Guarantee.
How do I make the down payment? 
When you sign up for an ISA, you will create an account with Meratas, our ISA service provider. Within your Meratas account, you will be asked to provide bank account information.

Please note that the bank account you include there will be your default method going forward and will be used for all associated payments, including the down payment.

Learners who wish to pay the down payment in another way (different bank account, credit card, etc.) must call Meratas at (860) 935-6906 (Monday through Friday 7AM-4PM PT) prior to the date scheduled for the down payment.

Failure to call and provide a different method of payment for the down payment will result in the down payment being withdrawn from the bank account you provided. Down payment is due 5 days after BloomTech approves an ISA or by the Enrollment deadline, whichever comes first. Please speak to your Enrollment Advisor for more information.

Start your application

Become a student at Bloom Institute of Technology. The next application deadline is:

December 10, 2021
Apply Now