Our Outcomes Based Loan

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 our new Outcomes Based Loan backs our commitment. With $0 upfront and our 110% Tuition Refund Guarantee, the Outcomes Based Loan brings your career goals within reach.

How it works

  • You'll apply at Ascent Funding for a loan to pay BloomTech's tuition.

    Ascent applicants must be U.S. citizens, permanent residents, or DACA recipients with established credit history & no outstanding education loan defaults. U.S. temporary residents may apply with a creditworthy cosigner that is a U.S. citizen or U.S. permanent resident.
  • The loan will accrue interest starting Day 17 of your BloomTech program. See FAQs for interest details.
  • You will not be required to make payments on your loan while you are in school or for up to one year of job searching after graduation.
  • If you complete BloomTech's program, receive a Certificate of Completion, fulfill the terms of the Tuition Refund Guarantee, and do not get an offer or land a job paying at least $50,000 a year (or $4,166 per month for at least 3 consecutive months) within 365 days after graduating, your entire tuition of $21,950 (including the origination fee and any accrued interest from an approved lender) will be refunded. You will not pay anything. In fact, we believe in our job-driven school so much that we'll pay you an extra 10% of your tuition on top of the 100% of tuition that we will refund.

    Learn more about our Tuition Refund Guarantee here. Full terms here.
  • If you are offered a position or land a job paying an annualized $50,000 a year ($4,166 per month for at least 3 consecutive months), you will be required to make monthly payments until the principal and interest are paid off.
more about the outcomes based loan

The Outcomes Based Loan is not available if you live in California.
See California pricing ‣

110% GUARANTEE

Our 110% Tuition Refund Guarantee

If you choose to pay your tuition upfront or with the Outcomes Based Loan, you may qualify for our Tuition Refund Guarantee. We’re so confident that our programs provide a direct path to a high paying job that we offer the following guarantee:
‍
If you qualify for our Tuition Refund Guarantee, fulfill the requirements, and still don’t get a job paying $50,000 a year (or $4,166 a month) within 365 days after graduation, you don’t have to pay. In fact, we believe in our job-driven school so much that we'll pay you an extra 10% of your tuition on top of the 100% of tuition that we will refund.

how to qualify

How to get help with your
Outcomes Based Loan

Make sure you have read your agreement in full and understand the terms before you sign.

If you have any questions, please reach out to Ascent.

Ascent

Support email: bloomtechhelp@ascentfunding.com
Mon - Thurs 7am - 5pm PT
Fri 7am - 4pm PT
Phone number: (877) 279-2614‍

Browse other tuition options

Compare all 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

Income Share Agreements

After a down payment, pay a small percent of your income only if you land a high paying job. If you don't earn at least $50K, you don't pay.

How it works

Outcomes Based Loan (OBL) Questions

Important Note: The FAQs below explain certain tuition and OBL features and terms but do not override any terms in the Outcomes Based Loan (OBL) itself. Students should read their Enrollment Agreement, OBL contract, and Tuition Refund Guarantee carefully to understand their terms. All offers are subject to change.
What is the Outcomes-Based Loan?
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 our new Outcomes-Based Loan backs our commitment. The Outcomes-Based Loan is a consumer loan that BloomTech learners can apply for to finance the upfront tuition amount ($21,950) of their BloomTech program, while they pay nothing up front. 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, you may be eligible for a 110% refund of the Outcomes Based Loan. 
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If you are approved for a TRG refund, BloomTech will refund any tuition payments and offer you a one-time payment of $2,195.00. This payment is taxable.

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. 

Is there a credit requirement to qualify for the Outcomes Based Loan?
Ascent Funding will conduct a soft credit check for all individuals applying for an Outcomes Based Loan. Ascent applicants must be U.S. citizens, permanent residents, or DACA recipients with established credit history & no outstanding education loan defaults. U.S. temporary residents may apply with a creditworthy cosigner that is a U.S. citizen or U.S. permanent resident. Individuals who do not qualify (e.g., those with a limited credit history) can apply for an Outcomes-Based Loan with a co-signer. Once pre-approved, learners who decide to move forward with the OBL will undergo a hard credit check to confirm eligibility.
Am I eligible for the Outcomes Based Loan?
Outcomes-Based Loans to finance BloomTech tuition are available to individuals  who are US Citizens, US Permanent Residents, or DACA recipients, (with the exception of California residents). Ascent applicants must be U.S. citizens, permanent residents, or DACA recipients with established credit history & no outstanding education loan defaults. U.S. temporary residents may apply with a creditworthy cosigner that is a U.S. citizen or U.S. permanent resident. Individuals who do not qualify (e.g., those with a limited credit history) can apply for an Outcomes-Based Loan with a co-signer. 
What is the term of an Outcomes Based Loan for a BloomTech program?
Outcomes Based Loans for BloomTech programs are 60-month loans. The 60-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 60 months of on-time payments, 100% of the outstanding balance will be paid off.

Visit our Ascent partner page for more details.
What is the interest rate on an Outcomes Based Loan?
All approved Outcomes Based Loans for BloomTech programs have a 12.5% interest rate. Visit the Ascent partner page for more details.
Are there other fees associated with the Outcomes Based Loan?
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. 
How and when does interest accrue on an Outcomes Based Loan?
Interest begins accruing on an Outcomes Based Loan on the 17th calendar day of their BloomTech program. Interest will continue accruing on the loan principal until the loan is fully paid off.
Does this mean that learners who take longer to complete their program and find a job pay more?
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 on-time and secure employment. 
When does a learner start making payments on the Outcomes Based Loan?
No payments are required when a learner is in school, or searching for a job within the period defined by BloomTech’s Tuition Refund Guarantee.
Can I pause my loan from accruing interest if I have an extenuating circumstance or need to step away for military service?
It is the learner’s responsibility to contact Ascent or Launch Servicing, the loan servicer for Ascent’s bootcamp loans, in the event of extenuating circumstances. BloomTech has no responsibility to contact Launch Servicing or Ascent and cannot approve forbearance requests.

Can a learner begin making payments on their Outcomes Based Loan early (i.e., before they have secured a job)?
Yes, you may begin paying off your Outcomes Based Loan at any time. There is no penalty for prepayment.
What BloomTech programs is the Outcomes Based Loan available for?
The Outcomes Based Loan is currently available for the web development, data science, and backend development programs at BloomTech.
What will monthly payments be with the Outcomes Based Loan?
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. Generally, you can expect to pay anywhere from $500-$600 per month, although this will depend on the amount of interest accrued and the total amount of the OBL once you begin making payments. Please see our partner page with Ascent for a calculator that will help you project total amount and monthly payments.
What is the total amount I will pay if I elect the OBL tuition option?
The total amount learners who finance their tuition with an Outcomes Based Loan will pay vary based on how long it takes a learner to complete their BloomTech program and subsequently how long they spend job searching. Please see our partner page with Ascent for a calculator that will help you project total amount and monthly payments.
How is the Outcomes Based Loan different from an ISA?
There are several ways in which the Outcomes Based Loan differs from a BloomTech ISA:

- Learners who finance their BloomTech tuition with an Outcomes Based Loan 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 (or RIC for California residents).

- 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 $30k or $40k depending on your ISA), monthly payments are fixed with the Outcomes Based Loan. 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 Outcomes Based Loan is fixed, whereas BloomTech ISAs can have a variable term. You’ll make 60 monthly payments on the Outcomes Based Loan (assuming no prepayment), compared to up to 36 or 48 monthly payments with an ISA (depending on which BloomTech ISA you choose). A BloomTech ISA has a maximum total term of 83 months ($30k cap ISA) or 95 months ($40k cap ISA).
How does the Outcomes Based Loan vest?
An Outcomes Based Loan taken out to finance tuition for a BloomTech program will begin vesting once a learner has completed 2 sprints of their program. The Outcomes Based Loan fully vests after a learner has completed a number of sprints equal to 50% of their BloomTech program length. For 24-sprint programs (web development, data science), the loan is fully vested after completion of 12 sprints. For 36-sprint programs (backend development), the loan is fully vested after completion of 18 sprints. Vesting schedules may vary by state; please read your Enrollment Agreement for the most up-to-date information.

What happens if a learner takes out the Outcomes Based Loan but does not complete their BloomTech program? 
Learners who complete 2 sprints of their BloomTech program but do not graduate from their program will still be responsible for paying off their Outcomes Based 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.

Is the Outcomes Based Loan available in California?
No, the Outcomes Based Loan is currently not available to California residents. We hope to make this available in California in the future.
Can I have another ISA with another school (not BloomTech) and still qualify for an Outcomes Based Loan?
While learners who have ISAs with another school cannot sign up for a BloomTech ISA, it does not disqualify them from Outcomes Based Loan eligibility. Ascent applicants must be U.S. citizens, permanent residents, or DACA recipients with established credit history & no outstanding education loan defaults. U.S. temporary residents may apply with a creditworthy cosigner that is a U.S. citizen or U.S. permanent resident. Individuals who do not qualify (e.g., those with a limited credit history) can apply for an Outcomes Based Loan with a co-signer. BloomTech recommends reviewing your financial situation to determine if an Outcomes Based Loan makes sense.
When should I apply for the Outcomes Based Loan?
Ascent requires learners apply for an Outcomes Based Loan within 90 days of their desired program start date with BloomTech. 
Can someone else take out the Outcomes Based Loan for me?
No, the Outcomes Based Loan must be associated with the individual attending BloomTech. Individuals who do not qualify (e.g., those with a limited credit history) can apply for an Outcomes Based Loan with a co-signer. 

Get some advice

No matter which option you choose, you will be signing legally binding documents that will affect your finances. We'll do everything we can to help you feel confident about your decision.

Talk to our support team

Reach out with questions at support@bloomtech.com. We’re here to help.

Start your application

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

December 10, 2021
Apply Now
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