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 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 no tuition upfront. 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.

If you are approved for a TRG refund, BloomTech will forgive 100% of your tuition, cause your OBL lender to refund any amounts paid by you on your loan (including interest and fees actually paid), 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.

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. U.S. temporary residents and other individuals who do not qualify can apply for an Outcomes Based Loan with a creditworthy co-signer that is a U.S. citizen or U.S. permanent resident. Once pre-approved, learners who decide to move forward with the OBL will undergo a hard credit check to confirm eligibility.

Outcomes Based Loans to finance BloomTech tuition are available to individuals who are US Citizens, US Permanent Residents, or DACA recipients. U.S. temporary residents and other individuals who do not qualify can apply for an Outcomes Based Loan with a creditworthy co-signer that is a U.S. citizen or U.S. permanent resident.

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. Please see the partner page with Ascent Funding for more specifics.

All approved Outcomes Based Loans for BloomTech programs have a 12.5% interest rate. Please see the partner page with Ascent Funding for more specifics.

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. Please see the partner page with Ascent Funding for more specifics.

Interest begins accruing on an Outcomes Based Loan once a learner has completed 17 calendar days of their BloomTech program. Interest will continue accruing on the loan principal until the loan is fully paid off. 

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. 

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.

Ascent grants up to 12 months of hardship forbearance to help learners navigate difficult times. Additionally, Ascent offers Active Military Duty Deferment up to a cumulative limit of 36 months. However, please note that interest will continue to accrue during any period of forbearance. It is the learner’s responsibility to contact Launch, the loan servicer for Ascent’s bootcamp loans, in the event of extenuating circumstances. BloomTech has no responsibility to contact Ascent or Launch and cannot approve forbearance requests. Please contact Launch for a full list of forbearance options.

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

The Outcomes Based Loan 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. 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 the partner page with Ascent for a calculator that will help you project total amount and monthly payments.

The total amount learners who finance their tuition with an Outcomes Based Loan 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. Please see the partner page with Ascent for a calculator that will help you project total amount and monthly payments.

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.

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 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 48 monthly payments with an ISA. A BloomTech ISA has a maximum total term of 95 months.

An Outcomes Based Loan taken out to finance tuition for a BloomTech program will begin vesting once a learner has started the 3rd sprint of their program. The Outcomes Based Loan fully vests after a learner has started 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 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.

Learners who start the 3rd sprint 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.

Yes, the Outcomes Based Loan is now available to California residents.

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 will run a soft credit check on all OBL applicants. Ascent applicants must be U.S. citizens, permanent residents, or DACA recipients. U.S. temporary residents and other individuals who do not qualify can apply for an Outcomes Based Loan with a creditworthy co-signer that is a U.S. citizen or U.S. permanent resident. BloomTech recommends reviewing your financial situation to determine if an Outcomes Based Loan makes sense.

Ascent requires that learners apply for an Outcomes Based Loan within 90 days of their desired program start date with BloomTech.

No, the Outcomes Based Loan must be associated with the individual attending BloomTech. Individuals who do not qualify can apply for an Outcomes Based Loan with a creditworthy co-signer that is a U.S. citizen or U.S. permanent resident.