Why? Among other deceptive practices, the “Bloom Institute of Technology” didn’t call them loans. It advertised a way for students to get high-paying tech jobs “risk free” with “no loans” by paying 17 percent of their future income for five years — rather than the $20,000 sticker price of tuition.
But those Income Sharing Agreements (ISAs) were definitely loans, the CFPB has decided, since Bloom was earning an average finance charge of $4,000 on each one, students could…
