Deferred Tuition

Deferred Tuition is a consumer loan that BloomTech learners can apply for to finance the upfront tuition amount ($19,000) 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 your Deferred Tuition.
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If you are approved for a TRG refund, your loan will be canceled. No further payments shall be due on your loan. Any amounts paid to the lender by you attributable to tuition (including interest and fees) shall be refunded within one hundred twenty (120) days of loan cancellation. Additionally, BloomTech will provide you a one-time payment of 10% of total tuition paid, minus any applicable withholdings, within 120 days of loan cancellation. You are responsible for any and all taxes in connection with such payment.
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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 Deferred Tuition. Climb 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 Deferred Tuition 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 Deferred Tuition will undergo a hard credit check to confirm eligibility.

Deferred Tuition to finance BloomTech tuition is 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 Deferred Tuition with a creditworthy co-signer that is a U.S. citizen or U.S. permanent resident. 

Deferred Tuition 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. 

Interest begins accruing on Deferred Tuition once a learner has completed Sprint 1 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 and secure employment sooner.

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. 

Climb grants up to 12 months of hardship forbearance to help learners navigate difficult times. 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 Climb or Launch and cannot approve forbearance requests. Please contact Launch for a full list of forbearance options.

Yes, you may begin paying off your Deferred Tuition 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 total amount learners who finance their tuition with 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. 

Deferred Tuition taken out to finance tuition for a BloomTech program will begin vesting once a learner has started the 2nd 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 (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 2nd sprint of their BloomTech program but do not graduate from their program will still be responsible for paying off their Deferred Tuition. 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.

Climb requires that learners apply for Deferred Tuition within 90 days of their desired program start date with BloomTech. 

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