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Market
Student Contract Cancellation Rates at BloomTech in 2024
5
Resolution / Starting Odds
0-25% • 25%
26-50% • 25%
51-75% • 25%
76-100% • 25%
Official statements from BloomTech or regulatory filings
Story
CFPB Fines BloomTech $164K, Bans CEO for 10 Years
Apr 17, 2024, 11:06 PM
Today, the Consumer Financial Protection Bureau (CFPB) issued an order against BloomTech, formerly known as Lambda School, and its CEO Austen Allred, fining them $164,000. The agency found that they deceived students about loan costs and made false claims about graduates' hiring rates. Austen Allred has been fined $100,000 and is banned from any student-lending activities for ten years. Additionally, BloomTech is permanently barred from all consumer-lending activities. Current students have the option to withdraw from their contracts and cancel their income share agreements.
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Similar markets
Below 25% • 25%
25% to 50% • 25%
51% to 75% • 25%
Above 75% • 25%
Shift to traditional tuition model • 33%
Shift to corporate training • 33%
Dissolution of the company • 34%
Consulting Services • 25%
Tech Product Development • 25%
Corporate Training • 25%
Other • 25%
No additional cancellation • 25%
$10 billion to $50 billion • 25%
$50 billion to $100 billion • 25%
Over $100 billion • 25%
Less than $200 billion • 25%
$200 billion to $250 billion • 25%
$250 billion to $300 billion • 25%
More than $300 billion • 25%
Less than 50% • 25%
50% to 75% • 25%
76% to 99% • 25%
100% • 25%
0-25% • 25%
26-50% • 25%
51-75% • 25%
76-100% • 25%