“Allred tweeted that the school achieved a 100 percent job-placement rate in one of its cohorts, and later acknowledged in a private message that the sample size was just one student.”
BloomTech told students its “income share” agreements were not loans. They carried an average finance charge of $4,000, and one missed payment made the rest of a $30,000 cap due at once. The site claimed 71 to 86 percent placement while investor reports showed about 50, and “We don’t get paid until you do” ran alongside selling the loans to investors. Allred pays $100,000 for originating at least 11,000 of them.