Feds hit coding boot camp with big fine for allegedly conning students

The US Consumer Financial Protection Bureau (CFPB) has slapped coding boot camp BloomTech with several punishments for alleged deceptive business practices. The business, which claims on its site it will help students land their "dream job" in tech at companies like Amazon, Cisco, and Google, accepted the consent order without …

[Bebu]

Anywhere else...

the CEO would have the cell in the same block as Elizabeth Holmes for what looks like outright fraud.

I would have required all such loan contracts unconditionally voided and past repayments refunded to discourage others with similar plans.

Rather close to indentured labour which, in the past, was in practice was just shy of actual slavery.

[Anonymous Coward]

Other profit and not-for profit "educational" institutions should be held accountable

The institutions that sell their "education" to people should be held accountable for the financing of education. Often they push students into financing their education through various loans which end up costing people for many years to come as they pay back these loans. For example, Keiser "university" and other similar organizations claim they find people work when in actual fact they count the student's current job as "finding employment". Also, helping people find jobs often consists of inviting employers like Waffle House and other service industries to the campus to speak to students about jobs - usually serving jobs or working behind the counter selling food. These are students studying IT-type courses - selling donuts at Dunkin Donuts or working as a server at Waffle House is not an IT job. Why aren't those organizations required to pay back the money in worthless student loans rather than the tax-payers giving out loan debt forgiveness ??

[Richard 12]

Re: Other profit and not-for profit "educational" institutions should be held accountable

You seem to be under the impression that federal student loan forgiveness has anything to do with private loans.

It does not. The government can only forgive loans it has underwritten (and is therefore already on the hook for), by definition.

Unlawful private loans get "cancelled". The government pays nothing and the unlawful lender gets nothing, generally pays a fine and sometimes has to repay the students some of the unlawful charges.

[Reeder]

Other for profit and non-prfit "educational" businesses should be held accountable

The institutions that sell their "education" to people should be held accountable for the financing of education. Often they push students into financing their education through various loans which end up costing people for many years to come as they pay back these loans. For example, Keiser "university" and other similar organizations claim they find people work when in actual fact they count the student's current job as "finding employment". Also, helping people find jobs often consists of inviting employers like Waffle House and other service industries to the campus to speak to students about jobs - usually serving jobs or working behind the counter selling food. These are students studying IT-type courses - selling donuts at Dunkin Donuts or working as a server at Waffle House is not an IT job. Why aren't those organizations required to pay back the money in worthless student loans rather than the taxpayers giving out loan debt forgiveness ??

[Groo The Wanderer]

You won't get a comment back. By this time, anyone over there with access to funds has withdrawn them and fled for the nearest non-extraditing banana republic...