[ceejayoz]

More than these folks did, for sure.

> BloomTech falsely claimed its “income share” agreements were not loans, did not create debt, did not carry a finance charge, and were “risk free.” In fact, the agreements are loans with an average finance charge of $4,000. The loans carry substantial risk, as a single missed payment triggers a default and the remainder of the $30,000 “cap” becomes due immediately. BloomTech further hid the cost and nature of the “income share” loans by not disclosing key terms like the finance charge and annual percentage rate, as required by law.

Student loans from a legitimate lender don't come with balloon payments, the APRs and any finance charges are clearly disclosed, etc., and they're not making up graduation rates.

[throw123123123]

Federal loans are not dischargeable, which are way way worse than this.