If it were that straightforward, then yes, I agree, but it wasn't, see e.g. [1] or the various articles written at the time
Quality of instruction was poor, instructors were often students from bootcamps with no work experience. They misrepresented the nature of the debt agreement that students were entering into:
> The contracts stated,[45] "this extension of credit is a qualified educational loan and is subject to the limitations on dischargeability in bankruptcy contained in Section 523(a)(8) of the United States Bankruptcy Code." This was false, and lead students to believe that it was impossible to discharge their debt.
It turned out that they sold the ISA contracts -- the "X% for next two years income" contracts -- to third parties before the students had finished their education. This means their claim about alignment of incentives with the student was bogus.
They ended up getting fined for deceptive practices by the US Consumer Financial Protection Bureau, also sued by former students for misrepresenting job placement rates (claiming 86% to prospective students but in internal memos claimed around 50%).
Quality of instruction was poor, instructors were often students from bootcamps with no work experience. They misrepresented the nature of the debt agreement that students were entering into:
> The contracts stated,[45] "this extension of credit is a qualified educational loan and is subject to the limitations on dischargeability in bankruptcy contained in Section 523(a)(8) of the United States Bankruptcy Code." This was false, and lead students to believe that it was impossible to discharge their debt.
It turned out that they sold the ISA contracts -- the "X% for next two years income" contracts -- to third parties before the students had finished their education. This means their claim about alignment of incentives with the student was bogus.
They ended up getting fined for deceptive practices by the US Consumer Financial Protection Bureau, also sued by former students for misrepresenting job placement rates (claiming 86% to prospective students but in internal memos claimed around 50%).
[1] https://en.wikipedia.org/wiki/Bloom_Institute_of_Technology#...