u/Nervous-Career2997 wrote (the comment Michael replied to):
Wondering the same thing. Finishing up the job search for Software Engineering with 0 hope of finding a job. Have heard from others it is VERY hard to get money back from Tripleten. Hoping it's not a nightmare - honestly considering a lawsuit against this bootcamp. They take
u/michaelnovati replied ·
How many people do you think are going to try to get their money back? And does TripleTen have the cash to refund everyone without going bankrupt?
Let's say you paid $8,000 upfront and used up $2,000 of resources and want an $8,000 refund at the end, but they only have $6,000 in the bank. They have to get that $2,000 from someone else who paid $8,000 and isn't getting a refund.
So In this example one successful person would cover refunds for 3 unsuccessful people, just to break even.
Let's say everyone got 30% off discount codes, $500 went to the referee, and the additional CAC was $1,000 per prson.
$8,000 -> $5,600 - $1000 - $500 - $2000 COGS = $2,100 profit per person
And the profile itself is $4100, so in this model it takes two successful people to pay back one refund.
I don't know what their numbers are or what their success rates are but the point is there is some threshold of refunds that will bankrupt them.
I noticed in their find print they have the ability to extend the job hunt window by 5 months or something like that - which I highly suspect is there to give them time to try to get the cash needed to refund you if they don't have it on hand. So you have to keep doing all of you diligent checklist every week for longer to qualify for the refund.