3 ms·

Another sounds too good to be true because of just that. there are only the feel good details in the article and not the nitty gritty that is needed to even mak

Another sounds too good to be true because of just that. there are only the feel good details in the article and not the nitty gritty that is needed to even make it plausible. so, with regards to not paying it back if they don't land a job. how long are they held to that commitment? do we also look to see if they have another means of support? five years, ten, twenty? with regards to not paying up front, perhaps if we cross that one taboo. not every degree is worth its cost and many not worth having money risked to obtain them. but the big reason education is expensive is because government is free with loaning the money but not putting restrictions on what colleges can charge per course hour nor what those hours encompass. treat it like medicare/medicaid where the government sets the rates per course credit and you can guarantee colleges will fall over themselves to get that government money and loans

austenallred 8y ago
> so, with regards to not paying it back if they don't land a job. how long are they held to that commitment? The agreement lasts up ton5 years. If you haven’t paid back at the end of 5 years it goes away and you owe nothing. You can also pay upfront, but most students don’t have enough cash to do so.
- jki275 8y ago
  it's also possibly cheaper to pay up front -- 20k vs up to 30k if you pay on the installment plan afterwards.
  - austenallred 8y ago
    Yes it likely is cheaper to pay upfront
seem_2211 8y ago
You don't pay anything back until you're making at least $50k a year. Not sure what the life of the contract is, but I've been following the Lambda school guys on Twitter for a while and they seem very focused on a 2-3 year payback. A lot of the criticism of Lambda School seems like unfairly comparing some ideal of education with their model, rather than comparing the current reality, which is colleges that frequently leave people in $30k + worth of student debt with no guarantee of a job afterwards, and that's before we talk about the years you sink into it. Then there are the learn to code bootcamps which seem to be garbage in general. I'd be willing to bet for most of us, paying 17% of our income (once we made $50k) a year, for two years, is a vastly preferable to whatever we've paid.
- mac01021 8y ago
  > I'd be willing to bet for most of us, paying 17% of our income (once we made $50k) a year, for two years, is a vastly preferable to whatever we've paid. Except the Lambda School ( I think it says in the article) is a 6-month program. If you're talking about paying for a four year degree, I think you have to multiply by 8 or so.

austenallred 8y ago

> so, with regards to not paying it back if they don't land a job. how long are they held to that commitment? The agreement lasts up ton5 years. If you haven’t paid back at the end of 5 years it goes away and you owe nothing. You can also pay upfront, but most students don’t have enough cash to do so.

jki275 8y ago
it's also possibly cheaper to pay up front -- 20k vs up to 30k if you pay on the installment plan afterwards.
- austenallred 8y ago
  Yes it likely is cheaper to pay upfront

seem_2211 8y ago

You don't pay anything back until you're making at least $50k a year. Not sure what the life of the contract is, but I've been following the Lambda school guys on Twitter for a while and they seem very focused on a 2-3 year payback. A lot of the criticism of Lambda School seems like unfairly comparing some ideal of education with their model, rather than comparing the current reality, which is colleges that frequently leave people in $30k + worth of student debt with no guarantee of a job afterwards, and that's before we talk about the years you sink into it. Then there are the learn to code bootcamps which seem to be garbage in general. I'd be willing to bet for most of us, paying 17% of our income (once we made $50k) a year, for two years, is a vastly preferable to whatever we've paid.

mac01021 8y ago
> I'd be willing to bet for most of us, paying 17% of our income (once we made $50k) a year, for two years, is a vastly preferable to whatever we've paid. Except the Lambda School ( I think it says in the article) is a 6-month program. If you're talking about paying for a four year degree, I think you have to multiply by 8 or so.