VCs fund the schools. The schools finance the ISAs. The same way a lending startup isn't lending out its VC dollars, it gets other dollars to finance the COGS.

VCs fund the schools. The schools finance the ISAs. The same way a lending startup isn't lending out its VC dollars, it gets other dollars to finance the COGS. Pretty basic finance, really, and shouldn't surprise anyone. Also doesn't change anything - if students don't get hired you go out of business.