4 ms·

Can you explain why is this disgusting? Why the income share agreement is non sense?

eli 5y ago
Was mandatory monitoring of your bank accounts spelled out in the agreement?
999900000999 5y ago
They cancelled his program before he finished it. Income share agreements are just disingenuous loans, eventually most people are going to get to $50,000 a year even if it has nothing to do with their education. At least a loan is upfront about what you're going to pay, I sure wouldn't give my bank account information to some sketchy company.
zenithd 5y ago
It's not the income share agreement per se. It's the request for his banking info. They weren't asking for a routing and account number, they were asking for enough access to track direct deposits. There's no way in hell I'm ever giving that sort of banking access to an employer, let alone an educational institution. For starters, I share a bank account with my wife and her earnings are none of their god damn business.
mplewis 5y ago
Send me your bank's routing number and your checking account number and I'll be happy to explain.
- temp8964 5y ago
  What? Do I have any signed agreement with you?
  - throwawaygh 5y ago
    Lambda School has no business knowing about: * their students' alimony payments * their students' other court awards * their students' pensions * their students' disability payments * their students' spouse's income * their student's spouse's alimony, other court awards, pensions, disability payments, etc. Agreeing to payment is not the same as agreeing to financial surveillance. If Lambda School believes one of their students is not living up to their income sharing agreement, then they should simply ask the student. If they have a reason to disbelieve a specific student, then they can go to court. "Let me see all info on regular deposits into your bank account because I'm too lazy and unprofitable to do this in a way that's not creepy and abusive" is NOT reasonable.

eli 5y ago

Was mandatory monitoring of your bank accounts spelled out in the agreement?

They cancelled his program before he finished it. Income share agreements are just disingenuous loans, eventually most people are going to get to $50,000 a year even if it has nothing to do with their education. At least a loan is upfront about what you're going to pay, I sure wouldn't give my bank account information to some sketchy company.

zenithd 5y ago

It's not the income share agreement per se. It's the request for his banking info. They weren't asking for a routing and account number, they were asking for enough access to track direct deposits. There's no way in hell I'm ever giving that sort of banking access to an employer, let alone an educational institution. For starters, I share a bank account with my wife and her earnings are none of their god damn business.

mplewis 5y ago

Send me your bank's routing number and your checking account number and I'll be happy to explain.

temp8964 5y ago
What? Do I have any signed agreement with you?
- throwawaygh 5y ago
  Lambda School has no business knowing about: * their students' alimony payments * their students' other court awards * their students' pensions * their students' disability payments * their students' spouse's income * their student's spouse's alimony, other court awards, pensions, disability payments, etc. Agreeing to payment is not the same as agreeing to financial surveillance. If Lambda School believes one of their students is not living up to their income sharing agreement, then they should simply ask the student. If they have a reason to disbelieve a specific student, then they can go to court. "Let me see all info on regular deposits into your bank account because I'm too lazy and unprofitable to do this in a way that's not creepy and abusive" is NOT reasonable.