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To be clear, this essentially means if I go through this program and end up working at McDonalds for 5 years, all I have to pay is through the labor of bureaucr
by culi 5y ago
To be clear, this essentially means if I go through this program and end up working at McDonalds for 5 years, all I have to pay is through the labor of bureaucracy
- dwattttt 5y agoOnly if the program doesn't teach you the meaning of the term "opportunity cost"
- wutbrodo 5y agoThe unqualified word "pay" is universally understood among English speaker not to include opportunity cost. When someone asks "how much did you pay for that big Mac", people answer "$3", not "$3 plus twenty minutes to walk there and five minutes in the store"
- imtringued 5y agoWhat if you go to a bootcamp, get saddled with an ISA and then work at mcdonalds and somehow get a better job that has nothing to do with the bootcamp? The bootcamp gets your money. Quantity over quality.
- Dylan16807 5y ago> get a better job that has nothing to do with the bootcamp I'll take it.
- s1artibartfast 5y agoContrast that with a private loan for tuition. You pay if you have no job, or any job. Debt has no expiration and is not disc arable in bankruptcy. It is clear that ISAs are worse if you will be successful. It is also clear that traditional loans are worse if you are wildly unsuccessful. The tradeoff is the tricky part.
- munk-a 5y agoDebt does generally have an expiration and is discardable in bankruptcy... unless you live in America. ISAs might be an attractive alternative to how terrible American laws about student debt are, but the real solution is to fix the awful laws. A better alternative that you can pursue today is just to seek education abroad, Canadian universities are a fraction of the cost for an equivalent service - or be careful about the education you choose, most state colleges are very reasonable for in-state tuition and you can potentially save on room and board. Ivy-league schools are overpriced and a waste of money.
- s1artibartfast 5y agoIf we are talking about higher education in general, the US also has a plethora of affordable colleges. In California, tuition at community colleges is $1,300/year and $5,700/yr for state colleges. Even the expensive Universities of California are 14k/year. The real costs are room, board, and entertainment. For example, a shared dormitory room and food plan is easily 20k/year
- distances 5y ago> Debt does generally have an expiration and is discardable in bankruptcy... unless you live in America. If we start with other countries, there will be many other catches. Such as personal bankruptcy not being a concept at all in many jurisdictions.
- deleted 5y ago[deleted]
- sarchertech 5y agoOnly around 10% of total loans disbursements are private.
- peripitea 5y agoI don't know about other ISAs, but with Lambda school the job had to be related to your bootcamp learning for you to owe them money.
- sandofsky 5y agoThey removed the "you must get a job in software" clause of their ISAs. A general manager at McDonalds in California makes $58k a year. So if you think you will work your way to manager within five years, you can expect to pay them a cut of your salary.