3 ms·

25% of your salary for 2 years is not a crapload of debt?

by cdr 12y ago

nmrm2 12y ago
In fact, if your starting salary is 80k, this is ten thousand dollars MORE THAN the average college debt! And no opportunities to branch out of software engineering. Your starting salary would have to be around 55-60k for you to take on less debt than a typical four year degree, even accounting for subsidized interest rates. edit for downvotes: here's the math: Average college debt is 27ish k. Bump it up to 30k for interest. 80000 * .25 * 2 = 40k. 60000 * .25 * 2 = 30k. Is there something I'm missing? -- You could argue that there's a two year opportunity cost here. I'm not so sure: 1) If your only goal is to become a web dev and you don't want any other background knowledge (that is, knowledge otuside of computer science), then you can do that in two years at most universities. What I mean by this is that the CS major portion of a degree is a little more than half your courseload most places. 2) But IMHO it's silly to major in CS without picking up a secondary major/minor in an interesting application area. So I it's at least debatable that there's a real opportunity cost benefit here. Finally, to be fair, they seem well-connected. The YC etc. connections might help offset the comparatively high price.
- idyllicshine 12y ago
  I think there is an assumption that this enables such a job that otherwise would be unattainable. As an individual, of course you want the $80k job, despite the $60k job "requiring less debt", plus you then get to keep the $80k job after the 2 years.
  - nmrm2 12y ago
    If I want to optimize for longevity of career and salary, then a college degree is the obvious choice.
    - eonw 12y ago
      My assumption based on your posts is that you have a degree you are proud of and look down on those that don't. Anything that makes that choice seem unwise is quickly put down or dismissed. I find this attitude quite common with those that spent a lot of money for a piece of paper.
pitt1980 12y ago
it'd be interesting to read the fine print it'd be interesting to know the tax implications of that 25% (is it pre tax/post tax) it appears to be risk free, as in, what happens if you flake out and move to India, or develop a debillitation illness, or simply decide that programming isn't for you which is substantially different than the non-dischargeable debt that you might take on to attend college
- nmrm2 12y ago
  The fact that the educational institution takes on the risk of graduating students who cannot get jobs is a welcome change from the consumer's perspective. But I fear at scale (and even now) it's paid for by higher prices. See my comment below -- at standard SV salaries, they're burdening students with much more "debt" in two years than typical four year institutions. And it's not like the unemployment rates for CS majors are atmospheric... most CS majors with the social skills to make it through the non-technical portion of an interview will find a job somewhere.
  - pitt1980 12y ago
    fair what's the going rate for a developer boot camp these days? 10K or so? if their placement rates are as good as they advertise (I don't really have a way of know if they are or not), this seems hardpressed to compete with those, especially if you combine a bootcamp education with the available MOOC options

25% of your salary for 2 years is not a crapload of debt?

by cdr 12y ago

25% of your salary for 2 years is not a crapload of debt?

nmrm2 12y ago

In fact, if your starting salary is 80k, this is ten thousand dollars MORE THAN the average college debt! And no opportunities to branch out of software engineering. Your starting salary would have to be around 55-60k for you to take on less debt than a typical four year degree, even accounting for subsidized interest rates. edit for downvotes: here's the math: Average college debt is 27ish k. Bump it up to 30k for interest. 80000 * .25 * 2 = 40k. 60000 * .25 * 2 = 30k. Is there something I'm missing? -- You could argue that there's a two year opportunity cost here. I'm not so sure: 1) If your only goal is to become a web dev and you don't want any other background knowledge (that is, knowledge otuside of computer science), then you can do that in two years at most universities. What I mean by this is that the CS major portion of a degree is a little more than half your courseload most places. 2) But IMHO it's silly to major in CS without picking up a secondary major/minor in an interesting application area. So I it's at least debatable that there's a real opportunity cost benefit here. Finally, to be fair, they seem well-connected. The YC etc. connections might help offset the comparatively high price.

idyllicshine 12y ago
I think there is an assumption that this enables such a job that otherwise would be unattainable. As an individual, of course you want the $80k job, despite the $60k job "requiring less debt", plus you then get to keep the $80k job after the 2 years.
- nmrm2 12y ago
  If I want to optimize for longevity of career and salary, then a college degree is the obvious choice.
  - eonw 12y ago
    My assumption based on your posts is that you have a degree you are proud of and look down on those that don't. Anything that makes that choice seem unwise is quickly put down or dismissed. I find this attitude quite common with those that spent a lot of money for a piece of paper.

pitt1980 12y ago

it'd be interesting to read the fine print it'd be interesting to know the tax implications of that 25% (is it pre tax/post tax) it appears to be risk free, as in, what happens if you flake out and move to India, or develop a debillitation illness, or simply decide that programming isn't for you which is substantially different than the non-dischargeable debt that you might take on to attend college

nmrm2 12y ago
The fact that the educational institution takes on the risk of graduating students who cannot get jobs is a welcome change from the consumer's perspective. But I fear at scale (and even now) it's paid for by higher prices. See my comment below -- at standard SV salaries, they're burdening students with much more "debt" in two years than typical four year institutions. And it's not like the unemployment rates for CS majors are atmospheric... most CS majors with the social skills to make it through the non-technical portion of an interview will find a job somewhere.
- pitt1980 12y ago
  fair what's the going rate for a developer boot camp these days? 10K or so? if their placement rates are as good as they advertise (I don't really have a way of know if they are or not), this seems hardpressed to compete with those, especially if you combine a bootcamp education with the available MOOC options