ISAs are equity in the student's future performance, up to a cap. This can result in paying a huge premium for relatively small amount of effort (a $30k cap for 6 months of online class is comparable to a semester at uni), but with 2 key advantages: a money-back-guarantee and accessibility.
With a fixed-cost tuition program, students who can't afford to pay don't go. This prices out students who would benefit from the program. There is also no recourse if you can't get a job from uni. How do u know if the teachers instructed you properly? Imagine paying $20k for the wrong instruction. Yikes.
The only time an ISA works against the student's favor is when the schools go after students who got a job working in something unrelated (which Lambda appears to have done a lot of) or students who were super successful, because they overpay for the instruction. The latter isn't that bad given the risk-free nature of the ISA, and the former can be resolved with legal action and regulation (which is what's happening).
That's just my $0.02, although I was a Lambda Grad who did the ISA and didn't have any issues.
Another piece of anec-data: I had a non-CS degree coming into Lambda, which definitely helped me during recruitment time. I think that had I gone into a CS program, I would have done fine and possibly even landed a better gig than I got after Lambda, but I didn't want to shell out $50k over 2 years on the chance of that happening, so I was happy to take the ISA. 5 years post-grad, I'm making 4x what I was making pre-Lambda, and my ISA was paid off after 2 years, but as is true with most things: your mileage may vary.
Buying equity in a person is literally what indentured servitude is.
Someone making a deal to give up their future earnings for several years in exchange for a trip to the American colonies and a better life isn't fundamentally different than giving up your future earnings to a coding bootcamp in exchange for a trip to FAANG.
The difference is in the degree of future earnings ceded.
There's no logic on earth that can simultaneously say that ISA is slavery and an income tax isn't. The only difference is that you have to give your consent for ISA.
Non-dischargeable debts are unconscionable, something we recognised when the bankruptcy code was originally set up. Sadly "child support" has been used as the thin end of the wedge to bring them back.
AJC-Official|1 year ago
With a fixed-cost tuition program, students who can't afford to pay don't go. This prices out students who would benefit from the program. There is also no recourse if you can't get a job from uni. How do u know if the teachers instructed you properly? Imagine paying $20k for the wrong instruction. Yikes.
The only time an ISA works against the student's favor is when the schools go after students who got a job working in something unrelated (which Lambda appears to have done a lot of) or students who were super successful, because they overpay for the instruction. The latter isn't that bad given the risk-free nature of the ISA, and the former can be resolved with legal action and regulation (which is what's happening).
That's just my $0.02, although I was a Lambda Grad who did the ISA and didn't have any issues.
Another piece of anec-data: I had a non-CS degree coming into Lambda, which definitely helped me during recruitment time. I think that had I gone into a CS program, I would have done fine and possibly even landed a better gig than I got after Lambda, but I didn't want to shell out $50k over 2 years on the chance of that happening, so I was happy to take the ISA. 5 years post-grad, I'm making 4x what I was making pre-Lambda, and my ISA was paid off after 2 years, but as is true with most things: your mileage may vary.
jjmarr|1 year ago
Someone making a deal to give up their future earnings for several years in exchange for a trip to the American colonies and a better life isn't fundamentally different than giving up your future earnings to a coding bootcamp in exchange for a trip to FAANG.
The difference is in the degree of future earnings ceded.
golergka|1 year ago
wmf|1 year ago
lmm|1 year ago
jonathankoren|1 year ago