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AustenAllred's profile
Austen Allred
Austen Allred
Austen Allred
Verified account
@AustenAllred

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Austen AllredVerified account

@AustenAllred

CEO @LambdaSchool (YC S17): A CS education that's free until you get a job. I have made remarks that I do not agree with.

San Francisco, CA
lambdaschool.com
Joined December 2010

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    Austen Allred‏Verified account @AustenAllred Oct 1

    For-profit universities in the United States have to abide by the 90/10 rule: only 90% of tuition $ can come from federal student loans, the other 10% have to come from other sources. Want to rock the education space and drive tuition down? Make it an 80/20 rule. Or 75/25 rule.

    3:33 PM - 1 Oct 2018
    • 16 Retweets
    • 171 Likes
    • @VarsityStarz ✨💙💚Andrew 💚💙✨ Paul Goracke Steve Moraco Jimmy Business 🍍 divine dela Benardo Richardson Daniel Heckel Vidhu Dashora
    12 replies 16 retweets 171 likes
      1. New conversation
      2. Mason  🏃🏻 ✂️‏ @webdevMason Oct 1
        Replying to @AustenAllred

        I'm increasingly taking an outside view on debt, one that finds the entire idea of a 20+ year debt obligation *on something you cannot even insure* not just irresponsible, but frankly repulsive. Once you start looking, you find *so much* normalized madness

        4 replies 7 retweets 64 likes
      3. Austen Allred‏Verified account @AustenAllred Oct 1
        Replying to @webdevMason

        100%

        0 replies 0 retweets 6 likes
      4. End of conversation
      1. New conversation
      2. Ann Nav‏ @Ann_Nav Oct 2
        Replying to @AustenAllred

        Please do educate me. What’s the difference between gov student loan vs a school extending line of credit? Just curious.

        1 reply 0 retweets 0 likes
      3. Austen Allred‏Verified account @AustenAllred Oct 2
        Replying to @Ann_Nav

        If you came to a school and said, "I'd like to take out $250,000 from you for a social working degree" a school would say, "No, we'll never make our money back." If you come to a school and say, "I got $250k of loans from the gov, will you take it" the school says, "Yes"

        1 reply 1 retweet 1 like
      4. Ann Nav‏ @Ann_Nav Oct 2
        Replying to @AustenAllred

        Thank you though I feel I may be missing something. Ie if the fee is $250k and gov pays 75% and rest you have to come up yourself, how is that driving Uni fees down? The only time I see Uni fees going down is if gov negotiates and provides subsidies than passing cost to students?

        1 reply 0 retweets 0 likes
      5. Austen Allred‏Verified account @AustenAllred Oct 2
        Replying to @Ann_Nav

        It's not that the gov pays 75%, it's that only 75% of their tuition dollars can come from the government, then other 25% need to be paid out of pocket. They have to cater to people able to pay out of pocket, which forces them to drop prices

        0 replies 0 retweets 0 likes
      6. End of conversation
      1. New conversation
      2. Joël Sepulveda Franusic‏ @jf Oct 1
        Replying to @AustenAllred

        ... or allow student loan debt to be discharged in bankruptcy

        2 replies 0 retweets 1 like
      3. Austen Allred‏Verified account @AustenAllred Oct 1
        Replying to @jf

        Yes this too

        0 replies 0 retweets 2 likes
      4. End of conversation
      1. New conversation
      2. zona‏ @zonabbest Oct 2
        Replying to @AustenAllred

        This does the exact opposite. If tuition is $10k and students qualify for $10k in federal funds they are at 100% and will blow the 90/10 rule. So what can they do? Raise tuition to comply. Rule drives up cost. Plus Institutions cannot limit what student borrows. No control.

        1 reply 0 retweets 0 likes
      3. Austen Allred‏Verified account @AustenAllred Oct 2
        Replying to @zonabbest

        It's not per student, it's of overall student body. What % of students are using federal funding vs their own funds

        1 reply 0 retweets 0 likes
      4. zona‏ @zonabbest Oct 2
        Replying to @AustenAllred

        Yeah I understand that but my point was to provide an example. Remember these are not elite schools that attract high income students or students with parental financial support. The math still works the same and it drives up the tuition rate.

        0 replies 0 retweets 0 likes
      5. End of conversation
      1. Agile Hulk‏ @Agile_Hulk Oct 1
        Replying to @AustenAllred

        Or make it apply to all universities. Or set price caps as a condition of federal assistance.

        0 replies 0 retweets 4 likes
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      1. New conversation
      2. Beth Phillips‏ @BeingHomeBlog Oct 1
        Replying to @AustenAllred

        ONLY? Also, from what I understand the other 10 comes from parent retirement savings, Parent PLUS loans, grandparents leveraging their retirement savings/homes. Who thinks this is right? Let's flip it to the 10/90 rule and stop welfare for collegiate institutions.

        1 reply 0 retweets 0 likes
      3. Tyler Pruett‏ @tylerpruett Oct 1
        Replying to @BeingHomeBlog @AustenAllred

        The other 10 has to come from other than Title IV federal financial aid. PLUS is federal. Also, it was initially 85/15 when enacted in ‘92 industry pressure (for profit lobbyists) successfully got the law changed to 90//10 in ‘98

        1 reply 0 retweets 1 like
      4. Tyler Pruett‏ @tylerpruett Oct 1
        Replying to @tylerpruett @BeingHomeBlog @AustenAllred

        Incidentally, other federal (non-title IV) sources count toward the 10%. The largest one being veterans benefits which is why the rule hasn’t had much effect.

        0 replies 0 retweets 1 like
      5. End of conversation
      1. Kari Chesney‏ @KariLynnChesney Oct 1
        Replying to @AustenAllred

        Was on the hill just today talking about this very this with @NAGPS

        0 replies 0 retweets 1 like
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      1. New conversation
      2. Andrew "Not a Fed" Glidden‏ @asglidden Oct 1
        Replying to @AustenAllred

        Non-profits should have to do the same. They'd invest a lot more in career development and curate the curriculum much better with such a rule in place.

        1 reply 0 retweets 1 like
      3. Andrew "Not a Fed" Glidden‏ @asglidden Oct 1
        Replying to @asglidden @AustenAllred

        They should also be required to keep ~20% on their own books (no securitization) and have last claim on payments.

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. Komander Xander‏ @KomanderXander Oct 2
        Replying to @AustenAllred

        @jackmurphylive

        0 replies 0 retweets 0 likes
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      1. universalworldbaby‏ @universalworld0 Oct 1
        Replying to @AustenAllred

        Want to tip the whole boat over? Eliminate federal student loans entirely.

        0 replies 0 retweets 0 likes
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