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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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    1. Austen Allred‏Verified account @AustenAllred Oct 7

      People saying Lambda School’s model is the same as loans in Britain. Britain: Payments once making over £25k, 3-7% interest, forgiven after 30 years, taxpayers pay school if default. Lambda: Payments once making £ 38k, no interest, forgiven at 5 yrs, school makes $0 if default

      11 replies 23 retweets 201 likes
      Show this thread
    2. Austen Allred‏Verified account @AustenAllred Oct 7

      The point of Lambda School isn’t just that you only pay after you’re making $x/yr. It’s that Lambda *doesn’t* get paid if you don’t get a great job. Passing the bill explicitly to taxpayers is perhaps better than the system in the US, but incentives aren’t aligned at all.

      5 replies 8 retweets 152 likes
      Show this thread
      Austen Allred‏Verified account @AustenAllred Oct 7

      Suppose there are two schools. One only gets paid if you get and keep a great job, the other gets paid no matter what. Which do you suppose will be more interested in your career success?

      10:50 AM - 7 Oct 2018
      • 23 Retweets
      • 276 Likes
      • Adam Hejl José Cage Coleman Kuhre Erik Brassell Reluctantly Anonymous Joseph Mathew Fermin Rodriguez P. Nathan🌐 Craig Zelizer
      15 replies 23 retweets 276 likes
        1. New conversation
        2. obadz‏ @obadzz Oct 7
          Replying to @AustenAllred

          And you're also willing to train nurses? teachers? Gender studies scholars? Or only workers for an highly paid industry and 0% unemployment?

          1 reply 0 retweets 0 likes
        3. Austen Allred‏Verified account @AustenAllred Oct 7
          Replying to @obadzz

          We’ll train anyone there’s a job market for on the other side. Nurses and teachers are a no brainer. Gender studies not so much.

          2 replies 0 retweets 6 likes
        4. obadz‏ @obadzz Oct 7
          Replying to @AustenAllred

          Cool! So your profile which describes lambda school as "a CS education" is no longer up to date?

          1 reply 0 retweets 0 likes
        5. Austen Allred‏Verified account @AustenAllred Oct 7
          Replying to @obadzz

          It’s up to date right now

          0 replies 0 retweets 5 likes
        6. End of conversation
        1. New conversation
        2. Tom Fitton‏ @TomFittonUK Oct 7
          Replying to @AustenAllred

          Unfair comparison. UK tax payer funded higher edu system provides us with vital professionals such as teachers, nurses, etc, etc, etc. Their underpaid salaries couldn't support type of system. Plus, I'm sure they would tell you they are in 'great job', but in a different way.

          1 reply 0 retweets 0 likes
        3. Tom Fitton‏ @TomFittonUK Oct 7
          Replying to @TomFittonUK @AustenAllred

          Plus a point missed in your posts; UK students only start to pay significant £ IF they become higher earners (not sure how this compares to your system). So the 3-7% interest / 30 year deadline is irrelevant for a proportion of students.

          1 reply 0 retweets 0 likes
        4. Austen Allred‏Verified account @AustenAllred Oct 8
          Replying to @TomFittonUK

          Our students only pay back if they’re making $50k+ in the field they studied

          1 reply 0 retweets 0 likes
        5. Tom Fitton‏ @TomFittonUK Oct 8
          Replying to @AustenAllred

          Yea I got that - but 'pay back' means very little - how much? I guess you didn't read the rest of my response either. Never mind.

          1 reply 0 retweets 1 like
        6. Austen Allred‏Verified account @AustenAllred Oct 8
          Replying to @TomFittonUK

          17% of income for 2 yrs, capped at $30k, only when making $50k+

          0 replies 0 retweets 0 likes
        7. End of conversation
        1. New conversation
        2. Vlad Magdalin‏ @callmevlad Oct 7
          Replying to @AustenAllred

          Is there a cap to what Lambda is paid if, say, someone was to graduate and land a very high salary?

          1 reply 0 retweets 0 likes
        3. Austen Allred‏Verified account @AustenAllred Oct 7
          Replying to @callmevlad

          Yup, caps out at $30k total

          1 reply 0 retweets 3 likes
        4. Vlad Magdalin‏ @callmevlad Oct 7
          Replying to @AustenAllred

          Very cool! You all are doing amazing work, I’ve never seen incentives better aligned in tech education!

          0 replies 0 retweets 3 likes
        5. End of conversation
        1. New conversation
        2. drawingthesun‏ @_drawingthesun Oct 7
          Replying to @AustenAllred

          I agree with what you are doing it is truly great. But for this to really change our society it needs to work for university degrees and those outside of programming. For example Law, Medicine, etc... Computer Science is the low hanging fruit as it is in demand right now.

          1 reply 0 retweets 0 likes
        3. Austen Allred‏Verified account @AustenAllred Oct 8
          Replying to @_drawingthesun

          Yup. It will.

          0 replies 0 retweets 0 likes
        4. End of conversation
        1. New conversation
        2. Geoff‏ @Geoffiam Oct 7
          Replying to @AustenAllred

          The hard part for me to grasp (I teach at a private high-school) and have prepared code camps with a local software start-up I do contract work for...is that I don't understand how the model you offer (which is obviously superior) can get started.

          1 reply 0 retweets 0 likes
        3. Austen Allred‏Verified account @AustenAllred Oct 7
          Replying to @Geoffiam

          Money has to come from somewhere. Debt, charging some students upfront, or VC.

          2 replies 1 retweet 1 like
        4. Geoff‏ @Geoffiam Oct 7
          Replying to @AustenAllred

          First few years or so have to be rough. But I suppose every new venture has to be that way.

          0 replies 0 retweets 0 likes
        5. End of conversation
        1. New conversation
        2. Jason Sewell‏ @sewell_jason Oct 8
          Replying to @AustenAllred

          Broad stroke. It's a credit card model, you'll get money u don't have up front for an extremely inflated "interest rate", where u end up paying double the orig cost. Outcomes make great stories but it's terrible finance. Only ppl that get true cost benefit are those that fail.

          1 reply 0 retweets 1 like
        3. Austen Allred‏Verified account @AustenAllred Oct 8
          Replying to @sewell_jason

          There’s literally not an interest rate. You don’t pay hyper inflated prices, we just have portfolio theory. Kind of like insurance.

          1 reply 0 retweets 3 likes
        4. Jason Sewell‏ @sewell_jason Oct 8
          Replying to @AustenAllred

          Insurance emotionally maybe but it's the difference between paying ~$15K vs ~$30K which is not insignificant. Not great finance granted same outcome. Idk how to think of it not like a CC model w/ 0% APR. Up to borrower/market ultimately. How much of job search is on student?

          1 reply 0 retweets 1 like
        5. Fabian Flatz‏ @fabian_flatz Oct 8
          Replying to @sewell_jason @AustenAllred

          Lambda school is more similar to debt than equity, as far as I understand it. How much Lambda School gets paid depends on the performance of the student and not an interest rate. (By the way 0% APR credit cards make their money from late fees and missed payments - Lambda doesn’t

          1 reply 0 retweets 0 likes
        6. Jason Sewell‏ @sewell_jason Oct 9
          Replying to @fabian_flatz @AustenAllred

          Maybe not the best comp. Still to me is a credit model where cost can fluctuate. Not bashing it as wrong, just a bad finance model when comparing alternatives. Can end up paying more for 0 up front, better success costs you more. May be the only option for many and I applaud that

          0 replies 0 retweets 0 likes
        7. End of conversation

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