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
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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 likesShow this thread -
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?
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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.
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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.
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Replying to @TomFittonUK
Our students only pay back if they’re making $50k+ in the field they studied
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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.
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17% of income for 2 yrs, capped at $30k, only when making $50k+
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