Considering opening a nonprofit peer-to-peer lending platform to lend Lambda School (and other) students the cash to pay for living expenses while they study. “Profits” would be reinvested in other students.
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It makes me sick to see people borrowing $30k at 20% APR to pay for a code bootcamp
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We could even tranche it out, so you only get the cash if you have perfect attendance and meet certain criteria
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Think Kiva, except instead of funding entrepreneurs in foreign countries you’re funding ambitious students in the US. $6k would get almost all of our students through to jobs.
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Investing? Donating right?
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You’d still get a return when they pay back
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Ohhhh...thought this was the perpetual lambda fund haha
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It is if you leave it in haha
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Are you familiar with
@TechtonicaOrg ? -
Maybe there's an opportunity for collaboration & sharing of ideas.
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It's not investing, it's a contribution donation or grant.
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You’d still have to see a return to make it interesting, I’d think. Think “kiva”
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Ah I see.
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I get 9% through Lending Club, but would be more than willing to take a smaller return if it meant more directly bettering people’s lives. I’ll put $2,500/mo into this and give it a go.
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Maybe you're helping to fund my Lambda School education then. I recently borrowed from LC to cover my costs of living while in training.
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That’s pretty awesome. Any difficulties going through LC?
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Nope, they've been easy to work with. This was my third loan with them. Did one to wipe out credit card debt at a lower rate, another to deal with some home plumbing repairs, and this one too help me get through Lambda.
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