It's official. I'm putting together a non-profit fund that will fund student living expenses. Students will be expected to pay back into the fund when they're on their feet, and those funds will then be re-loaned to other students for 0 or very low interest. Details soon.
Important context here: Lambda School runs fully on an ISA, so no students pay us anything until they’re making more than $50k/yr Our students are not eligible for traditional loans We kind of have our own FAST fund already, but it’s all been out of my pocket
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In other words the reason I’m concerned about a grant is that we’re already so heavily leveraged that we don’t have enough cash to give out as grants. I think a handshake agreement to pay back into the fund when you can is 100% reasonable, as our grads all make $80k+
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Given how uncommon your students are (accepting ISAs!) I’m sure that’s fine. If you aren’t concerned about impacts on the rest of Higher Ed.
End of conversation
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To be clear then: your announcement wasn’t for higher ed, it was just for this single very unusual institution?
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Correct. Just for the students in the school I run, which is completely free until hired
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Got it. Then folks shouldn’t have engaged me.
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No worries, thanks for all the good you’re doing regardless! I think we’re both trying to solve a similar problem in different ways. Loans and debt are so risky and expensive leaves marginalized out to dry. Thanks for your work! Have been reading all morning
End of conversation
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