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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. Nikete‏ @nikete May 16
      Replying to @AustenAllred @octal

      Nearly every school in the US is for profit?

      1 reply 0 retweets 0 likes
    2. Austen Allred‏Verified account @AustenAllred May 16
      Replying to @nikete @octal

      No, nearly every for profit school has a 501c3 scholarship fund

      1 reply 0 retweets 4 likes
    3. Nikete‏ @nikete May 16
      Replying to @AustenAllred @octal

      Ah, fascinating, I'm now super curious as to how they get around this. My guess is the 501c3 in theory at least is not school specific, combined with lax enforcement but I'm. Way out of my depth

      1 reply 0 retweets 0 likes
    4. Austen Allred‏Verified account @AustenAllred May 16
      Replying to @nikete @octal

      I’m 99% certain there’s nothing wrong with having a 501c3 tied to benefit a specific subset of people tied to a for profit corp. the funds can’t benefit a single specific person, but obviously that’s different

      3 replies 0 retweets 0 likes
    5. TProphet‏ @TProphet May 16
      Replying to @AustenAllred @nikete @octal

      If the intent is to return the capital to investors, it's not being donated. Therefore there is no benefit to being tax deductible and the headache of running a federal nonprofit is totally not worthwhile. Just run this as a P&L in Lambda School. A not-for-profit P&L.

      1 reply 0 retweets 1 like
    6. TProphet‏ @TProphet May 16
      Replying to @TProphet @AustenAllred and

      Funding model is each funder (or group thereof) writes a note with the student, and you guarantee the note. Eventually you'll figure out what your default rate is and price it in.

      1 reply 0 retweets 1 like
    7. Austen Allred‏Verified account @AustenAllred May 16
      Replying to @TProphet @nikete @octal

      With option 2 no capital is ever returned to investors or Lambda

      1 reply 0 retweets 0 likes
    8. TProphet‏ @TProphet May 16
      Replying to @AustenAllred @nikete @octal

      How so? The note has an interest rate. Principal and interest are returned. You take an origination fee at Lambda to cover default risk. Likely you can partner with private student lenders but at higher costs to the students.

      1 reply 0 retweets 0 likes
    9. Austen Allred‏Verified account @AustenAllred May 16
      Replying to @TProphet @nikete @octal

      2 would be a donation to an endowment where you can’t take out the returns

      1 reply 0 retweets 0 likes
    10. TProphet‏ @TProphet May 16
      Replying to @AustenAllred @nikete @octal

      The idea of an endowment is generally to have money you invest (and generate returns from) to fund ongoing operations. You could invest it in a housing program but I think there are better/simpler ways to solve this problem.

      1 reply 0 retweets 0 likes
      Austen Allred‏Verified account @AustenAllred May 16
      Replying to @TProphet @nikete @octal

      Yeah endowment isn’t the right word. Just mean fund you donate to and you don’t get paid back out of.

      10:32 AM - 16 May 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. TProphet‏ @TProphet May 16
          Replying to @AustenAllred @nikete @octal

          Why is this superior to debt funding? The main cost driver is lack of a guarantor, but you already have skin in the game with these students. Is co-signing a much bigger risk than you are already taking?

          1 reply 0 retweets 0 likes
        3. Austen Allred‏Verified account @AustenAllred May 16
          Replying to @TProphet @nikete @octal

          That’s why I asked 1 or 2. Some are more interested in returns, others in sustainability of the fund and lower rates for students

          1 reply 0 retweets 1 like
        4. TProphet‏ @TProphet May 16
          Replying to @AustenAllred @nikete @octal

          I don't think the two are mutually exclusive. What makes it unsustainable is if your business model fails. Then the fund is moot.

          1 reply 0 retweets 0 likes
        5. TProphet‏ @TProphet May 16
          Replying to @TProphet @AustenAllred and

          If it is me running this line, it is just a P&L built around bringing in financial partners. Your students need more than housing, they need a whole middle class financial life.

          1 reply 0 retweets 1 like
        6. Austen Allred‏Verified account @AustenAllred May 16
          Replying to @TProphet @nikete @octal

          They get a middle class financial life when hired. We just need them to survive to make it through school.

          1 reply 0 retweets 2 likes
        7. TProphet‏ @TProphet May 16
          Replying to @AustenAllred @nikete @octal

          Granted. Do you have a personal finance module or any relationships built to give your students a soft landing? It seems like floating rent for a few months is part of a bigger picture here. My students are also on the margins, happy to have a conversation.

          1 reply 0 retweets 0 likes
        8. Austen Allred‏Verified account @AustenAllred May 16
          Replying to @TProphet @nikete @octal

          Yup. We’ve been building out quite a lot along those lines

          0 replies 0 retweets 1 like
        9. End of conversation

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