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.
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Replying to @AustenAllred
I understand why it might seem innovative. But this effort isn’t aligned with the problem. That’s a loan, and the students really at risk here won’t accept the terms. This isn’t a new idea, unfortunately.
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Replying to @AustenAllred
We have written a ton on what to do, you can find loads of resources online from my team, and we host an annual convening on this topic too. But far better: Emergency aid. Grants, period. Save the loans for students not at risk.
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Replying to @saragoldrickrab
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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Replying to @AustenAllred
To be clear then: your announcement wasn’t for higher ed, it was just for this single very unusual institution?
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Replying to @saragoldrickrab
Correct. Just for the students in the school I run, which is completely free until hired
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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
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