In my inbox: people considering dropping out of HBS, Stanford to go to Lambda School. Yes, even HBS and Stanford. Why? Insane amounts of debt. If prices of college (even top programs) don’t start dropping there will be a reckoning.
Those prices won't start dropping. Universities will find the necessary cost-cutting impossible. Plus they probably don't even realize yet that they have a problem. Recipe for an explosion. The next decade could be interesting.
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As long as loans are guaranteed, there will be price expansion
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Because of the way universities have structured in response to rent-seeking incentives they seem to have a ratchet effect (https://en.wikipedia.org/wiki/Ratchet_effect …) somewhere between the growth of regulatory agencies and good old-fashioned feature creep. Expect academic call for bailouts?
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The competition is going to need to expand outside of tech for them to feel pain. As long as McKinsey and I banking primarily recruit from top tier schools they'll be able to maintain standing. I'd be more worried if I was a sub-flagship state school or tiny liberal arts college
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Once Lambda has the mainstream name recognition and cache of the Ivy League (doing well so far), it's game over for Ivy League universities trying to attract candidates for vocational areas of study.
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Didn’t Princeton at one point try a similar model to Lambda school in 70s/80s, but got sued by successful grads? I swear I read something like that back in college, but can’t find source.
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Yale did, kind of
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This isn’t a new concept - people paying for their college by selling their future earnings https://www.npr.org/sections/money/2019/03/29/708152566/episode-903-a-new-way-to-pay-for-college …. Really like what
@LambdaSchool is doing, but dont see why big institutions couldn’t shift their payments model. Worry that this will discourage studies of the arts -
15% for 8 years capped at $150k is why. Cost basis is too high.
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What would a "reckoning" look like? There are at least 10x more qualified students who want to attend these programs than they can accept. Suppose 10% of those students, or even 50%, decide to do something else instead. Doesn't affect the programs at all.
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The top colleges won't drop prices. Their only "growth" is their fee base. They won't increase the number of students as they consider it a dilution of brand. Small and medium colleges with questionable value will shut down.
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