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US higher ed looks largely like a credential mill because that’s what it is. People who say it’s “not working” or “must be fixed” *expect* a value add for undergrads where there isn’t one. How many colleges could stay open if they had to adopt the @LambdaSchool revenue model?https://twitter.com/Austen/status/1056928185051312128 …
If you only take a cut of salary over a few early career years, you can only accept students who will learn a useful, high-demand skill relatively quickly. You can’t afford to waste time, teach ineffectively or lie to students. Given these constraints, most schools would fail.
FWIW, not everyone should learn a vocation & be done. There's a real gap that higher ed purports to fill wrt honing great minds — it just *doesn't*. Apprentice-masters, tutors & mentors work better. that said, I think almost everyone would benefit from learning a trade early.
A useful, high-demand skill is a great way to insure *oneself.* That's one thing! But it also grants the capacity to create things — tangibly & productively — & that's something that dramatically improves most people's perception of themselves & the overall potential of humanity
Not *super* confident in this, but I suspect that: (a) a pessimistic youth culture is generally indicative of a low-opportunity space; (b) when you see that in a wealthy region, the youth have been made useless; whatever they've been allowed to know doesn't help them *do* things
It would take a lot less than forcing colleges to adopt the @LambdaSchool model to drive them into extinction. If the cartel-like accreditation racket (artificially constraining who qualifies for student loans) was ended, that alone would be the stake through the heart.
Forcing colleges to underwrite some portion of debts would probably fix the issue. The underlying problem is disintermediation: loans weaken the incentives to control college costs, and for students to pursue meaningful human capital investment
Yes. If the federal government announced they would no longer be guaranteeing student loans, higher education as we know it would morph into a leaner, more nimble and results-oriented system practically overnight. Or sink without a trace.
I see @LambdaSchool as more of an investor in one’s education/poductivity, whereas traditional edu offer a payment plan for an education.
I actually think the Higher Ed’s could make income-sharing work financially, and still make a similar return that they do now. It’d be huge for students. Those that win by going to college pay a portion of their income, and those that don’t win, don’t pay anything.
No loans, no scholarships, no debt. Just results based on how much income the students are making. A shorter more concentrated time-frame would improve efficiency too. It’s amazing that @LambdaSchool is pushing the Higher Ed industry to rethink its business model!
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