Hacker News Reader

Comment by wtvanhest | Hacker News Reader

If you add up the total cost of all education institutions in the US, multiply by 4 years, then build a payment structure based on that number, there is simply not enough income left over in the corhort of new grads (first 10 years out of school) to pay the debt service.

The problem has nothing to do with liberal art majors, or irresponsible borrowing.

The problem is entirely driven by an excessive cost structure of both public and private institutions.

People like the founder of Lambda School understand the problem and will be the solution.

View on HN

Why can't it be both? Granted as anecdotal, I don't have enough fingers to count all the young people I know who got liberal arts degrees and are either floundering or working crap jobs that have nothing to do with their degrees. I'm not saying they are entirely responsible, as there is tons of pressure to go to college and pursue a major, but there's enough information available to determine what degrees pay and what degrees are worthless. If you borrow money for something inviable, that's a poor business decision.

Lambda School isn't exactly cheap. 17% of 2 years salary (edit) is capped at $30k. I paid less than that in tuition for 4 years of in-state tuition at a top 10 public school.

Read there ISA, there is a cap, it's at 30k. You only pay if you make a salary greater than 50k a year. It's also six months full time, intensive, and targeted. They feel it's their duty to help you find a job, and have found a job (>50k) for 100% of their first cohort. Find me a college with similar numbers.

[ISA FAQ](https://lambdaschool.com/faq/)

I believe Lambda School is effective, though something about being alone at home in front of my computer for 12-15 hours/day for 6 months straight, even with remote office hours and chatting with other students, makes me think I'd feel extremely lonely.

It's an 8 hour day with a lunch break. 11am-8pm ET, If you want people, you can always go to the local coffeeshop, library etc.

I agree colleges killer feature for a young person is networking, friendship, and dating. You just have to find alternative places to get it.

Many people attend commuter schools where you don't necessarily get the networking, friendship, and dating benefits. I think in Europe many students live at home which is part of the reason why educational costs are generally lower there.

8 hours of lectures? Then more time on computer for homework/project work?

It's an hour of reading/ a small code exercise, two hours of lecture, lunch, a small project and a brief meeting in a smaller group.

It's equivalent to a 40 hour work week.

What year did you pay $8k a year for a "top 10" public school?

I went to University of Washington and graduated in 2010. It's now $11,207/year. I think in my first year it was actually $6500 and rose to around $8k in 2010.

Ahh.. you're not counting room and board. $19k if you include that.

https://admit.washington.edu/costs/coa/

It is capped, at $30k.

It's irresponsible to borrow when you will not have the means to pay back the debt. Most college graduates end up underemployed or unemployed after earning a degree in a non-rigorous major from a mediocre school. With only a BS degree and ~$30k debt, a professional job can easily pay this off. If the market could price the loans properly, perhaps they'd be discouraged from taking out the loans. Realistically, a loan would not be made in the first place.

There are not enough 'professional jobs' in the United States to pay the total debt service created by the cost structure.

If everyone switched to business and engineering, there would still not be enough jobs to support the educational cost structure.

This is obvious, but people and loan issuers do not respond to this reality because the government guarantees the loans. Hence, the current situation continues.

> People like the founder of Lambda School understand the problem and will be the solution.

The solution is in plain sight and has been successful in other first-world countries for decades: government funding of higher education.

People who suggest a market-based solution need to explain why none of the first-world countries that have achieved affordable, high quality higher education have used a market solution. The only way it can be achieved is through high levels of government funding.

We already have a gov funded public education system. Its just that the gov doesnt pick up the tab until there is a default.

Very inefficient and expensive in every country including the US.

Reply on news.ycombinator.com