Can someone tell me what a Lambda school is? From the comments here it appears its a specific class of school. From their site it just looks like a regular online learning company.
If you do, you pay 17% of income for 2 years, capped at $30k total.
Edit: 20k up front, versus 30k if taken out of your salary over 2 years. That's around 20% interest. They mention that payments are 17% of your income, but this is calculated pre-tax and paid after taxes.
But we only get paid $30k in the case where you get a software engineering job after Lambda School that pays $85k+. Everyone else pays less, and absolutely no one pays more than $30k.
Our upfront tuition for the nine-month, full-time course is $20k if paid upfront.
yes
> and is downvoting any comments that are negative.
no
I read through the poster’s comments and it became clear we’re not going to agree based on general economic frame of reference.
So if you’re making $50k you actually pay less than the upfront tuition amount ($17k).
You have to be making $85k or more to pay the full $30k.
It is not a class of school, it is indeed a company. A scam/cult masquerading as a startup. It's hyped, it's batshit insane. A thread from yesterday https://twitter.com/KeziyahL/status/1155154616281178114 but of course there is more. To me, it was obvious there is something wrong because PaulG often raved about it and nothing good comes out of that. You can't growth hack education. Humans don't work like that. I started a (very small, very unprofitable) school in a far away country and also happen to have a teacher's degree and oh boy.
As for scam, just look at their website.
> "Pay $0 tuition until you land a high-paying job Lambda covers your tuition costs until you're making at least $50,000 a year. "
How is $50 000 a high paying job? According to the SSA, the average wage in 2017 was $48,251.57. Also, the 17% is calculated from before tax but paid after tax. So if you earn 50K, take home 40K then Lambda doesn't take 6800, no they will take 8500.
> "You can choose to pay $20k upfront for Lambda tuition ... You'll never pay more than $30k ..."
Wait, you are charging 50% interest? Possibly over two years?
Just pointing out how funny it is for someone to say that nothing good comes from PG... on HackerNews
> Wait, you are charging 50% interest? Possibly over two years?
that's not how interest works. on a variety of levels. for starters, "50% over two years" would be 22% annualized, which is the only way anyone talks about interest. admittedly, that would be a high interest rate.
except it isn't interest. what you pay is a function of how much you earn. try borrowing money from the bank for 6%, and see if they'll let you just stop paying if you don't make any money.
> I started a (very small, very unprofitable) school in a far away country and also happen to have a teacher's degree
what were you teaching that didn't require simple arithmetic, or reading comprehension?
However, literally nothing in that linked twitter thread, or the one it in turn links to, do a single thing to demonstrate that at all. The people who posted both have no first hand experience at all and there's no data or details or facts to support their arguments. It’s just someone reading the website and posting reaction gifs.