Prehired Sued

[Alpha]

What might this mean for the "boot camp" industry?
https://www.highereddive.com/news/washin...-s/625817/

[Pats20]

Sounds like they had to sign away their first born. 

[ss20ts]

Many of them seem like a complete scam. I have ZERO trust when you are required to make payments based on your salary. There are many of these types of programs that ridiculously shady. I'm all for them being regulated like colleges and student loans. At least then they would be held to some sort of standard.

[bluebooger]

> students agreed to pay up to 16% of their gross income for as many as eight years.

OMG, what kind of idiot would sign up for that
even 10% for one year would be too much

[rachel83az]

16% of 30k for 8 years is $38,400
16% of 40k for 8 years is $51,200

[Johann]

Many of them seem like a complete scam. I have ZERO trust when you are required to make payments based on your salary. There are many of these types of programs that ridiculously shady. I'm all for them being regulated like colleges and student loans. At least then they would be held to some sort of standard.

I'm all for them being regulated, too - preferably right out of existence.

[LevelUP]

You can have a boot camp for anything. However, a boot camp isn't necessarily a school where the goal is to get a job from an employer.

For example, there are Las Vegas boot camps where you can learn how to count cards in blackjack or even throw dice a certain way to beat a craps game.

Coding boot camps can vary widely by quality; some are no better than a Udemy course. I'm not too fond of those income-sharing types of deals as they often hide the actual cost of the boot camp and have lots of hidden fine print in these contracts. 

Nobody can guarantee a job as many factors go into getting a job.

Jordan Belfort, the guy that scammed people out of millions selling worthless penny stocks is now selling a $40,000 2 days boot camp for buying cryptocurrency. What does he know about crypto? Not much in fact he even called Bitcoin a 'mass delusion' in the past.

https://www.businessinsider.com/wolf-of-...hop-2022-4

[sanantone]

CFPB is on to these. They consider income-sharing to be private loans.


https://fsapartners.ed.gov/knowledge-cen...quirements

Alternative teacher certification programs, I believe, were the first to widely employ something that's similar to income sharing, but the amount you owe is specific and usually not more than $4k or $5k.

The pay-as-you-go schools are also basically offering private loans. Oftentimes, the monthly payments don't fully cover tuition, so you're still paying after graduation. Plus, you get lower tuition by paying in full, so the installment payments have disguised interest.

[dfrecore]

CFPB is on to these. They consider income-sharing to be private loans.


https://fsapartners.ed.gov/knowledge-cen...quirements

Alternative teacher certification programs, I believe, were the first to widely employ something that's similar to income sharing, but the amount you owe is specific and usually not more than $4k or $5k.

The pay-as-you-go schools are also basically offering private loans. Oftentimes, the monthly payments don't fully cover tuition, so you're still paying after graduation. Plus, you get lower tuition by paying in full, so the installment payments have disguised interest.

I looked into alt-teacher-cert, and you only paid after getting employed; BUT, it was a set dollar amount per month, for 10 months.  So not really income-sharing with a percentage and a disguised amount or interest rate.