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Startup Coding Bootcamp Modern Labor Says It Will Pay You $2,000 a Month For 5 Months To Learn To Code, and Take Roughly 15% of Your Salary For 2 Years Later (vice.com)
Modern Labor promises to teach you to code in five months and help find you a job when you graduate -- but you're on the hook for the next two years. From a report: Most coding bootcamps almost sound like get-rich-quick schemes: Devote a few months to learning a new skill from home, and walk into a job that could pay you $70,000 a year to start. For the most immersive programs, you'll need to put your life on hold while you learn full-time. Usually, students pay for those coding bootcamps upfront while they take time off their jobs to learn.
Startup coding bootcamp Modern Labor pays people $2,000 a month for five months while they learn to code, following a curriculum remotely from wherever they live for at least 30 hours every week (working out to roughly minimum wage). After graduation, if they land a job that pays at least $40,000, Modern Labor takes 15 percent of their salary for the next two years. For example, if they find a job that pays $80,000, they'll pay Modern Labor $24,000 over two years. [...] Modern Labor's business model is an example of an "income sharing agreement," a scheme that's on-trend for Wall Street and Silicon Valley entrepreneurs looking to disrupt education.
Startup coding bootcamp Modern Labor pays people $2,000 a month for five months while they learn to code, following a curriculum remotely from wherever they live for at least 30 hours every week (working out to roughly minimum wage). After graduation, if they land a job that pays at least $40,000, Modern Labor takes 15 percent of their salary for the next two years. For example, if they find a job that pays $80,000, they'll pay Modern Labor $24,000 over two years. [...] Modern Labor's business model is an example of an "income sharing agreement," a scheme that's on-trend for Wall Street and Silicon Valley entrepreneurs looking to disrupt education.
This is exactly the kind of thing Government should be providing for free. It's even mostly the same deal, you earn more money, and the government takes a higher percentage of your salary.
The fact that private enterprise is doing this shows the failure of government to provide free education.
It is worse than that. TFA isn't clear, but it looks like they pay you $2000 per month, yet you are still responsible for paying tuition that exceeds that. So YOU are paying THEM in net payments even while you are still taking the class. Since these are "online" courses, their net cost to educate you is near zero.
Only a complete idiot would sign up for this scam.
When my company is interviewing, and we have two candidates:
Candidate 1: I learned to code in a 3 month boot camp that cost me $15k.
Candidate 2: I learned to code in my mom's basement using free tutorials and Stackoverflow.
we will definitely prefer #2, who is not a fool parted from his money, but has also shown himself capable of self-learning.
what you learn in them doesn't stick very well because of the accelerated pace.
According to TFA, many of the people signing up for these bootcamps are recent college graduates. They are finding out that their degrees are worthless, so they are hoping to learn something useful in a crash course.
If they had put more thought into their college major, they could have learned to code over 4 years instead of 5 months.
This model is fantastic.
Think about how modern education is currently conducted, regardless of public or private university, student loan or cash payment:
The student puts money down upfront for an uncertain outcome at an institution that, once payment is received, has no vested interest in the student even completing courses, let alone finding rewarding employment. In fact the institution is financially rewarded for keeping the student as a student for as long as possible.
In modern education, ALL the risk is laid in the lap of the student.
This model completely reverses this insanity. The student has virtually no risk up front besides their invested time. The institution has a financial incentive in student in multiple ways:
#1 Keep them a student for as short a time as possible, the longer they're a student the more they have spend on the student
#2 Find rewarding employment. The more money the student makes as a result of their success, the more money the company makes, then the more students they can invest in and so and so forth.
This is a genius model and it's how the airline and trucking industries are moving towards as finding qualified applicants has become a very difficult endeavour.