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.

Comments

Cheaper than College it seems.

[lamer01]

Let's say you make $75K per year. That's like $22K over 2 years you have to pay. Minus the $10K they paid you to learn, that's only $12K for an education and a job. Better than most college deals where you pay upfront with the possibility of maybe making some money in the future

Re:A failure of government.

[fat man's underwear]

I don't know, I think the fact you were able to read the story and write the comment shows success at government providing you with free education.

Re:How about NO? Lol what the

[ShanghaiBill]

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.

Hooray

[rsilvergun]

We've successfully brought back indentured servitude. This will go nicely with those Debtors Prisons we bought back years ago and the modern slavery this is prison labor.

It's a 5 month "Degree"

[rsilvergun]

if they do manage to find you a job you'll be in deep if you ever lose it. These days you can't make it past an HR filter unless you've got a 4 year degree from a proper University. My bud's been looking for months and the only thing he can get is weekend graveyards where they're so desperate they'll take anything with a pulse. He's had a few of those, they don't last because they're always working to offshore you...

In 1990 this would have worked. But in 1990 I could crack open a book, read it, and go get a job making $70k/yr writing code because that was before H1-Bs and offshoring.

Re:How about NO? Lol what the

[ShanghaiBill]

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.

Re:How about NO? Lol what the

[ShanghaiBill]

More like the HR person only actually sends you Candidate 1 if that.

If HR is the gatekeeper for technical hiring, then you work for a dysfunctional organization.

HR's job is to do the paperwork, not make the decisions.

Hiring good people is the most important competency that an organization can have.

It is astounding how many companies are so bad at it.

Re:How about NO? Lol what the

[Shaitan]

TFA is titled "This Company Will Pay You to Learn to Code, and Take 15 Percent of Your Income Later" written by Samantha Cole on 3/28/2019

You are referencing the next similar topic but unrelated FA on the page titled, "The CEO of a Failed For-Profit College Started a Coding Bootcamp" written by Jordan Pearson 2/24/2016.

There is no tuition stated or implied in TFA.