College is absurdly expensive. Can a radical new model change that? | Austen Allred | Big Think

TL;DR

Traditional college education may not be the best fit for everyone; alternative paths like Lambda School offer innovative options for skill development.

Transcript

• I strongly disagree with the notion that everybody ought to attend college. When I was going to high school, nobody said anything other than: "Go to the best college you can, pay whatever it costs, study what you love. 'Cause as long as you graduate from college, you will be set in the rest of your life." I think my generation was one of the firs... Read More

Key Insights

• 👋 Traditional higher education may not be the best fit for everyone due to varying costs and benefits.
• 🎓 Alternative education models like Lambda School offer innovative approaches with income share agreements.
• 🧑‍🎓 Incentive structures in education can greatly impact student success and school operations.
• 🧑‍🎓 The future of education may see a shift towards outcome-based decision-making for students.

Questions & Answers

Q: Why does Austen Allred disagree with the idea that everyone should attend college?

Allred believes that traditional college education may not offer the best value for everyone, highlighting the need to consider costs and benefits. He founded Lambda School as an alternative path in tech fields.

Q: What is unique about Lambda School's payment model?

Lambda School operates on an income share agreement basis, where students pay no upfront tuition and only contribute a portion of their future income after being employed. This aligns the school's success with that of its students.

Q: How does the incentive structure at Lambda School differ from traditional education systems?

At Lambda School, the school's incentives are entirely aligned with student outcomes. This means that the school only succeeds if its students are successful, leading to a different approach to teaching, enrollment, and working with employers.

Q: What impact does Austen Allred see for the future of education?

Allred envisions a shift towards a model where school outcomes, not rankings or marketing, determine where students choose to enroll. This change could lead to a healthier education system focused on actual results.

Summary & Key Takeaways

• Austen Allred challenges the idea that everyone should attend college, emphasizing the need to weigh costs and benefits.

• Allred founded Lambda School to provide online training in tech fields with no upfront tuition, using income share agreements.

• The school's unique incentive structure aligns with student success, moving away from traditional education models.