Turned out to be fraudulent. Didn’t provide a meaningful education, lied about placement numbers, lied about their financial incentives aligning with the students'—the list went on.
The CFPB, a federal regulatory body, came down on them (and the founder in particular) a few weeks ago [0]
in 2019 - 743 folks are on the hook for the ISA - 516 graduated - 132 got a job
I'm not sure what to make of this. What is ISA? Isn't this like 20% hire rate from taking Lambda course?
Or was it that they attracted a lot of people who simply can't make that leap from student to developer because they never had the aptitude for that job?
Not saying Lambda School wasn't a fraud but seems like they started out with some good intention but halfway got greedy and dishonest because Paul likes "edgy founders"
Just a ton of broken dreams, financial ruin not unlike some of YC's backed companies.
The way Lambda School worked was, you didn't pay for the instruction up front. Rather, when you got a job, Lambda School was entitled to take a chunk of your income.
It had the whiff of scam to me, as it reminded me of the payment arrangements for another outfit, variously called Unbounded Solutions, BrighterBrain, and EnhanceIT: you go to Atlanta for two months of "free" training, after which you were bound to indentured servitude to them for a period of two years. Attempt to break the contract and you would be billed a minimum of $20,000 for the "free" training they offered you.
