Why income share agreements did not work out
Good riddance, when I first heard about this I was appalled.It's basically an extremely high interest loan, combined with bizarro access to banking records. Like for most of these ISAs if you couldn't make the payments, they want it access to your bank account to see that you really couldn't.You have this really strange setup where if your income increases even marginally, the ISA kicks in. Lambda school, which fortunately also collapsed was notorious for this.Student loans aren't necessarily bad, they just need harder. Caps. Like federal loans are very reasonable, private ones are not.Outside of attending medical school or law school, private loans are just a bad idea. On top of that, I think private loans are given out too willy nilly. Anyone can go to a bottom tier law school and take out $200,000 worth of loans.A good compromise here would be to make private loans fully forgivable, but federal loans are a fantastic deal and help me improve my life.40k in student loan debt, which is about the max you can take out federally for undergrad, isn't bad.Anything above 100k can easily be insurmountable, the interest just accumulates way too fast for most people to pay it off.Then again, I never understood why lambda school needed to be so expensive. You're not running a real school, there's no reason you can't just tell people to take a free class off YouTube, and then have them pay $500 or so to have a project graded. And maybe more adventurous companies would be open to recognizing that project as proof you'd be a good hire.