Landing a job after graduation is every student’s goal. However, institutions rarely share in any of the risks to help a student achieve that goal. One creative way a school in New York is sharing the risk is by offering a guarantee of a job after graduation or repaying the student’s tuition.
Below is an article from hechingerreport.org that describes the need for some accountability for the student’s burden to sit with the school to ensure successful graduates and low default rates. After reading the article, give us a call at SpendBridge so we can help you implement strategies to better manage your procurement and accounts payable needs.
Source: hechingerreport.org | Re-Post SpendBridge 3/7/2018
Just outside the cavernous loft that serves as the campus of the Flatiron School, tourists line up to take selfies with the famous statue of a charging bull that symbolizes nearby Wall Street.
Free enterprise is also on display inside, where students work in teams and with instructors to learn coding, the kind of computer programming that makes possible websites, apps, and software. It’s a hot field with median pay of nearly $80,000 a year, according to the Bureau of Labor Statistics.
If the strong job market for coders drew them to this bright and buzzing place instead of a conventional university or college, so did something else: a guarantee that they’ll receive a full-time job offer in the field within six months of finishing, or get their money back.
U.S. News & World Report
This story also appeared in U.S. News & World Report
To the entrepreneurs who started the Flatiron School, and a growing number of policymakers and politicians, the surprise isn’t that students in programs like this are being promised results for their investment. It’s that, in spite of its skyrocketing cost — and the $138 billion a year in taxpayer money it gets from federal financial aid alone — traditional higher education makes no such guarantee.
“A higher education is one of the most expensive purchases a person will make in their life. And we’re asking them to make it when they’re 17 and specifically telling them not to worry about the consequences,” said Flatiron co-founder Adam Enbar.