When looking at how educational institutions work in other fields, I couldn't help but wonder why can't music schools implement these concepts too. Lambda School, a computer science academy, was the first to come up with a model of income sharing agreements
: in six months, you can become a data scientist or a coder at no upfront cost. In the case you don't land a job that pays higher than $50,000 annually, you don't owe them anything.
Almost two years ago, I wrote about
how ISA is being implemented in Purdue, University of Pittsburgh and Indiana University, but the offers are far from perfect. For instance, Purdue's Back a Boiler ISA Fund is only available to sophomores, juniors and seniors who are U.S. citizens or Permanent Residents, which means that you still have to pay for your first year (or full four-year tuition if you're from overseas). However, although still relatively new, I think it has all chances to become a great alternative to getting loans while trying to finance your education.
This idea of not paying for your education upfront also lets you get a taste of the education you are about to spend most of your formative years on. On top of the fact that you are expected to pay for your education upfront, you don't have a clear idea of what your education is going to look like, nor do you know whether there will be a spot secured for you on the job market once you step out into the world.
Sure, you can scroll through the school's website, talk to alumni, read reviews and even visit the place, but that is only the tip of the iceberg. Like Mark Baechle told me
, with most students making such big time and financial commitments, educators should be responsible and ask themselves whether they are promising everyone a successful career.
Getting into a top program doesn't offer as much guarantee as it used to before. During our conversation
with Daniel Carlin, the Director of USC Thornton's Screen Scoring program shared that "if you go to a law, engineering, or medical school and do well here, it is pretty much guaranteed that you will be able to … get a job that pays well right away; but if you are an artist, that isn't the case." The professor conveys that it takes, on average, about five years after graduating with a Master's degree for his screen-scoring students to get to a point where they don't have to worry about paying their rent.