'Students are gonna get duped': Lambda coding school accused of 'predatory' practices

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Three students of the online bootcamp Lambda School are alleging that the for-profit school misrepresented the program's job placement rates, financial arrangements, and registration status.

“When you put all those pieces together, yes it’s predatory,” Alex Elson of the National Student Legal Defense Network, which is representing the students, told Yahoo Finance. “When you have lies about the success, $30,000 of tuition, and you have fundamental misrepresentation about the alignment of incentives, students are gonna get duped.”

The former students are asking for a cancellation of their Income Share Agreements (ISAs), which involve Lambda providing loans to cover the cost of attendance in exchange for students paying 17% of their post-graduation salary (if their job pays at least $50,000) to the company for 24 months, as well as a refund of payments and for damages.

Lambda School provided Yahoo Finance with the following statement: "Per policy, we don’t speak about individual student or alumni situations in detail publicly, but we’re of course happy to review matters directly and will review any cases that are filed. In general, though, for any student’s ISA payments to be activated, they would have first signed an ISA contract and subsequently landed a role leveraging skills learned at Lambda School that pays $50K or more in salary."

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