Our mission is to make great education available to everyone, no matter your financial capabilities. Now, our Living Stipend pilot program makes starting a new career in tech even more accessible.
How it works
Students who are selected for the Lambda School Living Stipend pilot program will receive $18,000 USD in monthly payments of $2,000 to cover the nine month program. Upon completion of the program, students will pay back 10% of their salary for a five year period once they're making at least $50,000 per year, instead of the standard 17% for two years. The max possible payment is capped at $50,000.
Only full-time or prospective students living in and eligible to work in the United States can receive a stipend. We are not currently accepting stipend applications, but hope to be soon.
Lambda School will be offering both current and prospective students the opportunity to apply for a total of $18,000 USD in financing to support their living expenses while they are enrolled as full-time Lambda School students.
Why is Lambda School trying to launch this?
Our goal at Lambda School is to help our students really succeed to the best of their ability and to remove the barriers that are currently preventing more people from being able to access a high tech education — and the career, financial freedom, and other benefits that come with it. We know that one of the hardest parts of deciding to go back to school is figuring out how to make it work without a full-time salary.
By launching this Living Stipend pilot program, we are looking at how we can create new and innovative ways to help support our current students — and to expand access to a Lambda education to those who may not otherwise be able to afford it.
How will it operate?
Students who are selected will receive $18,000 USD paid in nine monthly payments of $2,000 USD for the duration of the full-time nine month program.
To continue to receive the stipends, students have to maintain full-time status and the 100% sprint pass rate expected of all Lambda School students.
Who can apply for the stipend?
This program is open to current full-time and prospective Lambda School students who are living in and authorized to work in the United States.
Do students then pay back the money?
Yes, this is a stipend, not a scholarship. Upon completion of the nine month program students will be required to pay back 10% of their salary for 5 years.
But how does this work with my education ISA?
The Lambda School tuition Income Share Agreement has students on a repayment plan of 17% for two years with a payment cap of $30,000. For students who receive the living stipend as well, this becomes 10% of their salary for five years and replaces the model above. The payment cap is also increased to $50,000.
What are the selection criteria?
We will not be looking at student financials or credit scores. Instead the applicants will be asked to respond to the following prompts:
—Why do you need this living stipend to be successful as a Lambda School student? —Tell us a bit about the unique parts of your story that will make you a valuable addition to both Lambda and the tech community. —Give examples of your grit and leadership qualities that show you can grow and thrive in this new job field.
Who will be selecting the recipients?
Our current Lambda School admissions team will be handling these stipend applications.
How many students will receive the stipend?
This is a limited and selective pilot program available to only 50 recipients.
Do recipients have to account for how they spend the money?
Will Lambda School be expanding this program, and if so, when?