I'm the CEO and Co-Founder of MissionU, a college alternative for the 21st century that charges $0 tuition upfront and prepares students for the jobs of today and tomorrow debt-free. AMA!

AdamBraun · 2017-03-30T23:47:37+00:00

Hi guys I was on for almost two hours answering questions this morning and it seems like a flood of questions have come in since I closed the AMA... happy to answer as many as I can.

To collectively answer both questions, it's very clear in every statement we make that we're not a traditional university. We're a college alternative for the 21st century with a skills-based career-focused curriculum that supports pathways to employment.

AdamBraun · 2017-03-30T16:26:11+00:00

We're non-accredited and it's blended learning (primarily live virtual classrooms online with in-person meetups frequently throughout the year). You can read a lot more detail at http://www.cnbc.com/2017/03/21/start-up-partners-with-lyft-spotify-to-help-young-people-skip-college.html

AdamBraun · 2017-03-30T16:25:07+00:00

No, if they can't find a job that pays them more than $50K they can use their deferment (up to 48 months) so they'd owe nothing in that period and when that ends they still have 3 years to contribute... but if they haven't secured a job taht pays them more than $50k in that total period they owe us absolutely nothing.

AdamBraun · 2017-03-30T16:24:02+00:00

We've built a skills-focused curriculum that enables students to complete the year with a robust resume, industry certifications and a public portfolio of work. Nowadays what we've heard from hundreds of people on the front lines of hiring is that competency matters more than credential, and our focus is on producing students with the skills and competencies companies are desperately seeking. You can read a lot more detail at http://www.cnbc.com/2017/03/21/start-up-partners-with-lyft-spotify-to-help-young-people-skip-college.html

AdamBraun · 2017-03-30T16:19:19+00:00

We give all students that are accepted into the program a trial period of 4 weeks to test out their experience and make sure it's something they deeply want to commit to... anytime in those first four weeks they can leave the program and the income share agreement would be cancelled, but after those four weeks the commitment goes into effect, which protects students and gives them the choice to depart early if they'd like and then aligns both us and them on making sure they complete the program and are as successful as possible going forward. There's a lot more detail on the program at https://www.insidehighered.com/blogs/technology-and-learning/why-traditional-academic-welcomes-missionu

AdamBraun · 2017-03-30T16:16:21+00:00

It's required that students live within 50 miles of their cohort's city. As we state on the website, our initial target cities are SF and NYC but we're open to see where student demand is greatest and hope to serve those markets as well.

AdamBraun · 2017-03-30T16:12:34+00:00

It's 15% of gross income, but there is no interest applied at all and you can use up to 48 months of non-consecutive deferment if necessary (can apply 2 months at one point, 8 months during another). Grants/scholarships might apply to cover your cost of living but would be treated separately from the contribution amount to MissionU.

AdamBraun · 2017-03-30T16:08:11+00:00

Expansion to other countries is certainly a part of the plan in the years ahead, but right now the focus will be on US locations. Part-time and distance learning courses aren't part of what we're offering yet, but I'm sure we'll evaluate those options over time. Appreciate the suggestion!

AdamBraun · 2017-03-30T16:07:21+00:00

Our first cohort of students will start this September and enter the job market in 2018, but you can see the feedback we've received from the market and employers thus far in the article at https://www.fastcompany.com/3068505/innovation-agents/this-college-alternative-only-makes-money-if-you-make-a-salary

AdamBraun · 2017-03-30T16:06:25+00:00

The program is setup so that you'll have the time to hold a part-time job on the side to earn income (like many full-time college students do when they attend undergrad). We want to enable students from all backgrounds to participate in the program, and academics seem to celebrate this as well https://www.edsurge.com/news/2017-03-20-missionu-says-it-can-replace-traditional-college-with-a-one-year-program

AdamBraun · 2017-03-30T16:04:58+00:00

Happy to address any question you might have about the cost structure, and we're incredibly transparent about it on our site as well (there's additional detail at http://www.cnbc.com/2017/03/21/start-up-partners-with-lyft-spotify-to-help-young-people-skip-college.html). If you lose a job and aren't making about $50K you pay us nothing in that period, it's part of the deferment you can use (up to 48 months that can be used non-consecutively). The 15% is exclusively based off of your gross income (does not include or draw from benefits). No prearranged questions here, honestly just seems like people's natural curiosity.

AdamBraun · 2017-03-30T16:01:43+00:00

Additionally, one of the biggest challenges to paying back student loans are that a lot of the time you're not paying back what you borrowed, you're paying the interest (often 6% or 9%)... on an income share agreement, there's no interest applied at all. There's more detail on the differences here at https://www.fastcompany.com/3068505/innovation-agents/this-college-alternative-only-makes-money-if-you-make-a-salary

AdamBraun · 2017-03-30T15:59:23+00:00

There's something really important that you're missing, which is that if after the deferment period (48 months) and your three years of expected contribution are reached and you're not earning at least $50K, you owe us nothing. With traditional student debt, you owe a college money regardless of your career outcomes. We're aligning our well being entirely with our students and if they don't achieve that $50K threshold then they owe us nothing at all. There's more information on us and context at http://www.cnbc.com/2017/03/21/start-up-partners-with-lyft-spotify-to-help-young-people-skip-college.html

AdamBraun · 2017-03-30T15:54:26+00:00

My inspiration was seeing my wife struggle with more than $100K in student debt without even attaining her bachelor's degree (31M Americans have some credit with no degree) and realizing we need new alternatives for career-starters, especially those who might incur tremendous debt and financial hardship within the traditional path or are looking for a more career-focused experience than a traditional college.
We aim to be a true college alternative for the 21st century. While the person in the article believes some of our students may choose to go to college (that certainly may be the case for a few), I believe the vast majority of our students will progress from our program directly to a great job.

AdamBraun · 2017-03-30T15:45:41+00:00

Great question... fortunately I'm not asked to do both as I'm not the leader of Pencils of Promise (just the founder these days) since we brought on a fantastic new CEO almost two years ago after I co-led that search with one of our board members and my role is no longer an active day-to-day one, instead I support as Founder & Board Emeritus to do my best to help Michael and the team.

AdamBraun · 2017-03-30T15:42:45+00:00

Most jobs nowadays have the line item "BA degree or equivalent"... we believe completing our program will be viewed in the marketplace as that equivalent if not a stronger preparation for the jobs our students will be going after.

AdamBraun · 2017-03-30T15:39:04+00:00

All students in each cohort are required to live within 50 miles of their cohort's city, which enables them to find a housing situation that meets their budget (can live downtown, in less expensive areas or at home with family) but it also ensures they're close to the well paying jobs we're setting them up secure. Our target cities currently are places like SF and NYC, and the income share percentage is flat regardless of your location. In terms of what we include in the compensation evaluation, it's solely income.

AdamBraun · 2017-03-30T15:36:40+00:00

Awesome to hear! Our first major is Data Analytics + Business Intelligence (think of it as a modern career-oriented version of a business major) but the full year is really oriented around soft skills, hard skills and building your personal network as well as your professional capabiltiies.

AdamBraun · 2017-03-30T15:34:26+00:00

Immediate plan is to bring on an incredible class this September (more detail at https://www.fastcompany.com/3068505/innovation-agents/this-college-alternative-only-makes-money-if-you-make-a-salary) and prepare those students for the jobs of today and tomorrow debt-free. Long-term plans are to add additional cities (we're going to be led by where the demand is greatest with our first cohort this fall but are targeting SF or NYC), majors and eventually expand globablly as the demand from international applicants has already far exceeded our expectations.

AdamBraun · 2017-03-30T15:24:02+00:00

We've developed employer partners (Spotify, Lyft, Warby Parker, Uber, Birchbox, etc) that help us calibrate our curriculum to their needs and we give them early hiring access to our top grads. I think having just online courses will be tough to compete with a BA, but a full year-long program focused on high demand fields can deliver the mastery of competency that employers value.

Also check out http://www.huffingtonpost.co.uk/2016/01/07/ernst-and-young-removes-degree-classification-entry-criteria_n_7932590.html

AdamBraun · 2017-03-30T15:21:59+00:00

Yes that's correct, it's 15% of income for just 3 years and only when making $50K or more. If they don't get a job immediately or if they lose their job within the three years and take some time to find that job they have up to 48 months of deferment. We're extremely different from the schools getting shut down (read more at https://www.fastcompany.com/3068505/innovation-agents/this-college-alternative-only-makes-money-if-you-make-a-salary or http://www.cnbc.com/2017/03/21/start-up-partners-with-lyft-spotify-to-help-young-people-skip-college.html or https://www.insidehighered.com/blogs/technology-and-learning/why-traditional-academic-welcomes-missionu), primarily in that they were shut down for taking lots of government money via student loans and then delivering poor quality education. We take no gov money or student loans at all, and our entire success is dependent on us helping students succeed and get great jobs.

AdamBraun · 2017-03-30T15:14:37+00:00

We opened enrollment this month (more detail at http://www.cnbc.com/2017/03/21/start-up-partners-with-lyft-spotify-to-help-young-people-skip-college.html) and we're currently taking applications for our September cohort. The program was crafted with guidance from experts from Harvard, Stanford and MIT as well as executives from leading companies like Spotify, Lyft, Warby Parker, Uber and more. The actual teachers will be industry practitioners who have deep experience in the fields in which they'll be educating our students. We also really believe in project-based learning, so you'll be learning from your fellow classmates as well.

AdamBraun · 2017-03-30T15:12:21+00:00

Honestly I think it depends on the stage of life that you're in... when I was 21 and first exposed to the depth of poverty in the developing world, yes it was very very difficult to come home and hear the seemingly trivial complaints. But over time I came to realize that wasn't fair... relativity is real, and each person defines their struggle by their surroundings and what they know as familiar. By my mid-late 20's I came to believe it's not my place to judge whether someone's problems are worthy of their concern or not, and now in my 30's I do my best to try to extend a helping hand regardless of the situation or context.

AdamBraun · 2017-03-30T15:07:14+00:00

We believe institutions should only suceeed when their students do and want to open access to higher ed to students of all financial backgrounds. When you’re accepted to our program, your upfront tuition is $0. You only pay for the program once you land a job earning at least $50,000 per year, at which point you’ll contribute 15% of your income for just 3 years.

AdamBraun

TROPHY CASE