Bridge bootcamp slideshow
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A ten-week, accelerated business and job readiness bootcamp for students with some college but no degree, providing them with key soft skills, technical abilities and a clear pathway to a high-demand career, and the means to pay off their student loans.
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Bridge bootcamp slideshow
- 1. A Path Forward for those with debt but no degree
- 2. “We’re No. 1 in terms of students starting college But No. 20 in terms of those who finish.” Bill Gates – Oct 4, 2017
- 3. The Goal: 100% Reality: Only 55% of college freshmen graduate in 6 years
- 4. The Reality: Half a million dropouts every year in the U.S.
- 5. Result: 1-2 years of college for this…
- 6. Or this: “Would you like fries with that?”
- 7. Average debt of college dropouts: $12,500
- 8. Racial and Income disparities Black Students’ Dropout Rate Low-income Students’ Dropout Rates
- 9. The off-ramp for dropouts…
- 10. Is often a dead-end….
- 11. And often involves a trip here…
- 12. College dropouts accounted for 2/3 of all student loan defaults in 2016 (8M)
- 13. But at the same time, we have a severe Talent Shortage
- 14. There are 24M jobs that pay $45K+ without a BA Sales reps Industrial Production Manager Computer Support Specialist
- 15. Almost 24000 current job openings paying $45K that don’t require a degree, in Georgia 24000 JOBS
- 16. WorkReadyGrad Get connected. Get informed. Get employed. TAG 2014 Finals
- 17. Bridge Bootcamp Over half of HR managers reported difficulty in filling “middle-skills” jobs - those requiring some college but not a degree.
- 18. Ten weeks - 400 hours of blended learning A Bootcamp without the coding
- 21. One week on-site business challenge Internships, Apprenticeships, Co-op opportunities
- 22. Potential Partners (1) 1.Bootcamp grads get an interest rate cut on their student loan 3. Lower default rates; Higher credit rating; Greater customer LTV 2.Better job prospects; Higher lifetime earnings
- 23. Potential Partners (2) New revenue channel for staffing agencies; Meets CSR objectives
Editor's Notes
- I’m here to talk to you about an initiative that addresses a largely forgotten population – college dropouts -
- This is Bill Gates speaking at Georgia State University a few months ago. He was there to highlight the success GSU has had with its programs to increase graduation rates. But even with this progress, the US still has the highest college dropout rate in the world.
- The federal government invests over $100B in student lending every year roughly the same amount they invested to build the entire US Interstate Highway system. What if the interstates only went halfway across the country?
- More than half are dropping out for financial reasons, not academic.
- So we probably all know young people in this situation..
- They’re in a dire situation – the stigma of a “dropout”, with limited job prospects. But the burden of student loans.
- In fact, dropping out of college is consistently the biggest predictor of whether or not someone will default on a student loan, and financial obligations is the largest reason cited for dropping out. And Black and Latino students are substantially more likely to cite financial reasons for dropping out.
- 45% of college dropouts who borrowed in the 2003-2004 year had defaulted by 2015, compared to 8% for those who earned at least a bachelor’s degree, according to the National Center for Education Statistics. https://www.wsj.com/articles/default-rates-for-certificate-program-graduates-on-par-with-college-dropouts-new-data-show-1507225501
- One dead-end job after another
- As cash gets tight they often dig themselves deeper in debt. Students who drop out of college are four times more likely to default on their loans.
- The number of borrowers who defaulted on their student loans reached 8 million and grew by 14% in 2016, amounting to over $6B in loan defaults.
- In Georgia, and throughout the US, we are squandering the opportunity to use an untapped yet rich source of talent to solve a problem that is impairing the county’s global competiveness.
- A recent report by the Georgetown University Center for Education and the Workforce showed that although the decline in the manufacturing economy eliminated many good jobs for high school graduates, there are still 30 million good jobs in the U.S. that pay well without a BA. These good jobs have median earnings of $55,000 and are changing from traditional blue-collar industries to skilled-services industries. https://goodjobsdata.org/
- If you go on the job site Indeed.com, you’ll find thousands of well-paying jobs that don’t require a four-year degree…
- A slightly cynical way of saying it is the Bridge Bootcamp is the flipside of WorkReayGrad, ie: WorkReadyDropout…
- Giving these students, who have completed a year or two of college, the job skills needed to lead to a stable career.
- The intensity and immersion of a coding bootcamp, but teaching job-ready skills such as communication, project management and teamwork. Immersive, experiential introductions to careers in high-demand fields such as CNC Operations, Supply Chain & Logistics, Health Sciences and Sales, made possible by emerging technologies such as Augmented & Virtual Reality offer close to a “hands-on” experience in the classroom.
- An analysis of 25 Million job postings by Burning Glass found that 75% of all job postings had baseline/foundational skills as key pre-requisites. (http://burning-glass.com/research/baseline-skills/)
- Employers have shown less interest in training new employees, they expect them to show up on Day One with essential business & technical skills.
- A key component of the program is a week long on-site business challenge posed by employer partners giving students an opportunity to demonstrate their skills to hiring managers and get an employee’s perspective on working at the company
- The largest student loan servicers would benefit by a reduction in their default rates, and could offer a reduced interest rate, or perhaps partial loan forgiveness, to students who complete the bootcamp. Banks with large mortgage lending practices also have an incentive to support the program, since a student loan default means that borrowing to buy a home is essentially impossible.
- Staffing and recruiting agencies would have a new, work ready talent pipeline that would increase their placement fees and reputations. Underwriting the bootcamp fees would yield increased revenue as well as satisfying Corporate Social Responsibility targets.
- A ten-week, affordable, accelerated business and job readiness bootcamp for students with some college but no degree, providing them with key soft skills, technical abilities and a clear pathway to a high-demand career.