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The problem I have with this is that a certain percentage of people will get a job anyway. I could, theoretically speaking, set up a school that promises you only pay if you get a job - teach nothing - and then rake in the profits.

Where this falls on a line between 100% of people get a job and only the background rate get a job is questionable - and I'd be interested to see the degree of investment that they place in each student because there will be Kelly Criterion that determine how rational it is for them to gamble on that at any particular point of value-add to the student.