They're pretty transparent about that too: https://lambdaschool.com/the-commons/announcing-our-new-isa-financing-blueprint-and-100m-in-new-financing https://lam

They're pretty transparent about that too: https://lambdaschool.com/the-commons/announcing-our-new-isa-financing-blueprint-and-100m-in-new-financing https://lambdaschool.com/the-commons/announcing-our-new-isa-.... They get a partial advance on the ISAs from other investors, but the bulk of their revenue is collected when students pay.