I thought I would share this article from USA Today on the affect that the coronavirus is having on college selection. Take a read if you can.
https://www.usatoday.com/story/news...ge-admissions-fafsa-financial-aid/2986961001/
Let me start in saying I am a huge believer in the value of education as well as the college experience. That said, I think pretty much everyone agrees that the college model has to change moving forward. Students are mortgaging their future for a diploma that, all too often, doesn't provide a positive ROI for them on exit. People are realizing that paying $60k a year at many private universities to be taught by a TA just doesn't make sense. Even at schools offering more personal educations, their brand may not justify this type of cost.
Personally, I am hugely thankful for my educational experiences, both undergrad (at ND) and my MBA. However, today those two investments would cost well over $500k. Even at two top 25 institutions, that is hard to stomach.
So, where do we go from here? Well, we have seen the online / for-profit model fail in the past. Not-for-profit schools have pushed back against remote learning, stating they believe the experience wouldn't be comparable. However, I would argue that the ability to remote in and learn from a top-rated professor at a great institution would trump the experience of sitting in front of a live TA. The learning component of college is easily addressed (and I would argue for the better) using remote learning. The college experience - less so. That said, is it worth the extra five or six figures to maintain that experience?
I would bet on the following scenario (for traditional schools) moving forward. First, I think there are probably 25-50 schools that can use endowments to offset costs and give traditional school experiences to students (ND being one of them). They will remain the upper echelon schools, offering the traditional college experience, be it at a subsidized price. Secondly, I would think there will be state institutions, both community colleges and full four-year schools, that will continue to attract a large portion of students in some sort of 2/2 structure (two at a JC and two at a four-year school). This allows for a branded degree at a lower cost (and this is a pretty accepted model in CA today). Lastly, I would think there are both specialty schools (known for a specific endeavor) or local schools (supported and feeding into the community) that find niches that allow them to continue in a somewhat similar trajectory. Outside of these exceptions, I have to believe a vast majority of schools will have to gravitate to more of an online education.
There is no question the model needs to change. It just doesn't make sense to pay $60k a year at most schools and incur the debt that so many students are saddled with today. It will be interesting to see if this coronavirus experience is the tipping point in this shift.
Thoughts?
https://www.usatoday.com/story/news...ge-admissions-fafsa-financial-aid/2986961001/
Let me start in saying I am a huge believer in the value of education as well as the college experience. That said, I think pretty much everyone agrees that the college model has to change moving forward. Students are mortgaging their future for a diploma that, all too often, doesn't provide a positive ROI for them on exit. People are realizing that paying $60k a year at many private universities to be taught by a TA just doesn't make sense. Even at schools offering more personal educations, their brand may not justify this type of cost.
Personally, I am hugely thankful for my educational experiences, both undergrad (at ND) and my MBA. However, today those two investments would cost well over $500k. Even at two top 25 institutions, that is hard to stomach.
So, where do we go from here? Well, we have seen the online / for-profit model fail in the past. Not-for-profit schools have pushed back against remote learning, stating they believe the experience wouldn't be comparable. However, I would argue that the ability to remote in and learn from a top-rated professor at a great institution would trump the experience of sitting in front of a live TA. The learning component of college is easily addressed (and I would argue for the better) using remote learning. The college experience - less so. That said, is it worth the extra five or six figures to maintain that experience?
I would bet on the following scenario (for traditional schools) moving forward. First, I think there are probably 25-50 schools that can use endowments to offset costs and give traditional school experiences to students (ND being one of them). They will remain the upper echelon schools, offering the traditional college experience, be it at a subsidized price. Secondly, I would think there will be state institutions, both community colleges and full four-year schools, that will continue to attract a large portion of students in some sort of 2/2 structure (two at a JC and two at a four-year school). This allows for a branded degree at a lower cost (and this is a pretty accepted model in CA today). Lastly, I would think there are both specialty schools (known for a specific endeavor) or local schools (supported and feeding into the community) that find niches that allow them to continue in a somewhat similar trajectory. Outside of these exceptions, I have to believe a vast majority of schools will have to gravitate to more of an online education.
There is no question the model needs to change. It just doesn't make sense to pay $60k a year at most schools and incur the debt that so many students are saddled with today. It will be interesting to see if this coronavirus experience is the tipping point in this shift.
Thoughts?
