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NYU professor: 'Hundreds, if not thousands' of universities will soon be 'walking dead'
Campus Reform ^ | 06/27/2020 | Maria Copeland

Posted on 06/27/2020 6:12:18 PM PDT by SeekAndFind

As colleges attempt to recover from the pandemic and prepare for future semesters, a New York University professor estimates that the next 5-10 years will see one to two thousand schools going out of business.

Scott Galloway, professor of marketing at the New York University Leonard N. Stern School of Business told Hari Sreenivasan on PBS’ “Amanpour and Co.” that many colleges are likely to suffer to the point of eventual extinction as a result of the coronavirus.

He sets up a selection of tier-two universities as those most likely not to walk away from the shutdown unscathed. During the pandemic, wealthy companies have not struggled to survive. Similarly, he says, “there is no luxury brand like higher education,” and the top names will emerge from coronavirus without difficulty.

“Regardless of enrollments in the fall, with endowments of $4 billion or more, Brown and NYU will be fine,” Galloway wrote in a blog post.

“However, there are hundreds, if not thousands, of universities with a sodium pentathol cocktail of big tuition and small endowments that will begin their death march this fall.”

“You’re gonna see an incredible destruction among companies that have the following factors: a tier-two brand; expensive tuition, and low endowments,” he said on “Amanpour and Co.,” because “there’s going to be demand destruction because more people are gonna take gap years, and you’re going to see increased pressure to lower costs.”

Approximating that a thousand to two thousand of the country's 4,500 universities could go out of business in the next 5-10 years, Galloway concludes, “what department stores were to retail, tier-two higher tuition universities are about to become to education and that is they are soon going to become the walking dead.”

Another critical issue underlying the financial difficulties families and universities both face is the possibility that the quality of higher education has decreased.

Galloway argues that an education in the U.S. is observably unsatisfactory for the amount that it costs, given that if you “walk into a class, it doesn’t look, smell or feel much different than it did 40 years ago, except tuition’s up 1,400 percent,” he said during an interview with Dr. Sanjay Gupta.

And the pandemic, according to Galloway, has served to expose the quality of higher education.

“Students I think across America along with their families listening in on these Zoom classes are all beginning to wonder what kind of value, or lack thereof, they’re getting for their tuition dollars,” he said.

Here's what Professor Galloway expects to happen:

In the next six weeks, after receiving deposits/tuition, more universities will begin announcing they are moving to all online courses for Fall. The scenario planning via Zoom among administrators rivals D-Day. But likely all scenarios will lead to one realization: the protocols mandated by the surge in US infections will diminish the in-class experience to the point where the delta between in-person and Zoom will be less than the delta between the risks of each approach.

Parents and students may still decide to send their kids back to campus, and make their own decisions concerning the risks they can tolerate with a hybrid experience — online learning while living on or near campus. They should/will enjoy the lawns at UVA and Royce Quad with friends — marked for distancing. But in-person classes should not take place.

Universities will face a financial crisis as parents and students recalibrate the value of the fall semester (spoiler alert: it’s a terrible deal). In addition, our cash cows (international students) may decide xenophobia, Covid-19, and H1-B visa limits aren’t worth $79,000 (estimated one-year cost of attending NYU). This has been a long time coming and, similar to many industries, we will be forced to make hard decisions. Most universities will survive, many will not. This reckoning is overdue and a reflection of how drunk universities have become on exclusivity and the Rolex-ification of campuses, forgetting we’re public servants not luxury brands.

The outspoken professors ends with another uncomfortable truth: Universities that, after siphoning $1.5 trillion in credit from young people, cannot endure a semester on reduced budgets do not deserve to survive.


TOPICS: Culture/Society; News/Current Events
KEYWORDS: colleges; coronavirus; education; universities
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To: SeekAndFind

My take, FWIW, learn to read, write, and speak English with some proficiency. Learn basic math plus algebra, and you will do well in life.


41 posted on 06/27/2020 6:53:45 PM PDT by dynachrome (The panic will end, the tyranny will not)
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To: SeekAndFind

not crying over this.

not at all.


42 posted on 06/27/2020 6:54:22 PM PDT by Secret Agent Man (Gone Galt; Not Averse to Going Bronson.)
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To: yetidog

What is being revealed about Texas A&M? I don’t follow
colleges that much outside of a few athletic events.


43 posted on 06/27/2020 6:54:26 PM PDT by deport
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To: SeekAndFind

If the Democrats get in, they will subsidize as much as necessary to keep the system floating.


44 posted on 06/27/2020 6:55:07 PM PDT by Dr. Sivana (There is no salvation in politics)
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To: SeekAndFind

The sooner the better.

It’s time to expose these Marxist morons and destroy the credibility of these leftist institutions the way we’ve destroyed the mainstream media.


45 posted on 06/27/2020 6:55:07 PM PDT by Shark Ranger
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To: SeekAndFind

Amazing, with the bazillions in subsidized student loans going in the deep university commi pockets, they still complain.


46 posted on 06/27/2020 6:58:20 PM PDT by JudgemAll (Democrats Fed. job-security in hatse:hypocrites must be gay like us or be tested/crucified)
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To: SeekAndFind

Good, by God. Quit brainwashing these kids and make ‘em attend a trade school, or something. Learn what you enrolled for, not mealy-mouthed social activism.


47 posted on 06/27/2020 7:03:11 PM PDT by Viking2002 ("If a really stupid person becomes senile......how can you tell?" - George Carlin)
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To: mass55th

Maybe , I mean, maybe if they did not support fake globul warming science and fake Fauci Obama gods faking stats on covid19 and HCQ, maybe these universities would have fared better.

This is such bull sht to blame it on the virus. I guess they never will learn.


48 posted on 06/27/2020 7:03:13 PM PDT by JudgemAll (Democrats Fed. job-security in hatse:hypocrites must be gay like us or be tested/crucified)
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The future of the PHD

49 posted on 06/27/2020 7:06:09 PM PDT by deport
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To: EEGator

One is an editorial assistant at a Christian publisher. The other is finishing her degree online and wants to be a children’s librarian. She’s strongly conservative.


50 posted on 06/27/2020 7:08:32 PM PDT by cyclotic (The most dangerous people are the ones that feel the most helpless)
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To: cyclotic

Both sound like quality people. Money isn’t everything.


51 posted on 06/27/2020 7:10:30 PM PDT by EEGator
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To: EEGator

Yep. All live on their own and have all they need


52 posted on 06/27/2020 7:14:06 PM PDT by cyclotic (The most dangerous people are the ones that feel the most helpless)
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To: cyclotic

Your main mission is complete. :)


53 posted on 06/27/2020 7:16:44 PM PDT by EEGator
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To: SeekAndFind

Convert the universities to public housing.


54 posted on 06/27/2020 7:19:32 PM PDT by UnwashedPeasant (Trump is solving the world's problems only to distract us from Russia.)
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To: neverevergiveup

Covid is also shutting down the K-12 public schools - at least temporarily so
here in Fairfax County they won’t be able to roll out this years new social justice agenda- this year it was going to be BLM. At the very least, it will have to be deferred.


55 posted on 06/27/2020 7:21:12 PM PDT by TeddyRay
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To: SeekAndFind

The destruction of these communist indoctrination camps cannot come soon enough.


56 posted on 06/27/2020 7:24:26 PM PDT by Gnome1949
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To: Starcitizen

I agree... forcing companies to compete for employees will make wages rise on their own, solving much of the Marxist / Communists’ problems right there.


57 posted on 06/27/2020 7:34:53 PM PDT by willyd (I for one welcome our NSA overlords)
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To: SeekAndFind

Long overdue needle in the elite education bubble. (Attractive slime with nothing inside.)


58 posted on 06/27/2020 7:35:37 PM PDT by Albion Wilde ("When you open your heart to patriotism, there is no room for prejudice." --Donald Trump)
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To: SeekAndFind

This may not be a bad thing.


59 posted on 06/27/2020 7:36:52 PM PDT by Linda Tripp (America's Best Best Friend)
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To: AndyJackson

Yup. And an Masters Degree in Interpretive Afro-Haitian Dance just isn’t going to get you $400,000k a year and the corner office.


60 posted on 06/27/2020 7:41:09 PM PDT by jmacusa (If we're all equal how is diversity our strength?)
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