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.
In my mind’s eye, I see a delicious vision of a multitude of Professors trying unsuccessfully to get any kind of job then can get — overqualified....no skill——you’re an asshole-—
Why have a physics class from your local state university's physics professor who resents his research time being consumed by teaching an undergrad class when you can get today's version of Feynman? But that should drive the per student price down.
MEDICAL STUDENTS at several universities do not receive grades, and in those schools it's almost impossible to fail, so it isn't just online learning that has this problem. The solution, IMHO, is exit testing. There need to be specific tests (NOT government based) that determine whether or not you've mastered the material - whether form online learning or a bricks and mortar university.
To put this into a relevant perspective, consider the Bar Exam as a test of whether or not your law education has made you competent as an attorney. Hillary, after graduating from one of the ridiculously and pathetically overacted law schools (Yale in this intstance) failed the Washington DC bar exam. People from much ‘lesser’ law schools, per pedigree, passed the exam that year. What does that tell you about the US higher education system? Think about it.
Yet another positive consequence of the epidemic.
Football team, QB1 went SJW to remove founder statue. School with strong traditions being challenged absent any university leadership.
Dear Fellow Conservatives, never let a crisis go to waste. It’s time for us to push harder against what “higher ed” has become, an expensive place to indoctrinate American students against their own country. We should call and write our rep.s about DIVERSITY OF VIEWPOINT in higher ed. as we’re the one’s financing much of it. Demand more Conservatives in our colleges!
“People from much ‘lesser’ law schools, per pedigree, passed the exam that year. What does that tell you about the US higher education system? Think about it.”
One of the dullest intellects I ever encountered got a PhD in psychology from CU Boulder. What a dumbass. And that was back in the 1970s.
Thing is, almost all the classes I took required one to demonstrate a command of the material. Even archery and fencing. The proof of that system, I think, is reflected in the scores I got on the GRE and the LSAT.
I don’t understand? A college kid is not at risk of dying from COVID-19.
Yes. It’s much harder to export plumbing and HVAC jobs overseas, although the leftards will try.
Oh, wait a minute. They already have. Never mind.
Hopefully all those progressive professors can learn how to code or at least work a cash register or expresso machine.
First, Get rid of every program, professor, employee, class, and office with the word “Studies” or “diversity” in it. That should knock off 1/3 of expenses.
This article actually seems to get it.
just learned that our local poorly paid teachers make $100,000 a yr with seniority....can only imagine what these professors make....and for what?.....give the engineering professors, medical doctors, etc their due...but school of education?..sociolgy?...insane...
I think a lot of colleges will drop football....football of all the sports is the big spender, even though the bigger schools can bring money in as well....
Colleges are the head of the leftist snake. Shut them all down, put Americans in charge, fire the commies, and open them back up to teach sense rather than nonsense.
The footsoldiers of the Left in Academia didn't all while screaming like Karens to #KeepItShutDown while they were getting their paychecks from University.
That's gonna dry up like the morning dew, darlin's.
Woohoo!
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