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.
Youre 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 theres going to be demand destruction because more people are gonna take gap years, and youre 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 doesnt look, smell or feel much different than it did 40 years ago, except tuitions 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, theyre 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: its a terrible deal). In addition, our cash cows (international students) may decide xenophobia, Covid-19, and H1-B visa limits arent 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 were 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.
Every cloud has its silver lining.
The only thing of concern to me is, where will future doctors, dentists, scientists, mathematicians, astronomers, chemists, linguists, veterinarians, etc. get their training?
Get all the best in their fields together under one website and call it Bill and Ted’s Excellent University.
What’s goin at Texas A&M?
What’s going on at Texas A&M?
Hahaha . It will be somewhat entertaining to watch loser LIB lunatic professors trying to find other work. LOL . More popcorn ! !?
1. Problems in real life are all an open book test with unlimited time.
2. When I went to engineering school (MIT), back in the 60s, all of our tests and exams were open book, open notes, open anything you wanted. The questions were designed to make you think rather than recite memorized facts that would soon be forgotten. In general, if you had to look up how to solve a problem you were not going to get that one right.
The universities with STEM programs will survive. But, these programs attract primarily White Males. This will cause problems for the academic elites, as they try to force women and minorities into these programs.
I know someone, a liberal,who went back to school late in life, got a master’s in social work. Actually worked in the field for about 5 months, if that, and returned to not working. Lots of time and money wasted.
My opinion from 50+ years of various job requirements: Learn math up to two years of algebra and learn to read and write coherently: you can accomplish anything you set out to do. I tell this to nieces and nephews of various ages and their kids. I’m only 68 but have seen / done lots of different things, mostly technical in nature.
Retired earning a six-figure income with a GED, a willingness to learn new stuff, and insane curiosity. Same pay scale as the folks with papers.
Off Topic: Nice thing about age: I can sit down with the nieces / nephews and we can *all* have a beer while trading stories.
This is some of what is taught today:
Maybe try bringing the costs to the students down to 1950’s levels, considering most education is virtual and on-line already.
Bye-bye Marxist professors. You cut your own throats.
Why do I feel no sorrow or disappointment at this news?
My son got his masters degree from Florida Atlantic University. He said his professors were so liberal it would make him ill.
Were he to voice his conservative beliefs they would have failed him in a minute.
Colleges going broke? Good deal.
SJW’s want to remove statue of Lawrence Sullivan Ross with support of quarterback and other team members. Absence of leadership in effectively dealing with the controversy and alums talking about “not one dime more.” Go to Texags politics and general boards.
I hate being put into a position of defending Yale’s law school but that could be more of a function of Hellary’s laziness & sense of entitlement. Not necessarily an indictment of the quality of the law school.
I think the number of the “big schools” that make money from their football program is from a handful to like ten. I remember reading an article on it a few years ago and we shocked how small the number is.
Yes good news, but unfortunately the academic elites will not let this feeding trough go empty. I predict it wont be long until young adults are forced to attend and pay for these indoctrination camps. They are just figuring out how to pull it off, or sell it.
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They have already, it is called licenseing and credentialing.
Typo
we = was
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.
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credentialing and licensing occurs already in most fields and those agencies are the ones who require the college and grad school tickets.
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