Only the wealthy going to college?
Only the wealthy going to college?
No.
There are not enough “wealthy” families to support all the colleges. Sure, the IVY league colleges would keep their rates high, but most of the run of the mill schools would have to cut back.
On a side note, Americans have been fed a bill of goods concerning college degrees. Some degrees are valuable and in fact do required the additional years in school. But a lot of degrees today are just plan worthless. It is these degrees that will go away.
Fact is a good portion of freshman will not earn a degree yet they will have a large debt. Even those that do get a degree will most likely not find work in their field. And if they do find work in their field their pay will not be enough to service the debt. (this is not true for everyone, but I contend it is true for most).
PhD especially is a worthless degree. There just are not enough work for all the PhD that graduate each year.
What we need more of is salesman, carpenters, plumbers, welders, electricians, gardener, and so on. That is people with specific skills.
Think of any industry or business. It is in the shape of a pyramid. The base contains most of the employees. As a person moves up there are fewer positions until you get to the very top.
All those college graduates will start at the bottom. A degree may get your foot in the door, but no degree will allow you to start at the top. Yet you would still be burdened with debt. (The exception is when you create your own business, then you start where you want to start).