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Fascinating and rather detailed prediction about how covid-19 will precipitate a complete upheaval of the overpriced US university system. https://nymag.com/intelligencer/2020/05/scott-galloway-future-of-college.html …
“Coronavirus is forcing people to take a hard look at that $51,000 tuition they’re spending. ‘Wait, my kid’s going to be home most of the year? Staring at a computer screen?’ There’s this horrific awakening of just how substandard and overpriced education is at every level.”
“When will there be a reckoning? It has to come before classes begin this fall. Over the next six weeks, when we realize that the deposits and registrations for the fall are down 10 to 30 percent.”
“We charge them $7,000 per student. That’s $1.2 million that we get for 12 nights in a classroom. $100,000 a night. The gross margins are between 92 and 96 points. There is no other product in the world that’s been able to sustain 90-plus points of margin for this long.”
“What drives those margins? Not education. It’s credentialing. The most value-added part of a university is not the professors; it’s the admissions department. They have done a fantastic job creating the most thorough and arduous job-interview process in modern history.”
“The cruel truth of what pretends to be a meritocracy but is a caste system is that your degree largely indicates or signals your lifetime earnings.”
Also: covid19 will hit US universities hardest in 2 of their most profitable areas: (1) sports programs (2) foreign students (who don’t qualify for financial aid). Sports probably bounces back. Foreign enrollment may not.
Brilliant. I hope we see falling costs and expanded acceptance rates for kids of similar merit. “The cruel truth of what pretends to be a meritocracy but is a caste system is that your degree largely indicates or signals your lifetime earnings.”
Excited to see what this means for the future of online education, but it feels like there's a missing piece right now in the social "campus" aspect
I’ve had several versions of this discussion in the past 4 weeks. The 3rd tier universities and below are going to suffer in particular. I also think new models will emerge that incorporate trade education and work experience.
I think a more probable outcome will be more students staying local to pursue their college education at state flagship public schools where tuition ranges from $10k to $15k. $50k is for privates or out of state tuition.
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