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 …
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“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.”
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“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.”
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“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.”
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“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.”
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“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.”
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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.
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End of conversation
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