The Future of College

Interesting topic. I have been thinking about this for a few weeks. I have a Big Ten Soph studying Business.

He is paying huge out of state prices and experiencing little of real life or college experience under the new on line rules.

It occurred to me that a different approach maybe necessary if colleges do the same in the Fall. I can think of lots of ways to do this but my approach would be something like this:

1. Continue on line learning in a very targeted approach (pick the things you need to learn)

2. Get a mentor to help guide you and tell you what you  need to learn because you do not know what you do not know.

3. Work with business owners as an intern/apprentice to learn the ropes from the bottom.

4. Seek out opportunities in unusual enterprises (political realm, business, non profit, etc)

5. Work for free and it still costs you less and teaches you more.

The challenge comes when you want a "Real" job that requires a Diploma. Thinking about that.

Aren't most colleges in the USA state funded? At least public universities are funded by taxpayer money and not go out of business, right?

@Dominik85 posted:

Aren't most colleges in the USA state funded? At least public universities are funded by taxpayer money and not go out of business, right?

Public Universities can be closed down or merged with other campuses, even though it is very rare.  Also, I expect many Universities to enact emergency measures, which could include cutting sports, cutting programs (and thus faculty), and other factors.

I have a friend who will be sending 2 boys back to a very expensive out of state school, 40k each. She is thinking if they have online classes, she will just have them get their degrees on an online school, then go their for grad school.

Was talking to a NYU sophomore today(Business). He says that the NYU Admins are adamant on not taking a paycut, and are getting a lot of flack for it.

Gunner Mack Jr wrote, “the impact on sports world be obvious, fewer places to play.”

100% correct. This is going to provide an unwanted reality check for many players and their parents. Up til now if a kid wanted to play bad enough there was usually a place for him. Those days are over. Competition will be fierce at the most competitive programs and it will step up everywhere else. There are likely to be less scholarships to be offered at many schools. It’s never again going to be the way it was. It will be way more difficult going forward. 

@57special posted:

Was talking to a NYU sophomore today(Business). He says that the NYU Admins are adamant on not taking a paycut, and are getting a lot of flack for it.

   

I will be you that this student knows who Professor Galloway is since he's NYU (The guy interviewed for the article).  Galloway started an internet business, sold it for good money, got into education, and is an extremely rational voice on business models and stock valuations.   I only have one problem with the professor and its that he's blocked me on twitter.  I have him on my burner account...... HA!!

@adbono posted:

Gunner Mack Jr wrote, “the impact on sports world be obvious, fewer places to play.”

100% correct. This is going to provide an unwanted reality check for many players and their parents. Up til now if a kid wanted to play bad enough there was usually a place for him. Those days are over. Competition will be fierce at the most competitive programs and it will step up everywhere else. There are likely to be less scholarships to be offered at many schools. It’s never again going to be the way it was. It will be way more difficult going forward. 

Never is a really long time. Life is in a constant state of evolution. What’s occurring now will likely have a ripple effect that lasts three years or longer. But the ripples smooth out. Baseball has always been a vulnerable sport given the season lasts longer than the school year. And in some areas weather plays a factor.

PG has changed college baseball. A lot of players stayed in state until PG. Now any kid in a cold weather state with the ability gets out of Dodge. UMaine used to be nationally competitive. Now their best players are leaving the northeast. They’re terrible now. Boston College lost a #1, 2, closer and cleanup hitter to Vanderbilt when they won the CWS. These were all high draft picks from Massachusetts. Twenty years ago they would have gone to BC. 

@RJM posted:

Never is a really long time. Life is in a constant state of evolution. What’s occurring now will likely have a ripple effect that lasts three years or longer. But the ripples smooth it. Baseball has always been a vulnerable sport given the season last longer than the school year. And in some areas weather plays a factor.

PG has changed college baseball. A lot of players stayed in state until PG. Now any kid in a cold weather state with the ability gets out of Dodge. UMaine used to be nationally competitive. Now their best players are leaving the northeast. They’re terrible now. Boston College lost a #1, 2, closer and cleanup hitter to Vanderbilt when they won the CWS. These were all high draft picks from Massachusetts. Twenty years ago they would have gone to BC. 

Yes, never is a long time. And I could be wrong now. But I don’t think so. Cuz it’s a jungle out there! 

@Dominik85 posted:

Aren't most colleges in the USA state funded? At least public universities are funded by taxpayer money and not go out of business, right?

In 2010, Iowa's public universities got most, but by no means all, of its money from the state. In 2016, the last year I can find information, only 34.7% of its money came from the state. Tuition and fees are now the largest source of money, providing more than 55% of the revenue for our three state universities. The three schools are projecting that they will lose $187 million in revenue and added expenses due to COVID. They will definitely be looking at cutting programs, staff, etc. They may not go out of business, but they will definitely not look the same as they did before. 

Well now is a pretty good time to cut the hell out of all the unnecessary administrators added over the years that contribute little to education.

Strong message to follow.

I think hell might have just frozen over... Williams lowers tuition by almost $10k.....

https://williamsrecord.com/202...ith-reduced-tuition/

@57special posted:

Was talking to a NYU sophomore today(Business). He says that the NYU Admins are adamant on not taking a paycut, and are getting a lot of flack for it.

   

This is always the reaction to a disruptive event in an industry, any industry.  It's always the same - the incumbents take steps to preserve the business model, hold the line on pricing/revenue, ride it out.  Sometimes it works, but when the disruption leads to permanent industry change, the dinosaurs die off.

I have no doubt NYU will survive, along with the Ivy's, the likes of Duke and other top private and public universities.  But there are many, many universities that are pretty mediocre yet charge stratospheric prices.  People will figure out they don't need to pay $60k+ for a mediocre education, or even a great education.  The genie is out of the bottle with regards to online learning.

In that Williams article, they also stated no fall sports competitions.  :/

No fall sports, but they allow practices.  I wonder if their faculty and staff are taking pay cuts?  or just saving the money on sports and extra-curriculars, plus their endowment, is enough?  I also wonder how many of their students were paying full-freight anyway, as opposed to having it reduced through need-based aid?

I disagree completely with Galloway and online education.  He thinks Harvard et al can "leverage their brand" by going online.  The whole point of their brand is gathering students in one place, for in-person learning.  None of that happens online.  Education is not detergent.  One thing the shutdown has shown is the value of in-person education, both at that k-12 level and college.  I am now much more aware of it than I used to be.  It is really hard for students to do online education, not just because of the technology and new teaching modes, but because of all the external factors. 

It is really hard for students to do online education.

I majored in Econ/Quantitative Methodology (now called Quantitative Analytics). I was strong in math. I didn’t find college hard. I went to class. I read the assignments. I never studied for tests. My view was if I didn’t learn it already what was staying up late and boring myself going to do for me. I didn’t let Finals in the fall semester get in the way of Dollar Pitcher Night 

What a class schedule did for me was provide structure. It put a professor in front of me I had to show enough respect and courtesy to pay attention. I’m not sure how well I would have done with time management online at eighteen years old. 

My son took a couple of summer school classes online while playing college summer ball. He said it was hard to wake up and be disciplined to do the work on his own every day and not fall behind. 

@Gunner Mack Jr. posted:

I think hell might have just frozen over... Williams lowers tuition by almost $10k.....

 

https://williamsrecord.com/202...ith-reduced-tuition/

Now that is interesting.

I think Williams' decision to lower tuition is shocking.  That is not a school that would have trouble attracting students at full price.  And the cost of attending private universities hasn't had any relation to inflation or anything else in the real world (except what the market will bear) for a long while, if it ever did.  Williams should be able to easily afford the cut though--and this may put (some) pressure on other wealthy, super-HA institutions to do the same.

Unfortunately, not many schools are going to be able to follow Williams' lead.  Public schools have seen declines in state funding for at least a couple of decades (while spending generally has gone up). ( https://www.chronicle.com/interactives/statesupport  )  Most private schools rely on tuition for operating funds--only a relative few have large endowments.  And every school has been thinking about the fact that the number of college-aged Americans is set to decline significantly in the next few years.

I don't think Harvard and other big names will need to change their model much, if at all.  But there does seem to be some kind of shake out coming among U.S. schools.  Many were predicting that pre-C19; the pandemic is just going to add to the stresses on colleges.

In the northeast there’s a snobbery about attending private colleges. I’ve never understood the benefit of paying 60K to attend a no reputation private versus a campus of the state university system. One person’s reaction to my telling them my son was at a Big Ten was to ask if he took high school grades seriously. 

These insignificant privates have been struggling, merging or going under as tuition rises. I have to figure COVID will have a devastating effect on these privates over the next couple of years.