“He notes this is the only industry in America which has yet to face significant pressures to cost-cut.”
I never heard of Professor Scott Galloway before now but he’s a smart guy. He apparently hosts an online program for Vice. His predictions for higher ed are pretty dire.
Via Ace of Spades who explains:
His basic notion is this:
American education has long been absurdly overpriced. He notes this is the only industry in America which has yet to face significant pressures to cost-cut.
He says that parents are getting to see what their $76,000 per year is buying them– because now they can see the witless profs lecturing to their kids on the Zoom sessions they have online.
And parents are thinking: “This is worthless. I am spending $300,000 for something absolutely worthless.”
Not just worthless — in addition to the debt, there are four years (at least) of lost wages and lost experience to consider.
He also notes that many students — maybe the most in recent history — will decide to skil college next year, because college might not even be all the way open. Many will take “a gap year.”
This will cause many colleges to go bankrupt.
Watch below. It’s 17 minutes long but worth it:
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