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"Death Spiral" - Harvard Professor Predicts Up To Half Of US Universities May Fail In 15 Years
Soaring student debt, competition from online programs and poor job prospects for graduates are shrinking the applicant pools for many universities and, as Bloomberg reports, the National Association of Independent Colleges and Universities warns "there will clearly be some institutions that won’t make it...through these difficult steps." Rather stunningly, Moody’s found that expenses are outpacing revenue at 60 percent of the schools it tracks even as many try to slash their way to balanced budgets," and concluded "what we’re concerned about is the death spiral... this continuing downward momentum for some institutions." As Harvard professor Clayton Christensen has warned, as many as half of the more than 4,000 universities and colleges in the U.S. may fail in the next 15 years, and is "not sure a lot of these institutions have the cushion to experiment with how to stay afloat."
Dowling College (on Long Island), which got a failing grade for its financial resources from accreditors last month, epitomizes the growing plight of many small private colleges that depend almost entirely on tuition for revenue. It’s been five years since the recession ended and yet their finances are worsening. Soaring student debt, competition from online programs and poor job prospects for graduates are shrinking their applicant pools.
As the debt loads and poor payoffs finally meet market forces...
“What we’re concerned about is the death spiral -- this continuing downward momentum for some institutions,” said Susan Fitzgerald, an analyst at Moody’s Investors Service in New York. “We will see more closures than in the past.”
But Harvard Business School professor Clayton Christensen has much more dire warnings of the technological shift...
as many as half of the more than 4,000 universities and colleges in the U.S. may fail in the next 15 years. The growing acceptance of online learning means higher education is ripe for technological upheaval, he has said.
“I’m not sure a lot of these institutions have the cushion to experiment with how to stay afloat,”
...
“There will clearly be some institutions that won’t make it and there will be some institutions that will be stronger because of going through these difficult steps,” said David Warren, president of the Washington-based National Association of Independent Colleges and Universities.
The flood of credit to reflate yet another bubble has simply mispriced yet another critical aspect of society past...
“We haven’t hit bottom yet,” said Glenn Harlan Reynolds, a law professor at the University of Tennessee in Knoxville and author of the book, “The New School: How the Information Age Will Save American Education From Itself.” Students are shopping for a less expensive education as the cost of college has increased and the job market worsened, he said.
But, rather worryingly for the future of that exponential trend...
Moody’s found that expenses are outpacing revenue at 60 percent of the schools it tracks even as many try to slash their way to balanced budgets, according to Fitzgerald.
Time for the government to find another credit transmission channel bubble to blow
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Long colleges with winning football programs.
Long apprenticeships.
BTW stay classy Intelligence_Insulter.
Apprenticeship was my path and it works.
Who will be left to teach the religion of Keynesianism if the universities fail?
This process of educational decline mirrors the Constitutional Decline we have been experiencing, there is a falling apart not just of infrastructure but of morality and values and quality of people. This is the very sort of decay that afflicted the Roman empire and it coincided with their inability to further expand. Similar things we are seeing now in our accelerated empire lifespan.
My alma mother, Thomas Jefferson Virginia State University New Buffington Campus of the Commonwealth College of the Americas, will bee around for a long time. My bizniz degree is invalable. There online, at knight, part time currikulum cant be beet!
One simple fact the author overlooked was there is going to be a LACK of qualified kids. Simply put, the products of the ghetto and the hood are not qualified to go nor can afford to go. Our baby bust will for sure do the lower ranked colleges in. RIP marxist, existential liberalism!
Qualifications haven't mattered in some time. Today the only qualifications are whether they (or someone helping them) can fill out a FAFSA form.
And therein lies the problem...
There are a lot of 'institutions' which are better off dead. Harvard is the first one to come to mind. Unfortunately, it is probably last on the list to go.
We would be fine without half of the schools. The path to get there, however, will be a bitch.
I thought it was common knowledge by now these "institutions" were nothing more than debt zombie factories...
That would be Tenure Zombies.
Harvard will merge with Goldman Sachs, Stanford and Google to create "The One". Supreme World Leader and corporate deity!
Marc Faber's take on higher ed. (hint-it's better to just have a brain and know how to use it): https://www.youtube.com/watch?v=F-hTffVyB9U
Good point. I'm top 1% of college-bound seniors. But what does that mean in the Obama nation? If anything?
Good point. I'm top 1% of college-bound seniors. But what does that mean in the Obama nation? If anything?
I wonder if there will be a "lack" of qualified kids for the future planned economies? Foundations and endowments have been vehicles used by TPTB to pervert the course of TRUE tertiary studies and research in sciences, business and arts fields.
Colleges seem to be production lines to form debt and identify useful idiots who conform to the myth of humans being consumers and the validity of consensus science that justifies planned economies and planned societies for the "global" good of a few. I suspect there will be no 'lack' in the minds of the psycho's running this debt servitude ponzi scheme.
Perhaps kids moving away from tertiary education is a good thing in some respects. As SME's are crushed the youth look to secure employment with the mega-corp's serving the fascist trend and all that comes from that moronic 'utopia'. A possible backlash could be us supporting the micro businesses that more of us are setting up and countering the system by recruiting kids who have not been indoctrinated by advanced education; the role of elders (us) should be to pass on knowledge and skills in a way that allows the younger generation to become self sufficient, wise and resilient so they can become people who can defend, protect, nuture, grow, stimulate advance the lives of our and their next generation families.
If in your job you get a chance to pervert the rfascist ecruitment system DO so! Don't ask for their qualifications perhaps ask them to come back and talk to you after they've read a key book/ experimented with solving a problem.... anything that points to their willingness to learn and try. Perhaps your patience and perspective will bring the kids into the fascist backlash.
I ran a post-gradute technology program at a well-known mid-western university and even in that field and at that level the Cultural Marxist/PC/Equalist/AA agendas were beginning to pollute the learning environment. This was about 20 years ago. The damage done from a pedagogical perspective was enormous and it's got drastically worse in the interim.
True. I had to go to a local state 4 year university for something about a year ago. I walked around the school. I remember 30 years ago it was a spartan or utilitarian place. Today, they have buidlings that would be class A office buildings with upscale furnishing.
I would guess 40% of the kids attending can barely read. College has become a right. The state or private college will baby sit a lot of illiterate kids who will get a diploma. I bet many of this subset will still have a 5th grade reading level.
I thought it was how fast they can run the 40 yard dash.
The Universities are lobbying Congress to hand out visas and put degree holders on the path to citizenship. Already most of our graduate studentsa are foreign.
Just a coincidence that Visa holders make less and have to work harder than citizens. They run them ragged at my place. Sad really.
pods
I'd take them over some lazy lump who gets in for politically correct reasons
Assuming here your comment on "the ghetto" and "the hood" referred to Black and Hispanic kids, I have to ask you to expand your definition of useless to be more inclusive. I For the record, I interact daily with lots of kids and have to let you know that the White kids are no prize to be sought after either. Low expectations transcend race and neighborhood lines.
For 40 years black and Hispanic kids have had significantly lower Sat scores. When the shame got too much to bear, their liberal mouthpieces starting convincing schools that scores don't matter. Doesn't make them any dumb.....
Hey, they gave out $500k mortgages to gardeners why not give out $50k in student loans as well as $50k in grants to gang bangers?
I was in college in the late 80's - early 90's and it does have one thing going for it. Tons of women your own age and away from home as well as copious amounts of drugs and alcohol. As far as an education goes ...... Yeah, not so much. Very expensive women and cocktails.
Completely OT: I saw no info on the shootings in KC on ZH. Did I miss it? Usually these lone wolf shooters get at least one thread.
Certain topics are verboten on the new ZH.
That was the feel good story of the week.
More like exponential decline. In the last one hundred years civilization has been on steroids. Empires have risen just as quickly as they have fallen.
Perhaps the recession didn't end? Or doesn't that compute to the overpaid brainiacs out there?
Ein Volk, Ein Obama, Ein Reich!
The universities have been failing to help turn out informed citizens who can think for themselves for decades.
What else is new ?
The new Univercity pogram will follow the degree path I encapsulated. I articulated at the Univercity of Phoenix where I perused 2 duel degrees in Forestey and once in Arkeology - all from my GramGram's basement!
I come your woodlot, inspect for Amurikan Chestnut, dig haunted burial ground, same day!
As always thanks you very much Univercity of Pheonx!
Surely, there is no need for anyone to teach that which becomes self evident for the true believer.
Gay Rights & Women's Studies
Do you imply you need education to be irrational and self serving?
15 years?
Thats way too long for a lot of them.
They are already obsolete.
If education wasn't a corrupt, subsidized parasite,
a shake out would have occured years ago.
Liberalism having gone full circle.
Yes but now you can get a 'low cost degree' too! Just select a college that failed when you would have been in college with perhaps a focus on one that failed far away from where you are now living and thus unlikely to have few if any alumni who attended that school around and claim a degree from the school. In fact, if you contact the registrars office of a failing school and offer a soon to be unemployed clerk in that office a small 'bonus' they might be happy to print you out a transcript showing your outstanding academic achievements and a black diploma for you to fill in! Look up the school and memorize a few campus landmarks and faculty members from your 'college days' and you can have your degree in a week!
hey now..dont be giving away the secrests of success
Oplerno will grow and grow because it is not dependent on student loans. Check us out! Oplerno.com
The "at risk" universities will have to find a way to integrate on line education to cut cost, those who do it well will succeed, those who don't will perrish. That is the way it is suppose to be in America. Fuck you Obama!
Short any prediction that comes out of Harvard.
Burn MF'ers. I got my first degree from a school that will exist as long as the US does (20-25 years?). Free, too, if you don't count blood, sweat and tears.
What School is that, Nuclear Squid?
Roll Tide!
the tide will go out as soon as the players start taking all the revenue generated from the football (and other sports') programs as their own....a la Northwestern Univ.
which, in turn, will accelerate the date of death for many universities as a major source of revenue to the university's general fund dries up.
@Shad_ow
Yes, one of my favority poems:
Roll Tide, Roll!
Around the (toilet) bowl
and down the hole!
Roll Tide, Roll!
Indeed! And the best party schools.
Slippery Rock?
Went to HS with people who went to 1) Slippery Rock 2) Grove City College 3) Bowdoin College. The guy from Bowdoin asked the guy from Grove City how things were going at Slippery Rock. The Grove City guy was so insulted and pissed he didn't talk to Bowdoin guy for awhile.
Go Hokies!
uh, "Crush 'em Barnacles!!"
SEC, SEC, SEC. That would be the SouthEastern Conference for the non faithful.
Useless.
"Time for the government to find another credit trannsmission channel bubble to blow"
Red pencil manufacturing.
They will do exactly what they've done for the last 35 years-- raise tuition to make up the difference. As long as the taxpayers are on the hook, and loans are plentiful, what's to stop them?
As another poster mentioned that the universities are like a factory. Get the kids in there. Need an Apple lap top. Books. How about a credit card? Food plan? Obamacare too. Need more student loans. The BS is endless.
One of the biggest secrets is the tens of billions in grant money for worthless projects and studies.
I had a friend who worked on technology at a well known school. They are supposedly a premier medical research university. Well it is all about endless grant and grant money. The research is a joke. The systems being built have no hope of ever working. Burn the money and look for a new grant. Insanity.
You mean like harry ried's solar farm on the public land next to Bundy's ranch in Nevada?
They've already hit the cieling for that at my university (a major state university). We are leading the nation with the most debt per student graduating, though I am fine b/c I came in as a grad student with a research assistantship. What they should do is close two of the three gyms, knock off the $10,000 per event free food parties, and stop with silly degrees like pre-diet and exercise (with corresponding faculty). Cutting the funded offices like the Office of Sustainability and various BS giveaways like the $3,000 cake for the LGBT club annual banquet would also help.
But instead, they expanded the campus population by 50% since I first started grad school, and lobbied the state for a "tuition freeze" in the form of a $20 million funding increase per year, i.e. $7 extra in taxes per person per year. So it's already the case that when the faculty can't milk the students for their 6% salary increases, they will milk the taxpayers. After all, we need those three gyms in case we lose two of them!
a rare positive article on Zerohedge! :-)
Beat me to it ;-)
i agree. i have a 6 month old. fuck 25k a year for that piece of paper. I will help him go to school, but not like our present system
A six month old, first of all, congrats dude!
Second, I ain't gonna lie, we structured our lives (financially) so that Mrs.N was able to stay home for a few years simply because I made more, we could. We went without because we could, for the greater good.
I know some aren't in that position.
The result was, knowing math, the alphabet, reading before ever entering the system, thats on Mrs.N, I only supplied her the support to do it. In Florida, we have a college pre-pay plan. Kids can go if they're capable (or have the skills or interest) but the funds are not tied to them...like, if they want a Vette, instead of going to college, we say no, it reverts to us. Many plans try to take "tax advantage" by putting the funds in the kids name, not cool IMHO.
Anyways, look into what plans you have in your state and see if one is right for you & him/her. If one isn't right, well you can move and the trades aren't a bad way to go either.
Its how I paid for mine, we need electricians, plumbers, mechanics, engineers etc more than we need lawyers & shrinks anyways ;-)
Send the kid to Europe. I found out Cambridge has a one year MBA program which would only cost around $63,000 for the year. I am still undecided on whether I could tolerate the bullshit to put it to use.
+1 - I can't wait to bask in the gnashing of teeth as this thing comes crashing down. Is there a more thrilling catharsis?
Finally, some good news .
I posted this a few weeks ago regarding this subject. you guys gotta get your hair cut where I do. you will be ahead of the curve.
http://www.zerohedge.com/news/2014-04-06/ongoing-inflation-higher-educat...
Collapse is not coming... Just financial assets. Then, college will be cheap again in real terms...
reasons why?
if the past is any indication of the future, plenty of collapses ... kind of starting with a clean slate.... makes sense to me, why different this time?
Public Education died.
Now, we have Education Business.
When the volunteers for student debt don't show up, how are you going to make payrolll.
Better question, when the the Castro model fails (again) will the indebted students flee, instead of work off "their indebtedness" to the state?
I'd like to know how to short those bonds
Apple's bonds
http://www.defyingthespectrum.com/wp-content/uploads/2013/03/apple_via_e...
haha wow. How many do you think actually paid for it themselves?
I wouldn't. Education financing is TBTF.
Sounds like a reasonable outcome to overcapacity of low quality education not to mention low demand for any education.
Law schools should be the first to go. Gross overcapacity turning out unneeded attorneys whose only option for making money is working as ambulance chasers.
Every attorney I know - including a few who went to top schools and are employed at the top of their profesion - feel that they made a huge mistake. Those that are best off feel that they sacrificed their personal and family lives (one saw his kids only on Saturdays - leaving before they woke and getting home after they went to bed). They are still expected to rack up billable hours and be available 24/7. Those that haven't done as well scramble to stay employed and are still paying off student debt. Universally they hate what they do - but then the attorneys I know still have a soul and some sense of ethics and morals.
Interesting. You certainly know some exceptional and nice lawyers.
But truthfully, it is a degree program that has been asking for a crash.
I relish in the free hand of the manipulated marketplace having its way with them....
Can lawyers sue themselves for choosing an often grossly overpaid and too often parasitic profession? If so, they could pay themselves a huge settlement and declare it a tax loss.
Oh noes! The lawyers are sad! Call a suck truck to vacuum up the tears I weep for them.
Socially when I meet a lawyer at a party or what not I get an odd mix of revulsion and schadenfreude; I have to stifle laughter when they use their lawyerhood in an effort to pick up women; I don't get how an attorney can be so beta - and 90 % seem to be - qualifying themselves incessantly to some sloppy whale that should be at sea sifting for krill rather than drinking bud light and eating deep fried cheese stix.
Lawyers - as useless as tits on a Boar.
There's still a sizable portion of the population that has a fetish for experts and titles.
But these universities have been wasting an incredible amount of money building facilities. And their "endowments" are really just the professors retirement funds.
Professors?
http://www.businessinsider.com/here-are-the-salaries-for-the-highest-pai...
Duh... Accomplishments require real talent whereas titles can be purchased, smoodged, or faked. A nation of no talent ass-clowns will naturally have a fetish for titles over accomplishments.
“In times of change, learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.”
-Eric Hoffer
I thinks Hoffer just about sums up the output of today's universities
Hoffer and H. L. Mencken should be read by all who frequent these boards.
It looks bleak...
these charades are complicated... give Larry Summers a call.
He will not disappoint.
MOAR foreign students! MOAR jumbo student loans!
I sure hope Hamburger University isn't on the list. How else are the 70 year olds going to learn to flip burgers?
http://www.aboutmcdonalds.com/mcd/corporate_careers/training_and_develop...
Only franchisees go to Hamburger U. Employees only get OJT.
Waita sec...the Academics can't budget? Who woulda thought?!?!
Academics don't run universities, dumb ass administrators with MBAs do. And finance assholes.
Why don't they have their economics department give them a solution?
"Knowledge is good." - Emil Faber
"Seven years of college down the drain. Might as well join the fucking peace corps." -- John Blutarsky
Mars University, and a proud, joyous sutdent...
Half of the Universities deserve to fail. But this assumes that the remaining universities have to become more productive.
Most people do not understand that Universities are necessary. Imagine TPTB having to make decisions based on some real metric of competence.
Imagine them making hiring decisions without having some piece of paper to help them???? LOL Impossible.
For every applicant for a student loan, hand print the following on the top of every page and sign the notation. Others may craft better language. My text is only suggested, but not guarantied to be effective:
It is hereby agreed by Lender and Student, that my total student loan debt (including principal, interest, fees, penalties and costs of every kind) shall not exceed 10% of my after-tax income earned for the period of 10 years, beginning on the date I receive my undergraduate degree. Lender agrees not to enforce or collect any excess debt. If the Lender's loan is for only part of the time I attend undergraduate school,then my obligation to that Lender shall be pro-rated. These hand-written notations supersede and override all conflicting text.
Perfect.
There are probably about 500000 unemployed lawyers who could file and argue your case for nothing upfront. Many of those might even be good......
Peak Education, with Peak Government, with Peak Stock Market....what could go wrong?
maybe the UNC fake class model with sports teams working as slaves, is more profitable.
.."as many as half of the more than 4,000 universities and colleges in the U.S. may fail in the next 15 years."
That's a good start.
But where are you going to park our otherwise unemployable 18-24 year olds? You can't expect them to go straight to Starbucks from High School.
That's why man created war.
A couple weeks ago my MakerSpace bought a 3D printer, and I am teaching myself robotics so I can build some computer controlled lab equipment (did research in universities for 10 years, most lab equipment is a obscenely priced). In a couple years we're going to be running some light custom manufacturing based on what we're developing now. Hopefully the crash will make more regs unenforceable; if you've ever had to do regulatory reporting you know how much time is wasted on reports that no one will ever read.
We have also been talking quite a bit on how we can start doing apprenticeships and alternative means of educating some of the middle and high school kids in the area. Bringing them into the shop and working on some projects is the main thing for now. The university is too expensive and kids are not getting value for the money. The only thing keeping them afloat is the state monopoly on degree granting.
"Man is born free, and everywhere he is in chains."
- Jean-Jacques Rousseau
You're in chains?
stfu and pay yer taxes to the tribe. Or else
My Son-In-Law's Fucktard Brother In Law is 51 years old, has a Degree from LSU, Masters from UConn, and is still in school on student loans. Driving a BMW, never a shortage of cash for travel, no one in his family has a fucking Clue how he pulls this off. Oh, did forget to mention he sued a former Professor College Professor and the University for an alleged knee injury playing volleyball at the Professor's cookout at the prof's home? lmao.....Forgot to tell them about his high school football injury on the same knee. I was so pizzed I called the Professor's home and told him he was being played by a con artist.....6 months later they settled out of court for an undisclosed sum of money. I even sent a videotape of him jogging after the supposed cripplng accident. Can't believe the University paid up....but W T F... free taxpaer money to burn.
Thanks for your efforts to bring the scum's actions to light. You did the correct thing.
Bullish!
"Right sizing" universities wouldn't be a bad thing. Get rid of all the useless politically correct classes and those that, otherwise, don't lead to employment. This would cut most time to get degrees by a year or more. Don't admit students that care barely read (yes, its true). Get real about pay and benefits. Some will make the cut. Some will not.
I don't see this type of restructuring as a bad thing.
The college i work at has changed dramatically in the last few years. More and more useless directorships, more and more stupid diversity training requirements. It is becoming so corporate it is no longer a nice place to work. The political infighting is becoming very bad, but the money keeps rolling in. We teach a lot of people who have at best a 6th grade education but somehow manage to get a degree, usually in something worthless. Its all about the students ($$) of course. This will end badly like everything else here in Amerika. For now I will ride the dragon but in the end I will get be eaten as well :)
US Education has only one chance:
Inverse Outsourcing of Education.
Relish in the Double bendover of the American Student.... to say nothing of the taxpayer.
This is bullshit. Being from Long Island, I can tell you Dowling college is shit and I can't think of any reason why someone would go there when you can spend the same money and go to a much better institution. A college education is becoming the standard. How can there be a "death spiral" when tuition prices have spiked? Everyone knows that online programs are bullshit as well. The institutions that fail will be the weakest and the ones that deserve to fail.
I'm in WNY and never heard of that school. The high tuition they charge and no one outside LI even knows who they are. SUNY Cortland at least makes the headlines once a year when they trash the town after the Cortacajug
It's right next to Coney Island College. You need to get out more! :>D
You are already seeing a shift, as many colleges are chopping useless majors. The next rebellion will be to chop athletic teams, music, studio arts, etc. Colleges will not die, but you will see large departments in only a handful of popular majors, and one or two person departments in many other majors. Remember, college administrators are a bureaucracy - and what beaucrats do best is protect their jobs.
Agreed.
But even the Universities that survive have such large facilities that Universities will become core sets of buildings that make use of hitech internet based classes (they need to increase the teacher student ratios) surrounded by leased facilities to private businesses with focused research and interrelationships.
It has to happen.
Athletics (football) brings in tens of millions of dollars a year to colleges.
The University of Alabama pays Nick Saban $7 million a year to coach football. They pay the players (under the table). They pay the players families (under the table). The players live in first class luxury dorms. They have unlimited access to nutrition bars that serve ultra high end protein smoothies, fresh fruit and vegetables. The gyms are world class. They have personal strength coaches.
The play books are loaded onto IPads and are wirelessly updated within minutes of each game. As an IT consultant, ask me how I know. The network has to know which plays have been changed, which players need to be notified of the canges so they can be alerted that a play has been changed.
Our weight room has an indoor waterfall in it.
TV revenues bring in hundreds of millions of dollars. There is even an SEC TV network being launched this season on ESPN.
College players are now unionizing and demanding salaries.
And they "graduate" from institutions of "higher education" unable to read. But they are very well qualified to enter the NFL and demand the right to say "nigga" whenever they please.
The system is as corrupt as the stock market or the Congress. And people LOVE it.
college is a scam unless you're really fucking good at math
otherwise, get a job or pick up a trade.
a kid with half a brain out of HS will take home more money living at home, making $10 an hour than the average college grad whose lucky to make 30K his first year outta school.
Where to start..... I'd really like my doctor or lawyer to have a college education. Just for the fun of it.
Second, that HS grad will be bringing home 20K a year (for many years to come). Isn't 30K more than 20K anymore?
4 Freedoms, your doctor is really just a retard that matches symptoms with prescription medications, and gets it wrong half the time. Even surgeons were until recently recognized as the mechanics they essentially are. Your lawyer, if you have one, does almost nothing anymore that cannot be done by you, usually online, at little or no cost. And 20k can be a lot more than 30k, if you have to factor in opportunity costs, lost income, student loans, etc.
The problem is, you, and so many others, have been so indoctrinated that you actually believe the drivel you have written here.
The thing is... employers also are highly likely to be fully indoctrinated, likely have gone through college/university. and possibly took on debt to pay for their degree. This makes a lot of employers much more likely to employ the College graduate. Also, I'm not sure about the US, but here in Canada most Gov jobs REQUIRE at least a Bachelor's degree.
Basically, the Bachelor's degree has become the basic license to a decent non-deadend job. A High School diploma is pretty much meaningless. It doesn't really give one an advantage vs a high school dropout and employers (even if they write it in the job requirements) are unlikely to give much weight to a high school diploma let alone mention anything about it.
If he has a decent trade, an electrician, plumber etc, he should come to Australia, I can't see him making less than 80k a year here in Australia, something to investigate if your a tradee.
Don't worry, Yellen will just print the unversities a big bailout, and DC will raise taxes even more. It's for our own good, and our "children's future."
It is a national asset, just like Wall Street banks. There is nothing that gives a bureaucratic bankster a Woodie more than saving the national assets for future children.
I hate their definition of a National asset.
This is why ALL Chinese students are accepted - they pay full-tuition. They must also take extra English language course in order to partcipate in class discussions.
This is why ALL Chinese students are accepted - they pay full-tuition. They must also take extra English language course in order to partcipate in class discussions.
Seems to me that once banks were allowed to make ridiculous home mortgage loans, it spelled the beginning of the end for the residential real-estate market.
Similarly, when banks sucked the mortgage boda-bag dry they turned to the 3x larger market of potential college graduates, and began making no-thought-required, government-guaranteed loser-loans to every "student" who could fog a mirror. This spelled the beginning of the end for colleges and universities in America. Hard to resist taking one or four of these college-tuition-loans and coming out on the other side without a job and $100K in non-dischargeable debt. Colleges jumped all over this bandwagon and the bubble was on! Tuitions inflate to absorb the money available to buy them, and it's not possible to resist that tide. So, here we are with 3x more college-tuition debt than there is in the entire home mortgage industry, and higher-education is about to get schooled, big time.
And what's with Bloomberg spewing the same old shit -- "It’s been five years since the recession ended and yet their [colleges] finances are worsening. "Ain't no recession ended 'round heah!"
Bring it on.
Look at how many syccessful people didn't finish or attend.
Bill Gates
Steve Jobs,
A whole list of others
yes, but they are brilliant and talented, there is a difference.
So, sending a dull, untalented individual to University will produce what?
A dull, untalented person who thinks he is intelligent because he has been receiving highly inflated grades for four years.
Plus, a slave to debt.
And one indoctrinated with progressive, entitlement ideology.
Sounds like a winning program to me. Let's raise taxes so we can further support the faculty welfare system.
...and then they can go work for the government!
Wouldn't that be about right? Half the people graduating from college have worthless degrees.
If you made it this far, to the end of comment section, then you know we are in deep doo-doo.
Not a single passing grade for any contribution to the comment section.
Lack of original thought.
Lack of insight.
Lack of understanding.
Sad, yet still poignant - really proves the thesis of the article.
Kind of like the Vietnam War memorial in DC-- a dark, bleak future.
Yea, you nailed it, but great joy (some decades ago, being on top and the top of the world) amidst great joy (ie, pre-Progressive USA) is a wash, but very mild joy (manufactured pleasantness lasting 1/10 of a second) amidst omni-faceted dystopia (ie, right now) is brontosaurian orgasmic.
@ James-Morrison
why don't you just write a "good" comment here based on your said criteria ? c'mon give us an example
Moar Loans!
It's a very simple equation if you're a parent of under 16s and want some o the best free education for them -
https://www.khanacademy.org/
Those who attend college and graduate, no matter their grades should move as close to the Swamp on the Potomac, as possible.
Better yet, take a summer or 4 and go there to find a job that will get you close to government office buildings and personnel,chat up the waitresses, and learn the ropes of getting a government job.
Do that and I guarantee you a future that will be the envy of all your peers, except those who work for a government contractor.
Because FEDERAL government is the most lucrative, highest growth industry in the world.
And if you can, develop a larcenous frame of mind to exploit your new found success as a member, eventually, of the 1%.
Follow the example of hrc, the Bamster, Gingrich, Pelosi, and other do-othings. Get an appointed post, rather than an elected one, and you can outlast even the 12 term members of the House. Security up the whazoo.
Where else can you simply exchange oxygen for carbon dioxide and become a millionaire, or greater?
Yep, joining the Deep State is a great career move for many. And if your character is mendacious, you'll go far, deeper and deeper into the Deep State so to speak...
The University of Phoenix is going to have to come up with a dollar menu.
supply and demand works again
Secure a basket weaving MBA degree. Become employed within the Federal Reserve, IMF, World Bank or United Nations Security council. BIS requires transgender tendencies.
Here in NY, there is so much empty office and building space on the SUNY campuses that our enlightened governor and his cronies developed the Start-Up New York program. From the website:
There’s a new advantage to doing business in New York. A big one. START-UP NY, Governor Cuomo’s groundbreaking initiative, is transforming communities across the state into tax-free sites for new and expanding businesses. Now, businesses can operate 100% tax-free for 10 years. No income tax, business, corporate, state or local taxes, sales and property taxes, or franchise fees.
Start-Up New York will be funded by taxpayers, to support leeches and cheats who will pay no taxes for ten years. It's a desperate plan for a desperate state. Only in NY. Best part is that it's a massive failure, already.
Healthcare, education and social services - the three make-work industries of the new millenium
what a way to get rolling for the next 100 years
Such a fucking shit show going on out there - corporate education is no better - you need a fucking certification to wipe yourself after you take a shit in the office sandbox.
Out of curiousity I calculated the cost of a 50 minute class at my alma mater, a large state school in the People's Republic of California. It came to ~$100. That's a lot of money to be lectured at by inexperienced TAs and incompetent assistant profs with 0 life experience in the real world.
Well, I knew the Harvard endowment was HUGE! But, the professor is correct, they are burning money like no tomorrow.
Harvard University, the college with the largest endowment in the country, saw its numbers drop from $32 billion at the end of fiscal year 2011 to $30 billion at the end of fiscal year 2012, according to data reported to U.S. News in an annual survey.
I guess they have to get it whiles the gettins good.