Check out this New York Times article on the beginning of the bursting of the higher education bubble. In the 2012-2013 school year enrollment in for-profit and community colleges dropped. Now enrollment in 4 year non-profit colleges has begun dropping too. A Wall Street Journal article makes similar points.
Some colleges will close. Others will shrink. The prestige racket will claim fewer victims.
The number of kids turning 18 has begun to contract. But an even bigger transformation is starting to take shape: the shift toward online learning.
I expect to a substantial shift toward online learning in order to save costs, speed up education, and get far greater convenience. Why go through college in 4+ years starting at age 18? A self-starting high school student can start earning college credits while in high school and during summer between high school school years. Then upon high school graduation they can shift to full time 12 month per year study and get a degree 2 years sooner at far lower cost.
The rise of massive open online courses (MOOCs) will let most students watch higher quality lectures than they can watch at which ever university they attend. The very best lecturers will reach tens of thousands or hundreds of thousands of students rather than just dozens or a few hundred students. This ability to watch the best is one of the greatest aspects of online education.
|Share |||By Randall Parker at 2013 July 28 10:11 PM|