We all know this is a year of uncertainty as Covid-19 has turned many lives upside down. As families grapple with sending kids back to school, including college kids, new questions are being raised about the cost of higher education. It’s hard to justify tens of thousands a year for college tuition when kids are mostly taking Zoom classes.
But this is only highlighting an issue that has festered for years. College is ridiculously expensive. Too many kids and families are getting crushed by college debt.
Meanwhile, universities have been on a spending spree as they try to compete for those tuition dollars subsidized by student loans. Have you seen some of the new dorms on these campuses.
It’s not sustainable. And with Covid these issues are getting even more attention.
Things are going to change. The economy is a mess, and more families will have to make tough choices about college expenses.
Expect more gap years
Do you really want to pay full boat for a college tuition under these circumstances? Expect to see more students take a year off.
More kids will live at home
College campuses are a mess. There are tons of restrictions on student behavior, but then a few parties and gathering can blow up infection rates on campus. Expect parents to have their kids stay home. Community colleges should do well in this environment.
More college will close or downsize
The reckoning is coming. Bloated university budgets are going to be slashed. Some college will close. Others will close departments. Some are even discussing mergers.
Remote education will challenge universities
People are realizing that one professor can teach thousands of kids with online learning. So why are we paying such high prices?
Prices will come down
The party of over for many of these colleges. Price competition will arrive.