Let’s face it: a college degree carry’s about as much cache in the business word as a high school degree did 30 years ago. The new college degree is an advanced graduate degree and even then you’re not guaranteed anything by it.
So why spend all that money on an education, if you’re faced with the possibility of crippling student loan debt (talk about an industry that desperately needs reform) and just having to go to graduate school?
The Washington Monthly has a fascinating article on the future of online education:
[T]he day is coming—sooner than many people think—when a great deal of money is going to abruptly melt out of the higher education system, just as it has in scores of other industries that traffic in information that is now far cheaper and more easily accessible than it has ever been before. Much of that money will end up in the pockets of students in the form of lower prices, a boon and a necessity in a time when higher education is the key to prosperity. Colleges will specialize where they have comparative advantage, rather than trying to be all things to all people. A lot of silly, too-expensive things—vainglorious building projects, money-sucking sports programs, tenured professors who contribute little in the way of teaching or research—will fade from memory, and won’t be missed.