Leaders Share Strategies To Reinvent Higher Education

Higher education has been the bedrock of our society for over 300 years, with just under 4,000 degree-granting institutions. Recently, however, skyrocketing tuition costs have created several challenges and have the general public questioning the value and purpose of higher education. With much public outcry on the value proposition of higher education, can the industry be sustained or reinvented? Many articles have been written about higher education “landlords,” as institutions compete for students based on amenities and facilities. This intense competition for colleges and universities to attract students has resulted in expensive amenities and accommodations to convince students to attend. While this is a nice to have for students, it has also driven up the cost of a college degree to the point where many cannot afford a degree.

As competition increases and state and federal subsidies decrease, these additional costs are passed on to students. The question for higher education is how to find cost reductions and efficiencies to offset the growing amenities abundance. The astounding $1.747 trillion dollars of student debt is growing six times faster than our nation’s economy, and the average public school student borrows $30,000 for a bachelor’s degree. Policymakers are proposing that taxpayers solve the student debt crisis through loan forgiveness, while businesses are offering to pay employees’ student loans to attract talent. Regardless of the proposed short-term solutions, none are addressing the root of the problem.

Published by Robert Reiss in Forbes.