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Student debt hits the middle-aged [Mitchell]

On 07/18/2012, in budgets, cost of getting a degree, higher education, lifelong learning, student-related, United States, by Daniel Christian

Student debt hits the middle-aged –– from the NYT by Josh Mitchell

Excerpt:

Student debt is rising sharply among all age groups, but middle-aged Americans appear to be struggling the most with payments, according to new data released Tuesday by the Federal Reserve Bank of New York.

The delinquency rate—or the percentage of debt on which no payment has been made for 90 days—was 11.9% for debt held by borrowers aged 40 to 49 as of March. That compares with a rate of 8.7% for borrowers of all ages.

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Student debt hits the middle-aged

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Changing the economics of education [Hennessy & Khan at 2012 All Things Digital Conference]

On 06/04/2012, in budgets, business side of he, changing business models, cost of getting a degree, dangers of the status quo, Daniel S. Christian, disruption, education technology, elearning, flipping -- inverted learning, future of higher education, New "Amazon.com" of Higher Education, new business models, online learning, by Daniel Christian

Changing the Economics of Education -- John Hennessy and Salman Khan at 2012 All Things Digitall

 

Excerpt:

Is there anything to be done about the rising price of higher education? That was the question posed to John Hennessy, president of Stanford University, and Salman Khan, founder of Khan Academy, a nonprofit online-learning organization. They sat down with The Wall Street Journal’s Walt Mossberg to discuss how technology might be part of the solution.

Here are edited excerpts of their conversation.

 

Addendum on 6/7/12:

  • D10: Stanford, Khan Academy, and the future of higher ed — from techhive.com by Jason Snell
    Excerpt:
    Though the crushing cost of college education wasn’t a major topic of Khan and Hennessy’s conversation with D10 co-host Walt Mossberg, it’s certainly a major cause of anxiety for parents. But most of the time, the conversation dwelled on the simple issue that technology is going to radically transform education—and right now everyone’s trying to figure out how to manage that change. “There’s a tsunami coming,” Hennessy said. “I don’t know how it’s going to break, but my goal is to try to surf it, not just stand there.” At its simplest form, technology needs to find ways to make education more efficient. That means serving more students, but also teaching them more effectively.

 

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7 things colleges worry about [O’Shaughnessy] and associated whitepaper from Lawlor

On 06/02/2012, in budgets, colleges, dangers of the status quo, Daniel S. Christian, disruption, game-changing environment, reinvent, staying relevant, by Daniel Christian

7 things colleges worry about –– from CBSNews.com by Lynn O’Shaughnessy

Excerpts from “What’s worrying college administrators?”

  1. After peaking in 2008, the number of high school students has been declining slowly.
  2. While high school grads in the West and South have remained mostly stable, the number of teenagers has declined significantly in the East and Midwest.
  3. Between 2000 and 2010, the real median income for families dropped nearly 11 percent.
  4. High unemployment remains persistent.
  5. Many families owe more on their mortgages than their homes are worth.
  6. With flat and falling income and high unemployment, many American families are poorer now than they were five years ago.
  7. Looking further into the future, the financial reality for younger families (ages 25 to 34), who will eventually be sending their children to college, is grim.

Also see the below items from Lawlor.com

From DSC:
Just looking at the title one of the above items — “When Market Conditions and Public Perception Collide: A Looming Crisis for Higher Education” (by Amy Foster) — those of us working within higher education don’t want to be in the “Have you driven a Ford lately?” mode. That is, once we lose the public’s confidence and trust in our products and/or services, it will be very hard to get those things back. Not impossible, but difficult.

Two additional thoughts here:

  • Reputation, like china, is easily cracked and hard to mend.
  • There is tremendous and lasting power in the ideas and perceptions that reside within people’s thoughts. Once an idea catches hold, it’s hard to stop.

 

 

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2012 Congressional briefing re: Speak Up 2011 report [Project Tomorrow]

On 05/23/2012, in 21st century, budgets, digital learning, education technology, K-12 related, leadership, legislatures / government / legal, library / librarians, mobile learning, mobile technologies, online learning, personalized/customized learning, tablets, by Daniel Christian

2012 Congressional Briefing National Release of Speak Up 2011 K-12 Teachers, Librarians and Administrators — from Project Tomorrow

“Districts are looking into BYOD approaches not only because so many students
have their own mobile devices and because parents of all income levels are
willing to purchase the devices, but because administrators are dealing with the
reality of shrinking budgets and the need to incorporate more technology in learning.”

— Julie Evans, CEO of Project Tomorrow

Excerpt:

Personalizing the Classroom Experience – Teachers, Librarians and Administrators Connect the Dots with Digital Learning
On May 23rd, 2012 Project Tomorrow released the report “Personalizing the Classroom Experience – Teachers, Librarians and Administrators Connect the Dots with Digital Learning” at a Congressional Briefing held in Washington, DC. Julie Evans, Project Tomorrow CEO, discussed selected Educator national findings from the Speak Up 2011 report and moderated a panel discussion with educators who shared their insights and experiences.

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Closing the door, increasing the gap [Rhoades]

On 05/14/2012, in budgets, community colleges, by Daniel Christian

Closing the door, opening the gap -- by Gary Rhoades - April 2012

Dr. Gary Rhoades | Center for the Future of Higher Education | April 2012

 

Excerpt from Executive Summary:

Across our nation, community colleges are closing their doors, deferring the dreams of more than 400,000 prospective students. It is a retreat from America’s commitment to expand college access and success happening, ironically, at the very moment that our nation’s leaders say we need more, not fewer, people with post-secondary education. It is a retreat that threatens our nation’s future.

This report, the first by The Center for the Future of Higher Education, analyzes recent problematic enrollment and policy trends at the nation’s community colleges. It uncovers trends toward expanding caps on community college enrollment and narrowing the educational programs available for students, denying access to higher education for large numbers of lower-income students and students of color.

 

From DSC:
I doubt the state governments — and Americans at large — will have more money to throw at this situation.  Instead, I’d put my $$ on online learning and the innovations that are occurring — and will continue to occur.

Example:

 

From DSC:
A quick “P.S.” on this image — it won’t be telepresence, per se, as that’s too expensive. It will be the Skype’s of the world.

 

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2011 Year in Review: Global Changes in Tuition Fee Policies and Student Financial Assistance. [Marcucci & Usher]

On 03/26/2012, in Africa, Asia, Australia, budgets, business side of he, Canada, cost of getting a degree, Europe, funding / grants, global / globalization, UK, United States, by Daniel Christian

2011 Year in Review: Global Changes in Tuition Fee Policies and Student Financial Assistance.

Excerpt:

All around the world, the pace of change in higher education is accelerating. In the face of continued increases in participation, demographic change and – in the west at least – profound fiscal crises, higher education institutions are increasingly being required to raise funds from students as opposed to relying on transfers from governments. Indeed, the pace of policy change is coming so quickly that it is difficult to keep track of all the relevant developments in different parts of the world.

In this, the second edition of Year in Review: Tuition Fees and Student Assistance, we outline the major changes related to higher education affordability around the world in 2011. In order to keep our sample manageable, we have kept our inquiries to a selection of 40 countries that collectively best represent the global situation:

The G-40 consists of: Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Iran, Israel, Italy, Japan, Korea (Republic of), Malaysia, Mexico, the Netherlands, Nigeria, Pakistan, Philippines, Poland, Russian Federation, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, United Kingdom, United States, Vietnam.

Marcucci, Pamela and Usher, Alex (2012). 2011 Year in Review:
Global Changes in Tuition Fee Policies and Student Financial Assistance.
Toronto: Higher Education Strategy Associates.

 

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Student-loan debt tops $1 trillion [Mitchell and Jackson-Randall]

On 03/22/2012, in budgets, business side of he, changing business models, cost of getting a degree, dangers of the status quo, Daniel S. Christian, disruption, future of higher education, game-changing environment, higher education, innovation, leadership, Learning from the Living [Class] Room, New "Amazon.com" of Higher Education, new business models, reinvent, staying relevant, student-related, surviving, trends, United States, vision/possibilities, by Daniel Christian

Student-loan debt tops $1 trillion — from WSJ.com by Josh Mitchell and Maya Jackson-Randall

Excerpt:

The amount Americans owe on student loans is far higher than earlier estimates and could lead some consumers to postpone buying homes, potentially slowing the housing recovery, U.S. officials said Wednesday.

Total student debt outstanding appears to have surpassed $1 trillion late last year, said officials at the Consumer Financial Protection Bureau, a federal agency created in the wake of the financial crisis. That would be roughly 16% higher than an estimate earlier this year by the Federal Reserve Bank of New York.

From DSC:
Phrases/words that come to my mind include (which many readers of this blog and my archived website will instantly recognize:

  • Reinventing ourselves
  • Staying relevant /addressing our customers’ needs
  • Innovation
  • Strategy
  • Leadership
  • Vision
  • The business side of higher ed / new business models
  • Game-changing environment
  • Disruption
  • Dangers of the status quo
  • Student-related
  • Future of higher education
  • The Walmart of Education
  • Learning from the Living Room

Addendum on 3/23/12:

 

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Wait, isn’t this the old normal? [Kiley]

On 03/21/2012, in budgets, business side of he, cost of getting a degree, dangers of the status quo, Daniel S. Christian, New "Amazon.com" of Higher Education, United States, by Daniel Christian
Wait, isn’t this the old normal? — from InsideHigherEd.com by Kevin Kiley
Big tuition hikes at elite private institutions contradict the notion that colleges are focusing on reining in sticker price to make education affordable.
Excerpt:

The justification for the large increases at publics has been the need to maintain quality in the face of state appropriations cuts, an excuse private universities don’t have. For many privates, other revenue sources, including endowment returns and private giving, are back to where they were before the recession. And almost half the presidents of private doctoral universities surveyed recently by Inside Higher Ed said their institutions could make additional spending cuts without hurting quality, meaning there is little imperative for increases.

For this reason, the presidents of several private institutions have taken some measures to control costs. “Somewhere out there is a line, on the other side of which we become unaffordable. We haven’t crossed it yet, but we know we’re getting closer to it,” McCardell said. Total cost of attendance at some liberal arts colleges, including tuition, room, and board, is more than $50,000 a year.

Also see:
  • No diploma, no GED, no aid — from by Libby A. Nelson
    Excerpt:
    .
    WASHINGTON — Students who wanted to attend college, but didn’t have a high school diploma or GED, used to be able to get federal grants and loans through a back door: either take a basic skills test to prove their “ability to benefit” from a college education, or successfully complete six credits.
    .
    This year’s federal budget, in an effort to trim spending on Pell Grants, shut off both routes. As of July 1, newly enrolled students are required to have a high school diploma or GED in order to receive federal financial aid. College administrators say they worry the new policy will shut out older students seeking training to find a new job, immigrants, and students in states where money for basic adult education has been cut in budget crises.
    .
    Either those students will turn to riskier private loans, they say, or — more likely — they’ll just give up on pursuing higher education.

 

Staying Relevant

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InsideHigherEd’s 2012 Survey of College & University Presidents

On 03/08/2012, in budgets, business side of he, colleges, higher education, leadership, universities, by Daniel Christian

Inside Higher Ed's 2012 Survey of College & University Presidents

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Is this where we want to spend a trillion $$?! What about if we invested it in high-end online-learning systems instead?!

On 03/01/2012, in budgets, New "Amazon.com" of Higher Education, online learning, personalized/customized learning, strategy, United States, by Daniel Christian

Pentagon: You know what’s cool? A trillion-dollar fighter — from  cnet.com by D. Terdiman

From DSC:
Cool? Seriously?! Is this where we want to spend a trillion $$?  On more instruments of death?  Geez…

Instead, I wonder what the United States could contribute to the world by building multimedia-based, high-end, interactive, engaging, personalized/customized, online-based learning materials that are expensive to build, but inexpensive to access?
.
Also see:

Cap and gown learning on a shoestring budget — from timeshighereducation.co.uk by Jon Marcus

Excerpt:

With novel credentials being developed and employers seeing the value of low-cost study based on open courseware, Jon Marcus asks if the bricks-and-mortar elite will end up on the wrong side of history

 

Cap and gown learning on a shoestring budget

Credit: Paul Bateman
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Introducing Bennett Hypothesis 2.0 [Gillen; Center for College Affordability and Productivity]

On 02/22/2012, in budgets, business side of he, cost of getting a degree, funding / grants, leadership, legislatures / government / legal, by Daniel Christian

Below are the concluding paragraphs of Introducing Bennett Hypothesis 2.0 [by Andrew Gillen, Center for College Affordability and Productivity, with emphasis below from DSC)

Original Bennett Hypothesis + a couple refinements + Bowen’s Rule = Bennett Hypothesis 2.0.

The original Bennett Hypothesis held that increases in financial aid will lead to higher tuition, but the empirical evidence testing the hypothesis is inconclusive. The next generation of the concept, Bennett Hypothesis 2.0, adds three refinements.

1.  All Aid is Not Created Equal
2.  Selectivity, Tuition Caps, and Price Discrimination are Important
3.  Don’t Ignore the Dynamic Story

These three refinements not only help explain the mixed empirical evidence, but also provide a better understanding of the relationship between financial aid and tuition. While the first two refinements weaken the link between the two (lessening our concern about Bennett Hypothesis 2.0), the third refinement strengthens the link, implying that we should almost always be concerned about financial aid leading to higher tuition.

Given the current structure of the higher education system, Bennett Hypothesis 2.0 implies that the government will always be fighting a losing battle to increase access to college or improve college affordability since “additional government [financial aid] funds keep providing revenues that, under the current incentive system, increase costs.”54  As higher financial aid pushes costs higher, it inevitably puts upward pressure on tuition. Higher tuition, of course, reduces college affordability, leading to calls for more financial aid, setting the vicious cycle in motion all over again.

Bennett Hypothesis 2.0 exacerbates rather than causes out of control spending by colleges, the ultimate cause of which is Bowen’s Rule. Nevertheless, that is no excuse for ill-designed financial aid programs to pour fuel the fire.  As Bennett noted:

“Federal student aid policies do not cause college price inflation, but there is little doubt that they help make it possible.”55

Those words remain just as true today as they were a quarter century ago.

From DSC:
This report seems to show that the current system is only serving to expand the higher ed bubble even further; surely a pop will be heard in the future (if it hasn’t already at some individual colleges and universities).  Such a financial aid system seems to be causing one of the elements of the perfect storm — the cost of higher ed — to mount its waves to an even higher level.  (Keep in mind I created the image below in September 2010, but many of these forces are still with us today.)

The perfect storm in higher ed

 

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Trends for 2012: Five marketplace realities and how private higher education must manage them [Lawlor]

On 02/17/2012, in assessment, budgets, business side of he, cost of getting a degree, dangers of the status quo, Daniel S. Christian, expectations, higher education, marketplaces, New "Amazon.com" of Higher Education, reinvent, staying relevant, student-related, trends, by Daniel Christian

Lawlor's Trends for 2012

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The Higher Education Bubble: An infographic series on the current crisis facing higher education [Education News]

On 02/09/2012, in budgets, business side of he, change, cost of getting a degree, dangers of the status quo, Daniel S. Christian, future of higher education, game-changing environment, higher education, innovation, internet, leadership, legislatures / government / legal, New "Amazon.com" of Higher Education, reinvent, staying relevant, strategy, United States, by Daniel Christian

An infographic series on the current crisis facing higher education — from educationnews.org

  • Video
  • Infographic Part I
    A breakdown re: how an economic bubble forms, expands, and bursts; a comparison of the higher ed bubble to the housing bubble, and a look at the first major contributor to college’s bubble behavior: the rising cost of tuition.
  • Infographic part II:
    Analysis of the second and third big factors in blowing up the higher ed bubble: the student loans crisis, and the unforgiving post-graduation job market.

 

 

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University of Charleston: How we cut tuition by 22% [Ellis]

On 02/07/2012, in budgets, business side of he, cost of getting a degree, higher education, student-related, by Daniel Christian

University of Charleston: How we cut tuition by 22% — from money.cnn.com by Blake Ellis

Excerpt:

What has been the impact of the decision to lower tuition so far? Have you seen applications increase?
So far, the reaction from parents and students has been very positive. We expected a spike in applications, and applications are up nicely in our primary markets — West Virginia, Virginia, Maryland, Pennsylvania, and Kentucky. Total applications are ahead of our two-year average but slightly behind last year.

More importantly, our deposits are up 40%. This suggests that students and families who look at us are finding the new tuition structure attractive and are depositing at a higher rate than previously.

From DSC:
Good move University of Charleston.  I wish more institutions of higher education would follow your example (for the sake of their students as well as for their own sustainability).

 Addendum on 2/13/11:

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openstaxcollege.org: Access. The Future of Education.

On 02/07/2012, in budgets, cost of getting a degree, disruption, higher education, innovation, new business models, publishing, by Daniel Christian

openstaxcollege.org -- Access. The future of education.

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