A Financial Crisis — Student Loan Debt — from freedomdebtrelief.com by Micahel Micheletti; with thanks to Aimée Bennett (APR, Principal, Fagan Business Communications, Inc.) for this resource

Key findings

1)  Impact of student loan debt on stress, day-to-day life (college attendees/grads)

  • 67% of respondents said the cost of their college education has caused them to feel overwhelmed.
  • 47% said their college education cost has contributed to mental or emotional health issues (e.g., anxiety, depression).
  • 38% said the cost has caused them to lose sleep at night.
  • 49% said the cost of their college education has impacted their choice of where to live.
  • 42% said it impacted their choice of careers or jobs.

2)  Impact of student loan debt on finances (college attendees/grads)

  • 59% respondents said they can’t save any money because of the cost of their college education.
  • 45% said they can’t go on vacation because of college costs.
  • 32% said they are carrying credit card debt because of college costs.
  • 48% said they have been unable to pay off (or down), or have delayed paying off (or down), other types of debt because of the cost of college.
  • 47% have been unable to, or have delayed contributing to, saving for emergencies.
  • 43% believe their college education cost has impacted their retirement age.

3) Willing to make sacrifices to eliminate student loan debt (college attendees/grads)

  • 52% of respondents said they would take a job with a salary less than what they expected if the company paid off their student debt.
  • 27% said they would be willing to commit a maximum of five years to a company if they paid off their student loans; 28% said they would be willing to commit more than five years.

4) Impact of child’s student loan debt on parents

  • 20% of parents said their child’s college education cost has contributed to mental or emotional health issues (e.g., anxiety, depression) of their own.
  • 20% of parents said their child’s college education cost has caused them to lose sleep at night.
  • 40% of parents believe their child’s college education cost has impacted their retirement age; 41% said the cost has impacted their overall retirement plan.
  • 42% said they had given up saving for retirement; 42% gave up going on vacation.

 

Additional survey findings

1) Student loan debt reforms

  • 54% of students said they feel that student loan debt should be forgiven by the federal government.
  • 63% of students, and 52% of parents, said they would support expanding student loan forgiveness for those in public service (e.g., teachers, government employees, first responders, military service).
  • 54% of students, and 42% of parents, said they would support free or subsidized tuition for low-income households.
  • 53% of students, and 50% of parents, said they would support tax breaks for companies that offer student-loan repayment programs.

2) Expected length of time to pay off student loan debt

3) Lack of knowledge of loan terms, types – among both college attendees/grads and parents

 

Uh-oh: Silicon Valley is building a Chinese-style social credit system — from fastcompany.com by Mike Elgan
In China, scoring citizens’ behavior is official government policy. U.S. companies are increasingly doing something similar, outside the law.

Excerpts (emphasis DSC):

Have you heard about China’s social credit system? It’s a technology-enabled, surveillance-based nationwide program designed to nudge citizens toward better behavior. The ultimate goal is to “allow the trustworthy to roam everywhere under heaven while making it hard for the discredited to take a single step,” according to the Chinese government.

In place since 2014, the social credit system is a work in progress that could evolve by next year into a single, nationwide point system for all Chinese citizens, akin to a financial credit score. It aims to punish for transgressions that can include membership in or support for the Falun Gong or Tibetan Buddhism, failure to pay debts, excessive video gaming, criticizing the government, late payments, failing to sweep the sidewalk in front of your store or house, smoking or playing loud music on trains, jaywalking, and other actions deemed illegal or unacceptable by the Chinese government.

IT CAN HAPPEN HERE
Many Westerners are disturbed by what they read about China’s social credit system. But such systems, it turns out, are not unique to China. A parallel system is developing in the United States, in part as the result of Silicon Valley and technology-industry user policies, and in part by surveillance of social media activity by private companies.

Here are some of the elements of America’s growing social credit system.

 

If current trends hold, it’s possible that in the future a majority of misdemeanors and even some felonies will be punished not by Washington, D.C., but by Silicon Valley. It’s a slippery slope away from democracy and toward corporatocracy.

 

From DSC:
Who’s to say what gains a citizen points and what subtracts from their score? If one believes a certain thing, is that a plus or a minus? And what might be tied to someone’s score? The ability to obtain food? Medicine/healthcare? Clothing? Social Security payments? Other?

We are giving a huge amount of power to a handful of corporations…trust comes into play…at least for me. Even internally, the big tech co’s seem to be struggling as to the ethical ramifications of what they’re working on (in a variety of areas). 

Is the stage being set for a “Person of Interest” Version 2.0?

 

To End Student Debt, Tie Tuition to Post-Graduation Salaries — from wired.com by Austen Allred
Opinion: If colleges only get paid when their graduates do, they’re incentivized to provide a service that actually gets students hired.

Excerpt:

But unlike student loans, if regulated responsibly, ISAs power a risk-averse path to higher education. Responsible ISAs—which typically require zero upfront cost, repayment only if and when the graduate lands a job earning a sizable income, and an ethical repayment cap, such as $30,000 total—eliminate cost as a barrier to entry. But it’s the way that ISAs align the incentives of school and student that makes the model paradigm-changing.

The financial tool serves a diversity of students. People who can’t afford the cost of a traditional on-campus degree, or who don’t have access to federal- or state-based aid programs, can pursue a postsecondary education at no upfront cost. Additionally, those who are transitioning back into the workforce or changing careers can retrain in in-demand fields.

There’s no one-size-fits-all path to higher education. But Income Share Agreements prove that shouldering enormous risk doesn’t have to be a prerequisite for students. ISAs imagine a future in which graduates aren’t burdened by growing debt, and where opportunity is as evenly distributed as talent.

 

From DSC:
Can you hear and feel the culture clash that’s embedded here? I can.

On one side of the coin, there exists many faculty members, deans, provosts, and college/university presidents as well as other members of administration who maintain a more liberal arts perspective — that college is meant for learning and preparing students for many jobs…not just their first jobs. 

On the other side of the coin are students who are paying ever increasing amounts of money to obtain their degrees. They want good jobs, and aren’t necessarily at school for the noble cause of learning. Many of these folks have different perspectives about what higher education is for…what it’s purpose is meant to be.

As the price of higher ed has increased, the former ways of viewing what a college education is supposed to be about — i.e., learning and a broad-based liberal arts type of education — are being increasingly shoved out the door. This is now by necessity I might add.

Along these lines, I can hear one of my former colleagues — an academic dean from years ago –adamantly insisting that higher education is not a business and that our students are not customers.

Since that time, it’s become very clear to me that higher education is most definitely a business. Not focusing on the multi-million dollar TV contracts or what many football coaches get paid…or not focusing on the revenue that research universities make on patents…let’s just focus on charging someone the price of a nice home for a 4-year degree. That alone makes it a business in my mind. The rising price of education has created customers.

(By the way, this development occurred on the watch of many of those same faculty members, provosts, presidents and other members of administration, etc. that claim a more noble goal of higher education.)

Students today can’t afford to attend school the way boomers did. As the article states:

When I went to college, nobody talked about student debt. Nobody talked about trade-offs. Everybody lived by one credo: Go to the best school you can, study the thing that you love, and it will work out on the other side. Frankly, for Boomers, that’s what happened. If you got a degree, you could expect to land a decent job with a decent salary. Even if you did accrue debt during college, payments were often manageable and short-lived.

That is certainly not the case anymore, as the article points out:

Bottom line:

Change has to occur. It can’t keep going on like this. We are at the precipice of massive change. It has to change or we are in massive trouble as a nation. The ramifications of this kind of student debt last for decades!

This is why a next generation, online-based learning platform will be the answer for many people. Surely such a delivery method and learning experience will not work for everyone — as the face-to-face (F2f) experience is still excellent and preferred by many people. But the F2F experience is arguably becoming the Maserati….and increasingly out of reach…and it’s burying people in debt for decades to come.

 

 

5 Years Since Starbucks Offered to Help Baristas Attend College, How Many Have Graduated? — from edsurge.com by Rebecca Koenig

Excerpts:

…nearly 3,000 Starbucks employees who have earned bachelor’s degrees online through the company-university partnership program.

 

The arrangement was possible logistically because Humberstone took her courses in business and environmental sustainability entirely online. And it was feasible financially because Starbucks and Arizona State University covered most of her tuition bill.

 

The future of work in America — from mckinsey.com by Jacques Bughin,  James Manyika. and Jonathan Woetzel | July 2019

Excerpts (emphasis DSC):

Local economies across the country have been on diverging trajectories for years, and ***they are entering the automation age from different starting points.*** Our view incorporates the current state of local labor markets as well as the jobs that could be lost and gained in the decade ahead.

 

 

The US labor market looks markedly different today than it did two decades ago. It has been reshaped by dramatic events like the Great Recession but also by a quieter ongoing evolution in the mix and location of jobs. In the decade ahead, the next wave of technology may accelerate the pace of change. Millions of jobs could be phased out even as new ones are created. More broadly, the day-to-day nature of work could change for nearly everyone as intelligent machines become fixtures in the American workplace.

The labor market could become even more polarized. Workers with a high school degree or less are four times as likely as those with a bachelor’s degree to be displaced by automation. Reflecting more limited access to education, Hispanic workers are most at risk of displacement, followed by African Americans. Jobs held by nearly 15 million workers ages 18–34 may be automated, so young people will need new career paths to gain an initial foothold in the working world. Roughly 11.5 million workers over age 50 could also be displaced and face the challenge of making late-career moves. The hollowing out of middle wage work could continue.

The future of work is not just about how many jobs could be lost and gained. Technology is altering the day-to-day mix of activities associated with more and more jobs over time. The occupational mix of the economy is changing, and the demand for skills is changing along with it. Employers will need to manage large-scale workforce transformations that could involve redefining business processes and workforce needs, retraining and moving some people into new roles, and creating programs for continuous learning. This could be an opportunity to upgrade jobs and make them more rewarding. The choices that employers make will ripple through the communities in which they operate.

 

The need for a next gen learning platform is quickly approaching us!
Either that, or colleges and universities better get FAR more
responsive/nimble, and focus FAR more on lifelong learning.
This is not a joke.

This is not just text on a web page.
This is a future that’s barreling
at us at amazingly fast speeds.
A new chapter is coming at us quickly.

 

 
 

Amazon pledges $700 million to teach its workers to code — from wired.com by Louise Matsakis

Excerpt:

Amazon announced Thursday that it will spend up to $700 million over the next six years retraining 100,000 of its US employees, mostly in technical skills like software engineering and IT support. Amazon is already one of the largest employers in the country, with almost 300,000 workers (and many more contractors) and it’s particularly hungry for more new talent. The company currently has more than 20,000 vacant US roles, over half of which are at its headquarters in Seattle. Meanwhile, the US economy is booming, and there are now more open jobs than there are unemployed people who can fill them, according to the Bureau of Labor Statistics.

 

Against that backdrop, Amazon’s jobs skills efforts provide some reassurance that—in theory at least—you could be retrained into a new role when the robots arrive.

 

From the announcement:

Based on a review of its workforce and analysis of U.S. hiring, Amazon’s fastest growing highly skilled jobs over the last five years include data mapping specialist, data scientist, solutions architect and business analyst, as well as logistics coordinator, process improvement manager and transportation specialist within our customer fulfillment network.

 

Also see:

  • Amazon to Invest $700M to Retrain 100,000 Workers for New Jobs — from pcmag.com by Michael Kan Icon
    ‘There is a greater need for technical skills in the workplace than ever before. Amazon is no exception,’ the company said. The goal is to ‘upskill’ one third of Amazon’s total work force by 2025 through free retraining programs.
 

Reflections on “Clay Shirky on Mega-Universities and Scale” [Christian]

Clay Shirky on Mega-Universities and Scale — from philonedtech.com by Clay Shirky
[This was a guest post by Clay Shirky that grew out of a conversation that Clay and Phil had about IPEDS enrollment data. Most of the graphs are provided by Phil.]

Excerpts:

Were half a dozen institutions to dominate the online learning landscape with no end to their expansion, or shift what Americans seek in a college degree, that would indeed be one of the greatest transformations in the history of American higher education. The available data, however, casts doubt on that idea.

Though much of the conversation around mega-universities is speculative, we already know what a mega-university actually looks like, one much larger than any university today. It looks like the University of Phoenix, or rather it looked like Phoenix at the beginning of this decade, when it had 470,000 students, the majority of whom took some or all of their classes online. Phoenix back then was six times the size of the next-largest school, Kaplan, with 78,000 students, and nearly five times the size of any university operating today.

From that high-water mark, Phoenix has lost an average of 40,000 students every year of this decade.

 

From DSC:
First of all, I greatly appreciate both Clay’s and Phil’s thought leadership and their respective contributions to education and learning through the years. I value their perspectives and their work.  Clay and Phil offer up a great article here — one worth your time to read.  

The article made me reflect on what I’ve been building upon and tracking for the last decade — a next generation ***PLATFORM*** that I believe will represent a powerful piece of a global learning ecosystem. I call this vision, “Learning from the Living [Class] Room.” Though the artificial intelligence-backed platform that I’m envisioning doesn’t yet fully exist — this new era and type of learning-based platform ARE coming. The emerging signs, technologies, trends — and “fingerprints”of it, if you will — are beginning to develop all over the place.

Such a platform will:

  • Be aimed at the lifelong learner.
  • Offer up major opportunities to stay relevant and up-to-date with one’s skills.
  • Offer access to the program offerings from many organizations — including the mega-universities, but also, from many other organizations that are not nearly as large as the mega-universities.
  • Be reliant upon human teachers, professors, trainers, subject matter experts, but will be backed up by powerful AI-based technologies/tools. For example, AI-based tools will pulse-check the open job descriptions and the needs of business and present the top ___ areas to go into (how long those areas/jobs last is anyone’s guess, given the exponential pace of technological change).

Below are some quotes that I want to comment on:

Not nothing, but not the kind of environment that will produce an educational Amazon either, especially since the top 30 actually shrank by 0.2% a year.

 

Instead of an “Amazon vs. the rest” dynamic, online education is turning into something much more widely adopted, where the biggest schools are simply the upper end of a continuum, not so different from their competitors, and not worth treating as members of a separate category.

 

Since the founding of William and Mary, the country’s second college, higher education in the U.S. hasn’t been a winner-take-all market, and it isn’t one today. We are not entering a world where the largest university operates at outsized scale, we’re leaving that world; 

 

From DSC:
I don’t see us leaving that world at all…but that’s not my main reflection here. Instead, I’m not focusing on how large the mega-universities will become. When I speak of a forthcoming Walmart of Education or Amazon of Education, what I have in mind is a platform…not one particular organization.

Consider that the vast majority of Amazon’s revenues come from products that other organizations produce. They are a platform, if you will. And in the world of platforms (i.e., software), it IS a winner take all market. 

Bill Gates reflects on this as well in this recent article from The Verge:

“In the software world, particularly for platforms, these are winner-take-all markets.

So it’s all about a forthcoming platform — or platforms. (It could be more than one platform. Consider Apple. Consider Microsoft. Consider Google. Consider Facebook.)

But then the question becomes…would a large amount of universities (and other types of organizations) be willing to offer up their courses on a platform? Well, consider what’s ALREADY happening with FutureLearn:

Finally…one more excerpt from Clay’s article:

Eventually the new ideas lose their power to shock, and end up being widely copied. Institutional transformation starts as heresy and ends as a section in the faculty handbook. 

From DSC:
This is a great point. Reminds me of this tweet from Fred Steube (and I added a piece about Western Telegraph):

 

Some things to reflect upon…for sure.

 

‘Robots’ Are Not ‘Coming for Your Job’—Management Is — from gizmodo.com by Brian Merchant; with a special thanks going out to Keesa Johnson for her posting this out on LinkedIn

A robot is not ‘coming for’, or ‘stealing’ or ‘killing’ or ‘threatening’ to take away your job. Management is.

Excerpt (emphasis DSC):

At first glance, this might like a nitpicky semantic complaint, but I assure you it’s not—this phrasing helps, and has historically helped, mask the agency behind the *decision* to automate jobs. And this decision is not made by ‘robots,’ but management. It is a decision most often made with the intention of saving a company or institution money by reducing human labor costs (though it is also made in the interests of bolstering efficiency and improving operations and safety). It is a human decision that ultimately eliminates the job.

 

From DSC:
I’ve often said that if all the C-Suite cares about is maximizing profits — instead of thinking about their fellow humankind and society as a whole —  we’re in big trouble.

If the thinking goes, “Heh — it’s just business!” <– Again, then we’re in big trouble here.

Just because we can, should we? Many people should be reflecting upon this question…and not just members of the C-Suite.

 

 

 

Online directory of college alternatives launches — from educationdive.com by Natalie Schwartz

Excerpt / Dive Brief:

  • Prospective students interested in nondegree credentials can look to a new online directory of more than 200 companies and other organizations providing apprenticeships, boot camps, short-term online courses and other credentials.
  • Called Alternatives to College, the directory was launched as a joint effort between leaders at higher ed investment firm University Ventures and WhatsBestForMe, a platform for applicants to connect with postsecondary education providers.
  • “The last-mile training sector moves quickly,” said Cassidy Leventhal, a vice president at University Ventures, in the announcement, adding that the directory will provide an “online ‘home'” for nondegree options.
 

Introduction: Leading the social enterprise—Reinvent with a human focus
2019 Global Human Capital Trends
— from deloitte.com by Volini?, Schwartz? ?, Roy?, Hauptmann, Van Durme, Denny, and Bersin

Excerpt (emphasis DSC):

Learning in the flow of life. The number-one trend for 2019 is the need for organizations to change the way people learn; 86 percent of respondents cited this as an important or very important issue. It’s not hard to understand why. Evolving work demands and skills requirements are creating an enormous demand for new skills and capabilities, while a tight labor market is making it challenging for organizations to hire people from outside. Within this context, we see three broader trends in how learning is evolving: It is becoming more integrated with work; it is becoming more personal; and it is shifting—slowly—toward lifelong models. Effective reinvention along these lines requires a culture that supports continuous learning, incentives that motivate people to take advantage of learning opportunities, and a focus on helping individuals identify and develop new, needed skills.

 

What if the future of work starts with high school — from gettingsmart.com by Heather McGowan
The work of the future will require a robust system of lifelong learning and high school may just be the fulcrum in that system, best positioned to make the necessary profound changes across the system.

Excerpts:

Many have approached the challenge of rethinking high school and the imperative to do so continues to grow. There are a number of efforts now underway that look promising because they are not simply about what is taught but how. These efforts put the student at the center with the responsibility for his or her own learning.

Whatever we decide to call it,  to thrive in this fourth industrial revolution, where technology can assume many of our routine cognitive tasks, we need a robust system of life-long learning that begins with a reimagined high school to establish a strong foundation of learning agility and adaptability.

 

 

 

 

 

Report: Over 60% of college students face hunger or housing insecurity — from educationdive.com by James Paterson

Excerpt:

Seven out of 10 students at two-year colleges and six out of 10 students at four-year colleges indicated that they faced food or housing insecurity sometime in the last 12 months, according to The Hope Center’s latest #RealCollege report, which surveyed almost 86,000 students last fall.

 

Also see:

  • Tuition or Dinner? Nearly Half of College Students Surveyed in a New Report Are Going Hungry — from nytimes.com by Kaya Laterman
    Many routinely skip meals and take ‘poverty naps’ because they cannot afford groceries. Campus food pantries are helping, but are they enough?
    Excerpt:
    Although the college food-pantry movement is well underway, as there are now over 700 members at the College and University Food Bank Alliance, efforts have recently expanded to include redistributing leftover food from dining halls and catered events, making students eligible for food stamps and other benefits, and perhaps most important, changing national and state education funding to cover living expenses, not just tuition.
 

From DSC:
The following item is especially meant for students as well as those who haven’t tried to find a job in recent years.

Job search in the age of artificial intelligence – 5 practical tips — from forbes.com  by Bernard Marr

Excerpt:

If you haven’t searched for a job in recent years, things have changed significantly and will continue to evolve thanks to artificial intelligence (AI). According to a Korn Ferry Global survey, 63% of respondents said AI had altered the way recruiting happens in their organization. Not only do candidates have to get past human gatekeepers when they are searching for a new job, but they also have to pass the screening of artificial intelligence that continues to become more sophisticated. Recruiting and hiring new employees is an expensive endeavor for organizations, so they want to do all that’s possible to find candidates who will make valuable long-term employees for a good return on their recruitment investment.

 

 

Five Principles for Thinking Like a Futurist — from er.educause.edu by Marina Gorbis

Excerpt:

In 2018 we celebrated the fifty-year anniversary of the founding of the Institute for the Future (IFTF). No other futures organization has survived for this long; we’ve actually survived our own forecasts! In these five decades we learned a lot, and we still believe—even more strongly than before—that systematic thinking about the future is absolutely essential for helping people make better choices today, whether you are an individual or a member of an educational institution or government organization. We view short-termism as the greatest threat not only to organizations but to society as a whole.

In my twenty years at the Institute, I’ve developed five core principles for futures thinking:

  • Forget about predictions.
  • Focus on signals.*
  • Look back to see forward.
  • Uncover patterns.*
  • Create a community.

 

* From DSC:
I have a follow up thought regarding those bullet points about signals and patterns. With today’s exponential pace of technological change, I have asserted for several years now that our students — and all of us really — need to be skilled in pulse-checking the relevant landscapes around us. That’s why I’m a big fan of regularly tapping into — and contributing towards — streams of content. Subscribing to RSS feeds, following organizations and/or individuals on Twitter, connecting with people on LinkedIn, etc. Doing so will help us identify trends, patterns, and the signals that Marina talks about in her article.

It reminds me of the following graphic from January 2017:

 

Looking for something?

Use the form below to search the site:

Still not finding what you're looking for? Drop a comment on a post or contact us so we can take care of it!

© 2019 | Daniel Christian