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The impact of new business models for higher education on student financing [Canada’s Daniel & Uvali-Trumbi]

On 08/26/2011, in budgets, business side of he, Canada, cost of getting a degree, dangers of the status quo, Daniel S. Christian, disruption, education technology, elearning, funding / grants, future of higher education, game-changing environment, global / globalization, Learning from the Living [Class] Room, New "Amazon.com" of Higher Education, new business models, online learning, open courseware and systems, society, UK, by Daniel Christian

The impact of new business models for higher education on student financing

Financing Higher Education in Developing Countries
Think Tank | Bellagio Conference Centre | 8-12 August 2011

Sir John Daniel (Commonwealth of Learning)
&
Stamenka Uvali-Trumbi (UNESCO)

Excerpt:

The aim of this paper has been to suggest that in discussing student financing we need to look beyond the current standard model classroom teaching to the likely developments in learning systems over the next decade. These have the potential to cut costs dramatically and thereby lessen the challenge of student financing.

That is fortunate because nearly one-third of the world’s population (29.3%) is under 15. Today there are 165 million people enrolled in tertiary education.[2] Projections suggest that that participation will peak at 263 million in 2025.[3] Accommodating the additional 98 million students would require more than four major campus universities (30,000 students) to open every week for the next fifteen years unless alternative models emerge. (emphasis DSC)

Also see:

OER for beginners: An introduction to sharing learning resources openly in healthcare education
The Higher Education Academy (HEA) (www.heacademy.ac.uk) and the Joint information Systems Committee (JISC) (www.jisc.ac.uk) are working in partnership to develop the HEFCE-funded Open Educational Resources (OER) programme, supporting UK higher education institutions in sharing their teaching and learning resources freely online across the world.

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A visualization of the United States debt [Comment from DSC: With global ramifications]

On 08/24/2011, in budgets, business, business side of he, change, dangers of the status quo, Daniel S. Christian, economics, funding / grants, future, future of higher education, game-changing environment, global / globalization, leadership, legislatures / government / legal, New "Amazon.com" of Higher Education, political science, society, staying relevant, student-related, trends, United States, visualizing information, by Daniel Christian

A visualization of the United States Debt — from usdebt.kleptocracy.us

From DSC:
Though this is the U.S. debt, the ramifications of this affect the entire globe. I believe my cousin, Mr. Stephen Gibson, is correct when he says that we may well be heading towards a “Global Reset.”

 

usdebt.kleptocracy.us

 

 

http://usdebt.kleptocracy.us/

 

Also see:

usdebtclock.org

— as of 8/24/11 around noon

 

Addendums later on 8/24/11 from Academic Impressions:

 

First day of sessionMPR Photo/Jeffrey Thompson

Just what are states pledging for higher ed these days?

  • Fidelity® study finds significant shifts over 5-yr period in how families tackle rising college costs
    Fifth Annual College Savings Indicator Study finds parents projected to meet only 16% of college costs, despite improved savings habits
    BOSTON – Fidelity Investments®, a leader in helping families save for college, today announced the results of its fifth annual College Savings Indicator study, which found significant shifts in savings behavior from 2007 to 2011, with more families: 1) starting to save in the preschool years despite financial pressures, 2) seeking guidance and saving for college using a dedicated account, such as a tax-advantaged 529 college savings plan, and 3) making shared sacrifices to achieve their college savings goals.

    The study features the College Savings Indicator, a calculation of the percentage of projected college costs the typical American family is on track to cover, based on its current and expected savings. After four consecutive years of decline, the Indicator held steady to the prior year at 16 percent, down from 24 percent in 2007, when Fidelity first launched the study. While overall preparedness has declined, a larger percentage of parents — more than two-thirds (67 percent) — have begun saving for college costs, compared with 58 percent five years ago.

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Party ends at for-profit schools [WSJ; Korn]

On 08/23/2011, in business side of he, community colleges, by Daniel Christian

Party ends at for-profit schools — from the WSJ by Melissa Korn

Excerpt:

For-profit colleges are facing a tough test: getting new students to enroll.

New-student enrollments have plunged—in some cases by more than 45%—in recent months, reflecting two factors: Companies have pulled back on aggressive recruiting practices amid criticism over their high student-loan default rates. And many would-be students are questioning the potential pay-off for degrees that can cost considerably more than what’s available at local community colleges.

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Student loan debt/delinquencies rise

On 08/18/2011, in budgets, business side of he, dangers of the status quo, Daniel S. Christian, future of higher education, game-changing environment, higher education, New "Amazon.com" of Higher Education, society, by Daniel Christian

Student loan debt climbs — WSJ.com by Justin Lahart

 

Student loan debt growing even as consumers pull back on other types of debt — from dailyjournal.net; originally saw this one at Academic Impressions

Push comes to shove: More American parents would like Uncle Sam to regulate college costs — from Straighterline.com

Student-loan delinquencies rise, adding to fears of an education bubble — HuffingtonPost.com

 

 

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For-profit college group sued as U.S. lays out wide fraud [Lewin]

On 08/09/2011, in budgets, business, higher education, by Daniel Christian

For-profit college group sued as U.S. lays out wide fraud — from the New York Times by Tamar Lewin

Excerpt:

The Department of Justice and four states on Monday filed a multibillion-dollar fraud suit against the Education Management Corporation, the nation’s second-largest for-profit college company, charging that it was not eligible for the $11 billion in state and federal financial aid it had received from July 2003 through June 2011.

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Higher ed in Michigan: A couple of budgetary-related items

On 08/07/2011, in budgets, business side of he, colleges, community colleges, game-changing environment, higher education, legislatures / government / legal, Michigan, New "Amazon.com" of Higher Education, student-related, trends, United States, universities, by Daniel Christian

New ‘net price calculators’ required by law may bring sticker shock to families planning for college — from Michigan (USA)/mlive.com and Flint Journal by Beata Mostafavi

University tuition hits an ugly milestone; how can college be affordable again? — from Michigan (USA)/mlive.com by Peter Luke

Also see:

 

 

 

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Debt to degree: A new way of measuring college success [Carey & Dillon]

On 08/06/2011, in accreditation, assessment, budgets, business side of he, colleges, community colleges, higher education, legislatures / government / legal, society, United States, universities, by Daniel Christian

Debt to degree: A new way of measuring college success — from educationsector.org by Kevin Carey and Erin Dillon

Excerpt:

The American higher education system is plagued by two chronic problems: dropouts and debt. Barely half of the students who start college get a degree within six years, and graduation rates at less-selective colleges often hover at 25 percent or less. At the same time, student loan debt is at an all-time high, recently passing credit card debt in total volume.1 Loan default rates have risen sharply in recent years, consigning a growing number of students to years of financial misery. In combination, drop-outs and debt are a major threat to the nation’s ability to help students become productive, well-educated citizens.

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Fixing Debt [Kiley]

On 07/29/2011, in budgets, business side of he, higher education, legislatures / government / legal, by Daniel Christian

Fixing Debt — from InsideHigherEd.com by Kevin Kiley

Excerpt:

Colleges and universities don’t like uncertainty, and right now they’re facing a lot of it. No one knows how long it will take the economy to recover to pre-recession levels. The government’s sovereign credit rating, once ironclad, is under review for potential downgrade. And people aren’t even sure if, in less than a week’s time, the government will be able to pay its bills. Nobody knows what the national fiscal picture means for higher education. The current drama in Washington over the debt ceiling has only exacerbated several years’ worth of economic uncertainty that led colleges and universities to convert variable-rate debt — a potentially volatile form of borrowing in which the interest rate can change weekly depending on the market — to fixed-rate debt. They purchased the variable-rate debt in droves because of historically low interest rates; shifting to fixed-rate debt will come at a price. But doing so provides somewhat more stability, no matter what happens in Washington — even if the worst unfolds and the government defaults, one of several factors that could send variable rates soaring.

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Analysis: In debt row, hints of emerging-economy crises [Pedro Nicolaci da Costa]

On 07/24/2011, in budgets, business, business side of he, change, corporate / business world, economics, game-changing environment, global / globalization, legislatures / government / legal, New "Amazon.com" of Higher Education, new business models, political science, United States, by Daniel Christian

Analysis: In debt row, hints of emerging-economy crises — from Reuters by Pedro Nicolaci da Costa
WASHINGTON | Sun Jul 24, 2011 5:59pm EDT
Debt default. A ratings downgrade. Political deadlock. Such terms, once associated primarily with the developing world, now abound in the mighty United States.

 

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Last-minute tuition hikes hit students [Andriotis]

On 07/12/2011, in budgets, business side of he, dangers of the status quo, future of higher education, game-changing environment, higher education, New "Amazon.com" of Higher Education, student-related, by Daniel Christian

Last-minute tuition hikes hit students — from SmartMoney.com by Anna Maria Andriotis
Almost 20 states have cut funding for colleges, raising costs for students — starting now

Excerpt:

With freshman orientation right around the corner, many college students and their parents are about to get a surprise that could derail years of careful financial planning: last-minute tuition increases and cuts to financial aid packages promised just a few short months ago.

 

From DSC:
Many already know that such budgetary pressures are a piece of the perfect storm within higher education; but what may not be as visible is the catalyzing effect that these pressure are having/will have towards creating a game-changing environment within higher education. For example, such escalating costs may cause people to pursue other avenues of obtaining knowledge and/or experience. Some examples off of the top of my head include: 

  • StraighterLine.com
  • More community college-based coursework
  • iTunes U
  • YouTube.edu
  • University of the People
  • Apprenticeships
  • More vocationally-based programs
  • Etc.

 

 

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Another example of the need to constantly reinvent our organizations and ourselves

On 07/06/2011, in business, business side of he, corporate / business world, new business models, reinvent, staying relevant, surviving, by Daniel Christian

BlackBerry’s blues continue as platform falls to third place –– from mashable.com by Todd Wasserman

Excerpt:

It’s another humiliating day for Research In Motion. The company’s BlackBerry, which once owned 55% of the smartphone market, has now fallen to third place with less than a quarter share, according to comScore.

To make matters worse, BlackBerry’s share seems to be falling pretty quickly. In February, RIM was number two in the market with 28.9%, based on an average of the previous three months. By May, RIM’s share had dropped 4.2% to 24.7%, behind Apple’s iOS with 26.6% and Google’s Android platform with 38.1%.

 

From DSC:
RIM did not innovate fast enough. They did not reinvent themselves as Apple has done, and now they are paying the price. The hurt has set in. This is a good reminder to all of us to constantly be reinventing our organizations and ourselves.

 


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Infographic: Paying off student loans has become more difficult [Lawlor]

On 07/06/2011, in budgets, business side of he, cost of getting a degree, leadership, New "Amazon.com" of Higher Education, new business models, student-related, vision/possibilities, by Daniel Christian

Paying Off Student Loans Has Become More Difficult

 

Also see:

 

The sky has not fallen — but pieces of it could soon be hitting a campus near you.

That is one way of summing up the findings of Inside Higher Ed’s first-ever Survey of College and University Business Officers, released today in advance of the annual meeting of the National Association of College and University Business Officers. (A copy of the survey report can be found here.)

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Colleges in Crisis [Harvard Magazine July-August 2011]

On 06/20/2011, in budgets, business side of he, change, colleges, cost of getting a degree, dangers of the status quo, Daniel S. Christian, future of higher education, game-changing environment, higher education, New "Amazon.com" of Higher Education, new business models, online learning, organizational change, reinvent, staying relevant, United States, universities, using teams, by Daniel Christian

Colleges in Crisis - Harvard Magazine -- July-August 2011

Excerpt (emphasis DSC):

Surveys of the American public and of more than 1,000 college and university presidents, conducted this past spring by the Pew Research Center in association with the Chronicle of Higher Education, revealed significant concerns not only about the costs of such education, but also about its direction and goals.

More fundamentally, the business model that has characterized American higher education is at—or even past—its breaking point. Many institutions are increasingly beset by financial difficulties, and the meltdown since 2008 is but a shadow of what is to come. Undergraduate tuition has risen dramatically: at a 6.3 percent annual clip for nearly the last three decades—even faster than the much-decried 4.9 percent annual cost increases plaguing the healthcare industry. The full increase in the price of higher education has actually been hidden from many students and families over the years because gifts from alumni, earnings from private university endowments, subsidies from state tax revenues for public universities, and federal subsidies for students have been used to mitigate some costs. But universities are exhausting these mechanisms.

…

A Thriving, Disruptive Innovation
Just at the moment when these challenges to established higher education have arisen and compounded, another group of universities has arisen whose financial health is strong and enrollments have been booming. And yet the brands of these schools are weak and their campuses far from glamorous; sometimes the campuses are even nonexistent from the perspective of students, as online learning has largely driven their growth. How could this upstart group be so successful when the rest of higher education is treading water at best?

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DIY U: The Future Of Learning [Kamenetz]; DSC’s reflections re: the bubble in higher education

On 06/15/2011, in 21st century, 24x7x365 access, budgets, business side of he, cost of getting a degree, dangers of the status quo, Daniel S. Christian, future, future of higher education, game-changing environment, higher education, learning, New "Amazon.com" of Higher Education, new business models, open courseware and systems, reinvent, society, staying relevant, United States, by Daniel Christian

DIY U: The Future Of Learning [Video] — from FastCompany.com by Anya Kamenetz
From Khan Academy and TED Talks to instructional YouTube videos, the future of learning is open and free.


DYI: The future of learning

 

A related comment from DSC:

I have it that higher ed is a bubble and if an increasingly larger group of people can’t afford it — yet still want it — then, in my book, that’s a major problem.

I’ll use myself as an example. My wife and I could not begin to afford to send our kids to many of the colleges and universities out there right now — today, in 2011! (Let alone in 2017+ when our kids start hitting the college scene.)  I should note that our kids are doing well in school and are very talented, hard workers.  I should also point out that my wife and I place a very high value on being educated and we are both trying to pass that value along to the next generation.

But if you tell me that higher ed is not a bubble, the first question I will ask you (besides what planet are you living on) is what’s the gross income for your household? If you are making close to 6 figures, I highly doubt that your perspective will be the same as that of folks from households who are making $20,000-$50,000 a year. In fact, my hunch is that those who say higher ed is not a bubble are:

  • Upper middle class to upper class (i.e. wealthy in the eyes of many in the world today)
  • Folks who don’t have to worry about where their next paycheck is coming from (nor have they had to live like that in years!); that is, they are doing quite well these days…living quite comfortably
  • College educated (nothing wrong with that!)
  • Potentially involved with higher ed — or at least want to maintain the status quo
  • Folks who do not have children

My take on this is that all of us in higher education need to figure out how we can greatly reduce the price of higher education. It shouldn’t be how well you understand the system or how many hours of work you have done to figure out the grants, loans, etc. that exist out there.

NEVER again should we be pleased with ANY sort of increase in tuition. Never again should we say, “Well, our tuition only went up by ___% which is the smallest increase in our history (or the smallest increase relative to our competition…or the smallest in our state/country/nation).”

Such a situation is causing a backlash against the current higher education environment/setup.
As such, we need to constantly be looking to reinvent ourselves — and to staying relevant.

 

Addendum on 6/17/11:

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Surging college costs price out middle class [Censky]

On 06/13/2011, in budgets, business side of he, cost of getting a degree, dangers of the status quo, future of higher education, game-changing environment, higher education, New "Amazon.com" of Higher Education, society, student-related, surviving, trends, United States, by Daniel Christian

Surging college costs price out middle class -- from CNNMoney.com on June 13, 2011

 

Excerpt:

NEW YORK (CNNMoney) — What do you get when college costs skyrocket but incomes barely budge? Yet another blow to the middle class.

“As the out-of-pocket costs of a college education go up faster than incomes, it’s pricing low and medium income families out of a college education,” said Mark Kantrowitz, publisher of financial aid sites FinAid.org and FastWeb.com.

The numbers confirm what most middle class families already know — college is becoming so expensive, it’s starting to hold them back.

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