The Future. In the past decade, college tuition costs have dramatically risen, while graduates’ ability to pay for them hasn’t. As a result, many college-age Americans are rethinking college or even skipping it entirely. The decision may save students from mountains of debt, but it could doom many universities.
- While college tuition rose an average of 12% per year from 2010 to 2022, financial prospects for graduates have hardly changed in the past fifty years, with a third of recent grads earning less than their high school-educated peers.
- To afford school, students are flocking to “practical degrees” that reliably lead to high-paying jobs like computer science, engineering, and business.
- Some are also skipping college altogether. College enrollment dropped by four million in 2022 compared to 2012, with many preferring cheaper MOOCs (Massive Open Online Courses).
School’s out, forever
As enrollment lowers, schools will suffer. While the most prestigious are probably safe, hundreds of private universities will be more susceptible to closure over the next few years.
But hey, that’s just business.