Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
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Some studies cited therein are easy to find, e.g., from the Institute for Fiscal Studies: https://www.ifs.org.uk/publications/14924 and links to other articles on that page.
Covid-19 accelerates three critical trends in higher education, each of which predates the pandemic, and each of which demands a new policy approach.
First, higher education has been an industry under mounting financial pressure and consolidation risk. Much of the cost of higher education’s unsustainable business model falls on students: student loan volume now exceeds $1.5 trillion, a tripling of student debt over just the past 13 years. Prior to the pandemic, the Federal Reserve reported that two out of every 10 borrowers were behind on their payments. But despite the significant financial burden that students carry, the typical college is itself financially marginal. Pre-pandemic, Moody’s gave the higher education sector a negative outlook, predicting a rise in the closure rate, weaker enrollments over the next 10 years, and “sluggish” net tuition revenue growth.
Second, Covid-19 has forced nearly every institution to move their programs online. Six months ago, online was “increasingly mainstream”, after decades of slow and steady adoption in higher ed. During spring semester 2020, it was ubiquitous, and it is likely to be dominant in the fall as well. We should expect a flurry of innovation as institutions take a tech-first approach to adapt to student needs and to improve their offerings.
The third disruptive trend is the transition from a degree-based talent pipeline to a skills-based talent pipeline. The idea that a college degree singularly prepares students for decades of work has long been outdated; instead, learning is a lifelong process that intersects with the workforce continually. In the future, degrees will continue to hold value, not because of the degree credential, but because a degree is composed of many skills and competencies that are valued by employers. Covid-19 has accelerated dramatically the need for mid-career reskilling and upskilling. It has created sudden demand for education at unprecedented scale. Our country’s need for education has never been greater, but this does not fit neatly into mainstream higher education offerings or policy.
I thought the third point was very interesting, as I've thought this for many years pre-pandemic as my own children were going through college. Maybe this will bring on a renaissance in apprenticeship programs.
As a side note, I think this can apply to a lot of our nation's infrastructure- over the years, we've become very complacent in addressing our real needs in infrastructure, whether it be education, healthcare, fast-speed internet access, climate change initiatives, etc. The pandemic has just exposed what is lacking to begin with.
The third disruptive trend is the transition from a degree-based talent pipeline to a skills-based talent pipeline. The idea that a college degree singularly prepares students for decades of work has long been outdated; instead, learning is a lifelong process that intersects with the workforce continually. In the future, degrees will continue to hold value, not because of the degree credential, but because a degree is composed of many skills and competencies that are valued by employers. Covid-19 has accelerated dramatically the need for mid-career reskilling and upskilling. It has created sudden demand for education at unprecedented scale. Our country’s need for education has never been greater, but this does not fit neatly into mainstream higher education offerings or policy.
That is the best common-sense summary of the issue that I've yet seen.
Younger generations have better computer skills for remote learning or working. Our kids made quick change this spring when schools and universities shut down rapidly in March. They managed to do very well in the spring term. The fall term starts in the Oregon next week and they are ready to engage. At work my older colleagues face more challenges using online video software and hardware while teleworking. This new normal working environment will likely to stay for next 6-12 months.
@Sven: Would the kids rather go to school or learn remotely. My grandson prefers school. As a retired apprentice I believe in the process, if program is managed properly. Screening has been upgrade since I went through as dropouts have a high cost to provider. Stay Safe, Derf
Clearly there is no substitute for in-class instruction. Beyond academic materials social interaction in classroom environment is crucial for young kids as part of their human development. We human are social being and are not meant to live in isolation. This remote learning is for short term (we hope) while preventing COVID-19 spreading to the teachers and administrators. Early next year when vaccines are available, then the probability of in-class instruction goes up for the spring term. But it also depends on high percentage people taking the vaccines. Our family already took the flu vaccine and will do so with COVID-19 vaccine.
In the meanwhile, school is trying to figure out measures including spacing between the seats (6' social distancing), frequent surface cleaning, and wearing face covering. Challenge is all these are indoor and they are not trivial.
Comments
I'm happy to field questions....David probably is, too....
https://www.economist.com/briefing/2020/08/08/covid-19-could-push-some-universities-over-the-brink
[Note: this hides behind a subscription request, but the obscuration is slow, so one can quickly grab the entire contents and copy it (e.g., Crtl-A, Ctrl-C on Windows).]
Some studies cited therein are easy to find, e.g., from the Institute for Fiscal Studies:
https://www.ifs.org.uk/publications/14924
and links to other articles on that page.
As a side note, I think this can apply to a lot of our nation's infrastructure- over the years, we've become very complacent in addressing our real needs in infrastructure, whether it be education, healthcare, fast-speed internet access, climate change initiatives, etc. The pandemic has just exposed what is lacking to begin with.
My grandson prefers school.
As a retired apprentice I believe in the process, if program is managed properly.
Screening has been upgrade since I went through as dropouts have a high cost to provider.
Stay Safe, Derf
In the meanwhile, school is trying to figure out measures including spacing between the seats (6' social distancing), frequent surface cleaning, and wearing face covering. Challenge is all these are indoor and they are not trivial.
You stay safe too.
https://www.usatoday.com/story/news/education/2020/08/17/unc-chapel-hill-covid-cases-fall-semester-online-classes/3383874001/