Estimated 15% Drop in 2020 College Enrollment. How will this $23 Billion be Reallocated?
MADISON, Wis., June 26, 2020 /PRNewswire/ -- According to VNM USA, insights gathered in the book Modern College, we're amidst one of the greatest shifts in higher education since the introduction of the American G.I. bill in the 1940s, which largely brought the modern college system into the mainstream.
That's roughly 1 in 7 students who is now forgoing the college plans they originally planned. What does this mean for these students? What does it signal to the greater education ecosystem?
For one, we're going to see more students taking a gap year. Many will forego the traditional four-year degree for practical and affordable ocational training. EdTech platforms will attract many of these students. For example, in Q1 2020, Udemy reported a 425% increase in consumer enrollment.
"Amidst this changing landscape, students are left confused. The traditional post-high-school path has abruptly changed. They need guidance. And books like Modern College outline a better path forward for them." – George Anders, Senior Editor at Large, LinkedIn and Author of "You Can Do Anything: The Surprising Power of a Useless Liberal Arts Education"
As for colleges and universities, they will struggle with balance sheets that are losing top-line revenue. According to CNBC, the University of Alaska announced it will cut 39 academic departments. Other universities will follow the example of MIT Sloan and open up their degrees to online students.
"We've been due for a major change in higher education for some time. The $1.6 trillion student debt crisis. The widespread questioning of the declining value in a college degree. Lockdowns from the coronavirus forcing college lectures into Zoom classrooms. All of this adds up to one major prediction: Over the next decade we will actually see a decrease in bachelor's degrees awarded in comparison to the previous decade, something that hasn't occurred in over 2 centuries." – Alex Valaitis, Author of Modern College
Modern College explores the changing tides of higher education and gives actionable advice to the many confused college students and college hopefuls who are unsure of what to do during this time of major transition. Modern College is available on Amazon.
SOURCE VNM USA