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The 1400% increase in college tuition over the past 40 years has several implications. Firstly, it has led to a significant increase in student loan debt, which now stands at $1.6 trillion. This debt burden can have long-term effects on individuals, delaying milestones like home ownership and starting a family. Secondly, the high cost of tuition may deter potential students, particularly those from lower-income backgrounds, from pursuing higher education. This could lead to a decrease in social mobility and increase income inequality. Lastly, the high cost of tuition without a corresponding increase in value could lead to a higher demand for alternative education options, potentially disrupting the traditional higher education model.
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In the past 40 years, college tuition has increased 1400% without any remarkable value addition or innovation. Premium universities have leveraged scarcity(low admission rates) to increase prices. These price rises have been enabled by federally subsidized student loans, leading to a total student loan debt of $1.6 trillion. In 2012, Clayton Christensen predicted that 25% of colleges and universities would go out of business over the next ten to fifteen years. By 2018, he raised the number to 50% pre-Covid.
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What will the world of business look like after the coronavirus pandemic? The pandemic will accelerate every trend by a decade and redefine entire ind...
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