The “higher education bubble” has become unsustainable and unstable.
The meaning of a college degree has changed.
A college degree has three main values. Its primary value is to make students more productive and valuable in the workforce and the economy. Its secondary role is to provide credentials that employers want. Finally, college provides a social network within which to make contacts and find job opportunities.
Instead of focusing on giving students valuable skills, universities sell “the college experience.” Instead of focusing on expanding the intellectual capacity of students to make them valuable in society and the economy, universities have shifted to providing a good experience and a credential for employers.
The value of education is now over-rated.