A most enlightening article on higher education shows they are plain going out of business (Bloomberg).
Simmons, home to 4,700 students, opened the 66,500-square- foot (6,200-square-meter) center in January, two months before the U.S. stock market hit its lowest point in 12 years. Even before the ribbon cutting, enrollment in the management school had been dropping.
Now, the vacant halls are reminders of the new math confounding U.S. colleges. Students, pummeled by scarce loans and savings plans that have fallen as much as 40 percent, are heading for less expensive schools. The perks designed to lure them during boom times -- from hot tubs to dorm-suite kitchenettes, to in-room cable TV -- are crushing universities with debt. Even projects like Simmons’s “green” management building, with its rain-absorbing roof patio and toilets with two flushing modes, can turn into burdens as schools struggle with rising expenses, plummeting endowments and needier applicants.
What is most interesting is how many of these schools went on spending binges, with even Harvard being in trouble. New construction, fancy dorms and so gross of financial mismanagement they are now in trouble.
Nice huh, how higher education has turned into a product making machine with the student being sucked dry all the while being turned into this product.
So, it appears instead of focusing in on research, the quality of the education, the students themselves, we have a host of schools now in huge financial trouble. Even more troubling is how these very schools are awarding MBAs and financial management degrees.
Note how Bloomberg says this new business model of these schools is the Harvard model. Anyone else thinking Harvard is overrated?