It has long been a tradition and a sign that you’ve made it in America and become part of the prospering upper classes–going to and graduating from a traditional 4-year college. Given that America is rapidly becoming a service-based economy with jobs that require advanced, and often specialized education, you would think that traditional four-year colleges would be thriving. But the exact opposite is true. Many four-year colleges are actually shutting down. If you are shocked and surprised to read this, don’t be. I will explain why this is the case.
The Ivy Leagues May Be Doing Okay, But…
And this is a big but! Many smaller colleges and medium-sized universities in town across America are closing their doors for good. Part of this is because of fiscal problems. Smaller colleges are almost entirely dependent on tuition revenues to stay financially afloat. But COVID threw a real spanner in them. Not only did fewer students attend school in person, trying to follow the ‘stay home, stay safe’ mandates, but federal aid slowly started drying up.
If COVID was the only reason why enrollment dropped significantly, then you would expect enrollment to be going back to pre-pandemic levels now. However, that’s not the case. Some of this can be attributed to the fact that Gen Zers and even some Millennials view college as nothing more than an expensive scam. They are turning to the trades because they know that they will not graduate with debt and have a high-paying job waiting for them upon graduation.
So, many smaller colleges are literally broke now. They have no other choice but to close.
The National Student Clearinghouse stated that there are five percent fewer students enrolled in colleges across America in general than in 2020. Fewer students also translates into something interesting–fewer athletes. Athletes have traditionally been a big revenue-generating machine for American colleges because of all of the corporate-sponsored games that they compete in.
College Is Just Too Expensive for Many Students
Some smaller colleges charge over a hundred thousand dollars for a four-year degree. Given that many young adults know that a college degree doesn’t guarantee a job, much less a good-paying one, after graduation, they believe that college just isn’t worth it anymore. So, they are either going directly into a trade or they are enrolling in more affordable higher educational institutions.
Demographics Are Also Partly to Blame
Americans just aren’t having as many kids anymore. The Total Fertility Rate is well below the replacement rate of 2.1 and has been for many years. This, when combined with the fact that it’s much more difficult to apply for financial aid (in the form of federally backed loans), explains why there are fewer students.
Interestingly Enough, Ivy League Universities Are Doing Just Fine
And top-tier colleges and universities, as well, are not affected by the ‘college blight.’ For example, 57,465 students, a record number, applied to Yale in 2023. Enrollment in the top colleges increased by 11% in 2023. You could deduce from that development that students figure that they shouldn’t bother going to college unless they attend a brand-name institution that can find them a job upon graduation.
The Colleges May Have Shot Themselves in the Foot
Once upon a time, college was affordable and college degrees were so rare and valued that they really did open up bright and promising career paths. Now, they are seen as an expensive burden. Part of the reason for that is the fact that college tuition has skyrocketed exponentially over the last two generations. Given that reality, it’s no wonder that so many young Americans and their families see college as an expensive racket.
Perhaps the sentiments among most Americans are that while college holds the key to career advancement in general, it may not always be worth it. Public Agenda USA and Hidden Common Ground recently released a report stating that 50% of Americans didn’t feel that the benefits of a college degree were worth its high sticker price.
Many Americans think that college is like an expensive boarding school which only the rich and ultra rich can afford. And it looks like college is only going to get more expensive for most Americans in the near future.
The Traditional Four-Year College May Be A Thing of the Past
Yes, that’s right, going to college may no longer be popular when the eldest members of Generation Alpha graduate from high school in a few years. Most people from the class of 2040 may either opt for online schools or go to trade school. Some may even decide to start working or join the army right out of high school!
