Ivy league cancels all Fall sports
- Thread starter UR Fan 2
- Start date
DD - great post. We're closer in thought than may appear at first blush.
I agree - my plan isn't something most can do but believe more could realistically do it than you're giving credit for. This year, with no FA, UR would set you back $72,450 for a year. By the time my son is in college, a school like UR will probably cost half a million all-in. Not sure that's exactly "something most people can afford."
The model of having every luxury available with huge fixed costs. Effectively the arms race to have the latest science center, the dorms with heated floors, lazy pools for dorm complexes, dining halls with celebrity chefs, singles with private baths and housekeeping. Very little of this impacts the quality of the education (and subsequent earning potential of grads) but rather impacts the price of that education, reducing the ROI.
In 1988 private four-year tuition (not including room & board) was $15,160 (Source). According to the Economic Policy Institute, real wages for young college grads from 1989-2019 increased only 14%. In 2018 (I know, slightly different time frames, but trying to quickly bring some facts to support my opinion, rather than just providing my $0.02), tuition was $34,740 or 129% increase. UR's annual operating expense has nearly tripled since 1999. In 1999, net tuition covered 48% of annual operating expenses. In 2019, that number had dropped to 37%. A 7% net tuition decrease and UR would have been in the red from operating expense (to be fair, $37M was depreciation, so the university could cover day-to-day expenses just fine with 7% tuition decrease for a while).
I think schools are going to have to find ways to provide a more customized, tailored, a la carte model. I whole-heartedly agree with Fan in that JCs will see a surge in enrollment. I also agree with your point on social skills/soft skills, which is one of the true benefits of going to a residential college. As a hiring manager, I can attest to your less than 1%.
I'm not going to pretend to have an all-encompassing solution but don't believe the current model is sustainable.
My sister and brother in law teach at average/above-average colleges on the East Coast. Both are very concerned that this has the potential to close their schools permanently. Those are the schools that are going to be in trouble – and they're the majority of schools in the county. They charge $30k-$45k a year for tuition, and no one will be paying that if their kids are learning virtually the whole time. Even schools with decent endowments are going to be feeling it very quickly. Those with limited endowments might pull the plug within a year if things don't change quickly.
We're in a better position than most, of course, but we're still going to feel impacts.
We're in a better position than most, of course, but we're still going to feel impacts.
This one's a doozy from a former college president.
https://www.forbes.com/sites/michae...se-of-intercollegiate-athletics/#4fbda7da2e51
https://www.forbes.com/sites/michae...se-of-intercollegiate-athletics/#4fbda7da2e51
Agree 100%. I think in the current economic and pandemic environment that elite schools (UR) come across as ostentatious and pretentious with some of the amenities offered. Let's face it UR spends lots of money frivolously (current repudiation of its history project , support groups for those experiencing every alleged grievance). Administrative personnel and costs are out of hand. For example, in 1968 there was a part time campus policeman working 7pm to 7am. Now we have a force of 18 with a chief and a detective even though the # of students is approximately the same??? At some point, expenses that are ordinary and necessary will have to come into play in order to be viable in the marketplace
The current model is sustainable and has been greatly encouraged because the government has just been giving out loans left and right to anyone and everyone who wants to attend college. The Universities picked up on this and just continued to increase tuition and room and board. And guess what - each year, the government continued to back these loans and then strap the graduate with debt for the next 20 years. I mean - imagine if you had a product - a widget. You could charge $10 for it. But you also know - you could charge $100 for it and sell the same amount because anyone who wants one - can get a loan from the government. You get your money upfront, and the government chases the consumer for the next 20 years getting their money back with interest. And whats even better - everyone and their mother is pushing this product saying your a failure if you don't attend college, you will make 2x less than people who go to college, you will miss out on social aspects of life - its almost like if you don't attend college - you have no chance, so take on the debt and hope for the best.
the elite schools are full of really bright, motivated students who will likely be financially successful after college. even at today's rates, that tuition is worth it. tuition at the Ivy's for high school valedictorians isn't the problem.
the expensive schools that kids in the bottom half of a high school class go to just because college comes after high school? that's the problem.
the expensive schools that kids in the bottom half of a high school class go to just because college comes after high school? that's the problem.
I have always wondered when I read articles about other countries where they say they are happier and more laid back than Americans - how much does their social education system and healthcare system play into that. Imagine in the US if you didn't have to worry about paying for health insurance, medical bills, or college tuition - of course your taxes would be a little higher - but I always wonder how much stress that would relieve on people because education and healthcare debt are really two big drivers in the US that handcuff people financially and emotionally for years and years to come.
IMO, the worst-case scenario for this is that there are no college sports this year and a number of programs at a number of schools are eliminated. But normal life will start again once this virus is controllable. Sports are not just going to vanish from our life. It may take awhile for some of the lesser ones to return, and some may not return in the same way they have existed previously. But P5 schools will play football again, and when they do, so will FCS schools, etc. It will take a little while to build back to roughly where things were, but it will happen.
I agree Eight. There is no doubt everything with college sports and spending will get back to normal - just may take a few years. Reminds a lot of the housing crash 2007-2008 which collapsed because big banks got greedy with mortgages and mortgage bonds. You would have thought they learned their lesson. Yet in 2015-2016 - they started selling these mortgage bonds all over again. There was too much money to win with these to stay out of the game. Same will be true with college sports. Spending will be cut in short term, but let the dust settle - and in probably 5-10 years, there will be more money than ever in college athletics.
