This week, we’ve seen some significant developments in the education sector, from academic cuts at Valparaiso University to the financial troubles of online program manager 2U. Let’s break down these stories into key numbers for a better understanding.
Valparaiso University, a private college in Indiana, is set to cut over two dozen academic programs, affecting 2% of its campus population. This decision includes the elimination of programs in statistics, German, and philosophy, highlighting the ongoing challenges faced by higher education institutions.
On the financial front, 2U, a prominent online program manager, is facing bankruptcy with an expected debt of $20.8 million to its university clients. The company’s Chapter 11 filing reveals that a significant portion of this debt is related to payments owed to university partners for supporting the launch of online degree programs.
Looking ahead, a report from Georgetown University’s Center on Education and the Workforce projects that by 2031, 66% of “good jobs” will require a four-year degree. These jobs are defined as those with an annual salary of at least $43,000 and a median salary of $74,000 for workers aged 25 to 44, underlining the increasing value of higher education in the job market.
Despite the growing demand for higher education, a recent poll by New America indicates a shift in public perception. The survey found that 36% of adults believe that higher education is “fine how it is,” down by 5 percentage points from the previous year. The rising concerns around the cost of education were highlighted as the primary barrier preventing individuals from pursuing college degrees.
These developments reflect the evolving landscape of higher education, where institutions are forced to make tough decisions to adapt to changing economic realities. As students and educators navigate these challenges, it is essential to stay informed and engaged with the latest trends shaping the future of academia.