Re: When is the Amazon of education coming?
@Laurianne. I didn't know that was part of tuition, I got ripped off!!
Seriously, depends on what kind of school and what kind of degree before stuff like that means anything. I went to Wright State in Dayton OH, which at that time was primarily a commuter school. I didn't make any lasting friends, much less have a mentor. But I did get BS in Comp Sci, which is what I was paying for.
I went from 1979-1984. My entire student loan was $7500. A few years ago, my daughter wanted to go to a private school up here in Green Bay called St. Norberts, instead one of more affordable state schools. I laughed when she said that, knowing it was $25K a year to go there. But her Mom and her wanted to look for loans/grants/scholarships and try.
Much to my surprise, they got loan approval from Wells Fargo if we cosigned, even though anyone looking at my budget would have known we could not afford to pay off $100K in loan. I did not know at time about that bill they snuck thru Congress which made it impossible to discharge private student loan debt. No way in heck Wells Fargo makes that loan without that. With it, they operate like loan shark, lending to anyone who asks and then turning collection system loose on you later. They are so irresponsible they make mortgage subprime lending look like secure business.
So what is net effect of all this cash dumped in that market? Double digit tuition increases every year. Crap schools like ITT Tech charging $20K a year for 2 year degrees. What do you think college tuition would be without all this private money dumped in that market?
Of course in my case, worst case scenario happened. Daughter quit after 3 years, owing $70K to Wells Fargo. And even though she had good job as Pharm Tech at Walgreens, she couldn't make $800 a month in payments. So Wells Fargo kept dinging my credit when she was late, I finally ended up paying off 1/2 for her just to give her fighting chance.
And St Norberts is a dump. Old buildings that had to be paid off by 1940, a dorm room smaller than most work cubicles. Other than high paid administrators who run the place, I could never figure out how that could cost $25K a year.
I'm not sure MOOC is final answer. Why couldn't you record classes from some of finest teachers around for lectures? Put a Watson type question answerer in place as resource for kids, supplemented by a tutor system. Dump these administrators doing nothing for $5 million a year.
Online schools work, as Rob pointed out. My wife upgraded her 2 year nursing degree to BS thru online school. Very cost effective and feasible for her since she worked full time already.
But to me, the first logical step is attack this loose money the Wells Fargo's of world are throwing at it. That will send shock waves thru tuition prices.