The Economic Model of High Education Was Already Broken

With the fall semester upon us, colleges and universities unveiled their plans for students—and many are just as quickly upending those plans. The University of North Carolina and Notre Dame recently announced they were changing their on campus plans as COVID-19 cases spiked. Many other universities are sure to follow. Already, universities ranging from Syracuse to Ohio State are suspending hundreds of students for violating social distancing rules, while COVID-19 outbreaks are on the rise on campuses such as the University of Alabama. While there is considerable variety in the actual plans, ranging from mostly in-person to all virtual, they all share one imperative: to maintain an economic model that is as imperiled by the pandemic as the hardest hit service industries.

Over the past decade, colleges and universities have taken on staggering amounts of debt to expand their physical plant and justify spiraling fees. The selling point for

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