I was paying US$200 a year as tuition when attending my university in Shanghai. Walking through the campus, I always believed this space of higher education would forever hold and never ever to change.
Things do change and change fast. If not in China yet.
For the students, the skyrocketing tuition will negatively impact the disadvantaged. In UK, students started to have pay £9,000 tuition fees a year plus real interest rates for – money that will have to be borrowed. That’s up from £3,300 a year with no interest charged (before 2012).
For the universities, some of them are struggling. In US, hard time in Howard University quoted a letter stating ‘Unless some “crucial decisions” were made promptly, the university would be gone in three years. …citing poor fiscal management and blasting expenditures like $107 million for two new dorms, although they were funded by bonds.’
As some one who comes from business background and pursuing interest in (higher) education industry, I always ask this question – can you run a school as a business? One such example is the success of New Oriental Education & Technology, the first Chinese educational institution listed on US Nasdaq stock market. I recently did a case study about its success and will share on the next post details.