The future of college per this story is mostly bleak with the big names still winning. Like everything else, when the person or the entity has a lot of built in cushion, there is plenty of hardship they can endure but those less fortunate will not last long. That weeds out competition and only the "fittest" survive. In the case of colleges, if the logic this article is based on turns out to be true, then there will be only elite colleges where gaining admission will still resemble winning a lottery only with better odds. For those that fail to make it, options will be bleak and limited - they will regress to the dark ages without enlightenment.
I'd like to believe there will be many creative and innovative alternatives to traditional college for those that don't win the lottery. People can learn what they love and at a pace they like - maybe the joy of learning for the sake of learning will return. The plebians that don't make it to fancy colleges may come out ahead in the end without student debt dragging them down. Maybe this is a cliff worth falling off of.
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