Josh Mitchell

speaker

438 appearances 7 recordings 1 series first heard Jul 2017 last heard Feb 2022

Josh Mitchell’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Want to Get a Lower College Tuition? Try Asking. · 2 Jul 2020 podcast

Prior to the pandemic, there had already been a shift in leverage from schools to families in terms of this negotiation process.

This pandemic has accelerated that trend.

There are a couple things going on here.

Schools themselves are worried about what enrollment is going to be next fall.

Are families going to be too scared to send their children back to campus?

Will schools be allowed to open their campuses?

Number two, how willing are students going to be to travel out of their home states?

Some families might be more willing now to have their students attend in-state schools or schools closer to home rather than sending them across the country given this pandemic.

Or maybe they'll go to a campus that is not located in an urban area where contagion is higher risk.

So on top of that, you have the highest unemployment rate or near the highest unemployment rate since the Great Depression, which means a lot of parents have either lost their jobs, have had their hours scaled back.

They've either lost wealth maybe through the stock market that the stock market has recovered a lot of what it lost.

But maybe they have businesses that have been harmed by this.

Maybe they're worried that if the student goes to school, what's the labor market going to be like when they come out of school?

So they're doing this whole reassessment of the value proposition of college.

How much should we pay?

Is $70,000 a year in tuition?

Does that still make sense in this pandemic-torn world that we're in?

School's number one cost is their personnel.

So unless they lay off their workers, which they've laid off some of their workers, but a lot of them are retail workers like cafeteria workers, they have their own expenses that they have to meet.

And so if you are a professor that has to deliver a lecture online versus in person, you still have to pay that professor.

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