Education: The Free Market
by Julie Brock
I do not protest to understand the stock market. Even though Bloomberg runs in the background while my partner in this life checks Robinhood, I am happily ill equipped to invest your money. However, I do like metaphors. Lately I have found myself saying two phrases ad nauseum as they pertain to education:
University of YouTube
Is there an actual YouTube University? No. There is a channel named YouTube University, but no, there is not an actual YouTube University. However, think about how many times you have used YouTube to figure out how to change a headlight, remove a stripped screw, or build a retaining wall.
There is valuable information on social media platforms that people are using and gaining knowledge for free and it isn’t just for hobbies. As a college first-year, my son found his way into a physics class that was harder than any class he had previously experienced. He went to office hours, met with the graduate assistants, asked for resources, and at the end of the day, he found an educator on YouTube that explained the material in a way that worked with his learning style. In addition, he learned how to build a chicken coop to code, how to replace his graphics card, and numerous other helpful learnings that he continues to build up in his learning portfolio.
And I ask my higher ed colleagues:
This matters because students are opting out of higher education. According to the Minnesota Student Longitudinal Data Set (SLEDS), roughly 70% of Minnesota high school graduates who enroll in college settings persist in earning a Bachelor’s degree. The number drops for 2017 high school graduates, which makes sense: their 3rd year is the 2019-2020 academic year.
A disruption as large as a global pandemic will have serious consequences on college persistence, however, the trend was holding prior to COVID-19.
There are many variables playing into this scenario that were barriers to higher education well before COVID-19:
Internet learning is disrupting traditional education, and unless higher education institutions find a way to compete, their relevance is waning for rising generations. According to NPR, more students are opting to stay out of higher education because of rising costs of tuition and life. Without a clear return on investment, it is hard for people to see the value of attending college when, perhaps, they can learn the skills on the job or online.
Corner Market, no longer
Offering credit for prior learning is one way higher education can stay relevant in this ever-changing education market, in addition to helping students understand the importance of accredited programs as a solid investment of time and money. And both these are good return on investment arguments. Thinking that higher education has the corner market on knowledge and information is no longer relevant or real.
Crowdsourcing is not just for restaurant recommendations. People have eye witnesses across the globe at their fingertips. There is no need to rely on an educational institution for information or knowledge. Operating as such only perpetuates an antiquated system of learning. What higher education institutions do have to offer, if accredited, is the verification of learning for employers. However, with a 3% unemployment rate and more employers offering livable wages, it is tough to compete with going straight into the workforce.
Instead, how can higher education institutions create experiences that pull in the technological advances that students cannot get elsewhere? How about simulators, AI, and accredited degrees that can transfer and pay-off over time? How do we transform higher education as a conduit of information and knowledge that accentuates and builds on the skills students are learning elsewhere?
What can higher education do?
Overall, if higher education promotes themselves as a collaborative partner in the success and growth of individuals and the community, then higher education can find their place in this open and free education market.
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Third Eye Education posts weekly articles focusing on education and innovation.