Do We Need Traditional 4 Year Colleges Anymore?
Millennials are overwhelmed with student loan debt, and the real cost of college cripples thousands of households each year. Online education platforms remove financial barriers to education such as: tuition, location, transportation, books, to equalize Americans' ability to compete in the occupational hierarchy. As companies continue to invest in augmented reality, virtual reality, and artificial intelligence, e-learning will improve and become an alternative to traditional education because of the growing demand for an easily accessible, low-cost, personalized curriculum.
Harvard University or Amherst College are far from being obsolete, but they are also far from being affordable. As a result, between 2002 and 2016, the number of students enrolled in online courses rose from 1.6 million to more than 6 million. In China, TAL Education serves 3.9 million students through 12th grade, with $700 million in revenue last year. MT Educare intends to expand throughout Northern India, while working to diversify and improve its STEM curriculum.
The market for e-learning is emerging; however, public sentiment is that on-campus credentials better signals one’s ability compared to credentials acquired online. As a result, the corporate sector primarily includes college-prep courses and tutoring services - often to complement on-campus education particularly at pre-college levels. Nonetheless, colleges and companies across America are transitioning to offer diplomas online.
Technological advances in SaaS coupled with innovations in AR and VR have drastically elevated the potential for online learning. Today, investments in human capital is more valuable than ever before, and with online education, individuals can learn without sacrificing their financial stability.
Written by James Mueller & Edited by Alexander Fleiss
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