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Thursday, November 6, 2025

Hyper Credentialism and the Neoliberal College Meltdown (Glen McGhee and Dahn Shaulis)

In the neoliberal era, higher education has become less a public good and more a marketplace of promises. The ideology of “lifelong learning” has been weaponized into an endless treadmill of hyper-credentialism — a cycle in which students, workers, and institutions are trapped in perpetual pursuit of new degrees, certificates, and micro-badges.


From Education to Signaling


Once, a college degree was seen as a path to citizenship and critical thought. Today, it’s a market signal — and an increasingly weak one. The bachelor’s degree no longer guarantees stable employment, so the system produces ever-more credentials: master’s programs, micro-certificates, “badges,” and other digital tokens of employability.

This shift doesn’t solve economic precarity — it monetizes it. Workers internalize the blame for their own stagnating wages, believing that the next credential will finally make them “market ready.” Employers, meanwhile, use credential inflation to justify low pay and increased screening, outsourcing the costs of training onto individuals.

A Perfect Fit for Neoliberalism

Hyper-credentialism is not a side effect; it’s a feature of the neoliberal education economy. It supports four pillars of the model:

Privatization and Profit Extraction – Public funding declines while students pay more. Each new credential creates a new revenue stream for universities, online program managers (OPMs), and ed-tech corporations.

Individual Responsibility – The structural causes of unemployment or underemployment are reframed as personal failures. “You just need to upskill.”

Debt Dependency – Students and workers finance their “reskilling” through federal loans and employer-linked programs, feeding the student-debt industry and its servicers.

Market Saturation and Collapse – As more credentials flood the market, each becomes less valuable. Institutions respond by creating even more credentials, accelerating the meltdown.

The Education-Finance Complex

The rise of hyper-credentialism is inseparable from the growth of the education-finance complex — a web of universities, private lenders, servicers, and Wall Street investors.
Firms like 2U, Coursera, and Guild Education sell the illusion of “access” while extracting rents from students and institutions alike. University administrators, pressured by enrollment declines, partner with these firms to chase new markets — often by spinning up online master’s programs with poor outcomes.

The result is a debt-driven ecosystem that thrives even as public confidence collapses. The fewer good jobs there are, the more desperate people become to buy new credentials. The meltdown feeds itself.

Winners and Losers

Winners: Ed-tech executives, university administrators, debt servicers, and the politicians who promote “lifelong learning” as a substitute for wage growth or labor rights.

Losers: Students, adjunct faculty, working-class families, and the public universities hollowed out by austerity and privatization.

The rhetoric of “upskilling” and “personal growth” masks a grim reality: a transfer of wealth from individuals to financialized institutions under the guise of opportunity.

A System That Can’t Redeem Itself

As enrollment declines and public trust erodes, the industry doubles down on micro-credentials and “stackable” pathways — small fixes to a structural crisis. Each badge, each certificate, is sold as a ticket back into the middle class. Yet every new credential devalues the old, producing diminishing returns for everyone except those selling the product.

Hyper-credentialism thus becomes both the symptom and the accelerant of the college meltdown. It sustains the illusion of mobility in a collapsing system, ensuring that the blame never reaches the architects of austerity, privatization, and financialization.

Sources and Further Reading

Brown, Wendy. Undoing the Demos: Neoliberalism’s Stealth Revolution.

Giroux, Henry. Neoliberalism’s War on Higher Education.

Cottom, Tressie McMillan. Lower Ed: The Troubling Rise of For-Profit Colleges in the New Economy.

The Higher Education Inquirer archives on the college meltdown, OPMs, and the debt economy.

Tuesday, November 4, 2025

When Was Higher Education Truly a Public Good? (Glen McGhee)

Like staring at the Sun too long, that brief window in time, when higher ed was a public good, has left a permanent hole for nostalgia to leak in, becoming a massive black hole for trillions of dollars, and a blind-spot for misguided national policies and scholars alike. 

The notion that American higher education was ever a true public good is largely a myth. From the colonial colleges to the neoliberal university of today, higher education has functioned primarily as a mechanism of class reproduction and elite consolidation—with one brief, historically anomalous exception during the Cold War.




Colonial Roots: Elite Reproduction in the New World (1636–1787)

The first American colleges—Harvard, William and Mary, Yale, Princeton, and a handful of others—were founded not for the benefit of the public, but to serve narrow elite interests. Their stated missions were to train Protestant clergy and prepare the sons of wealthy white families for leadership. They operated under monopoly charters and drew funding from landowners, merchants, and slave traders.

Elihu Yale, namesake of Yale University, derived wealth from his commercial ties to the East India Company and the slave trade. Harvard’s early trustees owned enslaved people. These institutions functioned as “old boys’ clubs,” perpetuating privilege rather than promoting equality. Their educational mission was to cultivate “gentlemen fit to govern,” not citizens of a democracy.


Private Enterprise in the Republic (1790–1860)

After independence, the number of colleges exploded—from 19 in 1790 to more than 800 by 1880—but not because of any commitment to the public good. Colleges became tools for two private interests: religious denominations seeking influence, and land speculators eager to raise property values.

Ministers often doubled as land dealers, founding small, parochial colleges to anchor towns and boost prices. State governments played a minimal role, providing funding only in times of crisis. The Supreme Court’s 1819 Dartmouth College decision enshrined institutional autonomy, shielding private colleges from state interference. Even state universities were created mainly out of interstate competition—every state needed its own to “keep up with its neighbors.”


Gilded Age and Progressive Era: Credential Capitalism (1880–1940)

By the late 19th century, industrial capitalism had transformed higher education into a private good—something purchased for individual advancement. As family farms and small businesses disappeared, college credentials became the ticket to white-collar respectability.

Sociologist Burton Bledstein called this the “culture of professionalism.” Families invested in degrees to secure middle-class futures for their children. By the 1920s, most students attended college not to seek enlightenment, but “to get ready for a particular job.”

Elite universities such as Harvard, Yale, and Princeton solidified their dominance through exclusive networks. C. Wright Mills later observed that America’s “power elite” circulated through these same institutions and their associated clubs. Pierre Bourdieu’s concept of cultural capital helps explain this continuity: elite universities convert inherited privilege into certified merit, preserving hierarchy under the guise of meritocracy.


The Morrill Acts: Public Promise, Private Gains (1862–1890)

The Morrill Act of 1862 established land-grant colleges to promote “practical education” in agriculture and engineering. While often cited as a triumph of public-minded policy, the act’s legacy is ambivalent.

Land-grant universities were built on land expropriated from Indigenous peoples—often without compensation—and the 1890 Morrill Act entrenched segregation by mandating separate institutions for Black Americans in the Jim Crow South. Even as these colleges expanded access for white working-class men, they simultaneously reinforced racial and economic hierarchies.


Cold War Universities: The Brief Public Good (1940–1970)

For roughly thirty years, during World War II and the Cold War, American universities functioned as genuine public goods—but only because national survival seemed to depend on them.

The GI Bill opened college to millions of veterans, stabilizing the economy and expanding the middle class. Massive federal investments in research transformed universities into engines of technological and scientific innovation. The university, for a moment, was understood as a public instrument for national progress.

Yet this golden age was marred by exclusion. Black veterans were often denied GI Bill benefits, particularly in the South, where discriminatory admissions and housing policies blocked their participation. The “military-industrial-academic complex” that emerged from wartime funding created a new elite network centered on research universities like MIT, Stanford, and Berkeley.


Neoliberal Regression: Education as a Private Commodity (1980–Present)

After 1970, the system reverted to its long-standing norm: higher education as a private good. The Cold War’s end, the tax revolt, and the rise of neoliberal ideology dismantled the postwar consensus.

Ronald Reagan led the charge—first as California governor, cutting higher education funding by 20%, then as president, slashing federal support. He argued that tuition should replace public subsidies, casting education as an individual investment rather than a social right.

Since 1980, state funding per student has fallen sharply while tuition at public universities has tripled. Students are now treated as “customers,” and universities as corporations—complete with branding departments, executive pay packages, and relentless tuition hikes.


The Circuit of Elite Network Capital

Today, the benefits of higher education flow through a closed circuit of power that links elite universities, corporations, government agencies, and wealthy families.

  1. Elite Universities consolidate wealth and prestige through research funding, patents, and endowments.

  2. Corporations recruit talent and license discoveries, feeding the same institutions that produce their executives.

  3. Government and Military Agencies are staffed by alumni of elite universities, reinforcing a revolving door of privilege.

  4. Elite Professions—law, medicine, finance, consulting—use degrees as gatekeeping mechanisms, driving credential inflation.

  5. Wealthy Families invest in elite education as a means of preserving status across generations.

What the public receives are only residual benefits—technologies and medical innovations that remain inaccessible without money or insurance.


Elite Network Capital, Not Public Good

The idea of higher education as a public good has always been more myth than reality. For most of American history, colleges and universities have functioned as institutions of elite reproduction, not engines of democratic uplift.

Only during the extraordinary conditions of the mid-20th century—when global war and ideological conflict made mass education a national imperative—did higher education briefly align with the public interest.

Today’s universities continue to speak the language of “public good,” but their actions reveal a different truth. They serve as factories of credentialism and as nodes in an elite network that translates privilege into prestige. What masquerades as a public good is, in practice, elite network capital—a system designed not to democratize opportunity, but to manage and legitimize inequality.


Sources:
Labaree (2017), Bledstein (1976), Bourdieu (1984, 1986), Mills (1956), Geiger (2015), Thelin (2019), and McGhee (2025).

Thursday, October 30, 2025

When Parenthood Feels Like a Trap: Regret, Trumpism, and the Educated Underclass

The recent MSN article “I Regret Having Children — It Has Stripped My Life of Meaning” is not just a private confession. It is a mirror reflecting a collapsing social order — one where parenting, education, and labor are all defined by debt, exhaustion, and disillusionment.

In today’s America, the family, the school, and the workplace no longer promise progress; they reproduce precarity. The personal regret of parents becomes a collective symptom of a society that demands self-sacrifice but offers little reciprocity.


The Privatization of Care and the Myth of the “Good Parent”

Since the Reagan era, neoliberal ideology has reduced social problems to personal failures. Families are told to work harder, plan better, and be grateful — while the state retreats from childcare, healthcare, and education.

Parenting, once understood as a shared civic project, is now a private ordeal. The “good parent” myth demands endless self-denial while ignoring the structural forces that make family life unsustainable: stagnant wages, unaffordable housing, unaffordable education, and the erosion of community networks.

The parent who whispers, “I regret having children,” isn’t rejecting love — they are acknowledging betrayal. They were promised fulfillment through family, but abandoned by a system that commodifies care and isolates suffering.


The Dobbs Decision and the Politics of Coerced Parenthood

The 2022 Dobbs v. Jackson Women’s Health Organization ruling — which overturned Roe v. Wade — deepened this betrayal. By stripping away the constitutional right to abortion, the Supreme Court forced millions into unwanted pregnancies under conditions of economic and emotional strain.

This was no accident of jurisprudence. It was the political offspring of neoliberal neglect and Trump-era authoritarianism — a regime that exalts “family values” while defunding the social infrastructure that makes family life possible.

Dobbs represents coerced parenthood in a nation without paid leave, affordable childcare, or universal healthcare. It is the culmination of a system that insists on reproduction but refuses responsibility — transforming bodily autonomy into a political battleground while leaving families to fend for themselves.


Trumpism, Despair, and Manufactured Nostalgia

Trumpism feeds on the despair that neoliberalism creates. It promises to restore “traditional America” — stable jobs, strong families, obedient children — but it offers only resentment as consolation.

When exhausted parents or debt-ridden graduates look for meaning, Trumpian populism channels their frustration toward scapegoats: immigrants, educators, feminists, the poor. It converts structural despair into cultural war.

Trump’s America is a paradox: it glorifies the family while destroying the material base that sustains it. It preaches “Make America Great Again” while keeping its base desperate, indebted, and emotionally dependent on rage.


The Rise of the Educated Underclass

Nowhere is this contradiction clearer than in the making of the educated underclass — the millions of Americans who did everything “right” but found the social contract shredded beneath them.

They earned degrees, followed career advice, and invested in the myth of meritocracy. Yet decades of wage stagnation, precarious employment, and student debt have left them economically fragile and politically disoriented.

Many are parents who believed education would secure their children’s futures. Instead, they see their own children inheriting instability — locked out of homeownership, burdened with loans, and facing a world where credentials no longer guarantee dignity.

This educated underclass, spanning teachers, social workers, adjunct professors, nurses, and mid-level professionals, represents the human fallout of the neoliberal university and the marketized economy it feeds. Their disillusionment — like parental regret — is both personal and systemic.


Higher Education as a Debt Factory

Colleges once promised upward mobility; now they manufacture anxiety and debt. The family that sacrifices for tuition does so on faith that a degree still matters. But as corporate consolidation and automation erode stable work, that faith collapses.

Parents, particularly those from the working and lower-middle class, internalize this collapse as failure — not recognizing that the problem lies in a system that sells hope on credit. Their children, emerging into a gig economy with record debt, form the next generation of the educated underclass: credentialed, precarious, and politically volatile.


Regret as a Rational Response

In this context, parental regret is not deviance — it is rational. It reflects the exhaustion of trying to raise children, pay loans, and sustain meaning in a society where everything, including love, has been commodified.

It reflects the psychic cost of neoliberalism’s lie: that education, work, and family can still deliver self-realization without collective solidarity or public investment.

And it warns of what happens when a nation loses faith not only in its institutions but in the very act of reproduction itself.


Toward a Politics of Care and Repair

To break this cycle, we must confront the intertwined crises of reproduction, education, and inequality. A humane alternative would demand:

  • Universal reproductive freedom — protecting the right not to bear children, and the resources to raise them with dignity.

  • Tuition-free higher education and student debt relief — dismantling the educated underclass.

  • Guaranteed childcare, healthcare, and paid leave — treating parenting as collective labor, not private suffering.

  • Living wages and housing justice — reestablishing the economic base of real family life.

  • Democratized higher education — ending the capture of universities by finance and corporate boards.

Only by restoring care as a public good — not a private burden — can we move beyond regret toward renewal.


From Regret to Resistance

The parent who says, “I regret having children,” and the graduate who says, “My degree ruined my life,” are not failures. They are witnesses. Their grief exposes the moral bankruptcy of a system that exploits care, education, and aspiration for profit.

Trumpism thrives on that despair, offering nostalgia instead of justice. Neoliberalism rationalizes it, calling it “personal responsibility.”

But the truth is collective: meaning cannot survive where solidarity has been destroyed. The antidote to regret is not silence — it is organizing. It is rebuilding a society where care, education, and dignity are shared, not sold.


Sources

  • MSN News, “I Regret Having Children — It Has Stripped My Life of Meaning,” 2025.

  • Dobbs v. Jackson Women’s Health Organization, 597 U.S. ___ (2022).

  • Donath, Orna. Regretting Motherhood: A Sociopolitical Analysis. North Atlantic Books, 2017.

  • Fraser, Nancy. Cannibal Capitalism. Verso, 2022.

  • Brown, Wendy. Undoing the Demos. Zone Books, 2015.

  • Giroux, Henry. Neoliberalism’s War on Higher Education. Haymarket, 2014.

  • Hochschild, Arlie. Strangers in Their Own Land. The New Press, 2016.

  • Shaulis, Dahn. The College Meltdown (Higher Education Inquirer archives).

Wednesday, September 24, 2025

K-12 Virtual Education: A Broken Pipeline to College and Jobs

K12 Inc., now rebranded as Stride, is a Wall Street darling—but for students, it’s a nightmare. Critics call it “one of the worst charter schools in America,” with dropout rates soaring above 50% and graduation rates below 30%. Behind the glossy marketing and investor pitches, Stride operates as a pipeline not to opportunity, but to debt, dead-end jobs, and corporate profit.

Stride presents itself as an innovative online education platform, but the numbers tell a different story. Full-time virtual schools nationally graduate just 54.6% of students, compared to 85% in traditional public schools. K12/Stride’s virtual offerings hover around 56.3%, with blended programs faring slightly better at 80.9%. In some districts, however, the picture is grim: Kansas K12 charters reported graduation rates as low as 26.3%, while local brick-and-mortar schools achieved nearly 90%.

High student churn compounds the problem. Stride-powered schools report turnover of 50–57%, highlighting systemic disengagement and academic instability. Student-teacher ratios are extreme, sometimes exceeding 40:1, more than double the national average. Only a third of K12 schools met Adequate Yearly Progress under No Child Left Behind, illustrating a chronic failure to deliver even basic accountability.

K-12 education is meant to be a pipeline—leading students into college, skilled careers, and financial stability. For students leaving Stride underprepared or without diplomas, that pipeline is broken. Many are pushed into low-wage work, forced into remedial college courses, or trapped in a credential system designed to extract debt rather than confer opportunity. In this way, Stride acts less as an educational institution and more as a conveyor belt funneling vulnerable youth into economic precarity.

Stride is backed by investors and private equity interests that profit from this dysfunction. Its glossy “Graduation Guarantee,” introduced in 2021, promises remediation for students who age out without graduating. But these measures are reactive, not systemic; they don’t address the structural incentives that prioritize profit over learning. Every public dollar flowing into Stride’s coffers is money extracted from communities, while many students exit the system with weak credentials and limited prospects.

The broader story is clear: billionaire-backed for-profit virtual schools like Stride are part of a national effort to privatize public education, monetize student debt, and commodify learning. They transform education from a public good into a profit center, leaving students and families to bear the real cost. Without accountability, oversight, and a renewed commitment to equitable public education, this pipeline—supposed to carry students toward opportunity—will continue to deliver them into debt, underemployment, and economic marginalization.


Sources

Tuesday, September 16, 2025

The Higher Education Inquirer: Six Hundred Thousand Views, and Still Digging

The Higher Education Inquirer has crossed another milestone, reaching more than 600,000 views over the past quarter. For a niche publication without corporate backing, this is a significant achievement. But the real measure of success is not in page views—it is in the stories that matter, the investigations that refuse to die even when the higher education establishment would rather they disappear.

Since its inception, HEI has taken the long view on the crises and contradictions shaping U.S. colleges and universities. We continue to probe the issues that mainstream media outlets often skim or ignore. These are not passing headlines; they are structural problems, many of them decades in the making, that affect millions of students, faculty, staff, and communities.

Among the stories we continue to pursue:

  • Charlie Kirk and Neofascism on Campus: Tracing how right-wing movements use higher education as a recruiting ground, and how student martyrdom narratives fuel a dangerous cycle.

  • Academic Labor and Adjunctification: Investigating the systemic exploitation of contingent faculty, who now make up the majority of the academic workforce.

  • Higher Education and Underemployment: Examining how rising tuition, debt, and credentials collide with a labor market that cannot absorb the graduates it produces.

  • EdTech, Robocolleges, and the University of Phoenix: Following the money as education technology corporations replace faculty with algorithms and marketing schemes.

  • Student Loan Debt and Borrower Defense to Repayment: Tracking litigation, regulatory shifts, and the human toll of a $1.7 trillion debt system.

  • U.S. Department of Education Oversight: Analyzing how federal enforcement waxes and wanes with political cycles, often leaving students exposed.

  • Online Program Managers and Higher Ed Privatization: Investigating the outsourcing of core academic functions to companies driven by profit, not pedagogy.

  • Edugrift and Bad Actors in Higher Education: Naming the profiteers who siphon billions from public trust.

  • Medugrift and University Medicine Oligopolies: Connecting elite medical centers to systemic inequality in U.S. healthcare.

  • Student Protests: Documenting student resistance to injustice on campus and beyond.

  • University Endowments and Opaque Funding Sources: Pulling back the curtain on how universities build wealth while raising tuition.

  • Universities and Gentrification: Exposing the displacement of working-class communities in the name of “campus expansion.”

  • Ambow Education as a Potential National Security Threat: Tracking foreign-controlled for-profit education companies and their entanglements.

  • Accreditation: Examining the gatekeepers of legitimacy and their failure to protect students.

  • International Students: Covering the precarity of students navigating U.S. immigration and education systems.

  • Student Health and Welfare: Looking at how universities fail to provide adequate physical and mental health support.

  • Hypercredentialism: Interrogating the endless inflation of degrees and certificates that drain students’ time and money.

  • Veritas: Pursuing truth in higher education, no matter how uncomfortable.

These are the stories that make HEI more than just a blog—they make it a watchdog. As higher education drifts deeper into corporatization and inequality, we will keep asking difficult questions, exposing contradictions, and documenting resistance.

The numbers are gratifying. But the truth is what matters.

Should Elites Get Bailed Out Again?

In 1929, when the stock market crashed, millions of Americans were plunged into unemployment, hunger, and despair. Yet the elites of Wall Street—whose reckless speculation fueled the disaster—often landed softly. By 1933, as the Great Depression deepened, nearly a quarter of the U.S. workforce was unemployed, thousands of banks had failed, and working families bore the brunt of the collapse. Ordinary people endured soup lines, Dust Bowl migration, and generational poverty. The government of Franklin D. Roosevelt eventually stepped in with reforms and safeguards like the FDIC and Glass-Steagall, but not before working-class Americans had paid the heaviest price.

Fast forward to 2008, when the global financial system once again teetered on collapse. This time, instead of letting the failures run their course, the U.S. government rushed to bail out Wall Street banks, auto manufacturers, and other corporate giants deemed “too big to fail.” Banks survived, CEOs kept their bonuses, and investors were shielded. Meanwhile, millions of working-class families lost their homes, jobs, and savings. Student loan borrowers, particularly those from working-class and minority backgrounds, never got a bailout. Adjunct faculty, contract workers, and gig laborers were left to navigate economic insecurity without systemic relief.

The pandemic brought the same story in a new form. Corporate bailouts, Federal Reserve interventions, and stimulus packages stabilized markets far more effectively than they stabilized households. Wall Street bounced back faster than Main Street. By 2021, the wealth of America’s billionaires had surged by more than $1.8 trillion, while ordinary workers struggled with eviction threats, childcare crises, and medical debt.

But the stakes are even higher today. U.S. elites are not only repeating past mistakes—they are doubling down on mass speculation across crypto, real estate, and equity markets. The rise and collapse of speculative cryptocurrencies revealed how wealth can be created and destroyed almost overnight, with everyday investors bearing the losses while venture capitalists and insiders cashed out early. Real estate speculation has driven housing prices beyond the reach of millions of working families, fueling homelessness and displacement. Equity markets, inflated by cheap debt and stock buybacks, have become disconnected from the real economy, rewarding executives while leaving workers behind.

This speculative frenzy is not just an economic issue—it is an environmental one. Fossil fuel corporations and their financiers continue to reap profits from industries that accelerate climate change, deforestation, and resource depletion. The destruction of ecosystems, the intensification of climate disasters, and the burden of environmental cleanup all fall disproportionately on working-class and marginalized communities. Yet when markets wobble, it is these same polluting elites who position themselves first in line for government protection.

The Federal Reserve has played a decisive role in this cycle. By keeping interest rates artificially low for years, it fueled debt-driven speculation in housing, equities, and corporate borrowing. When inflation spiked, the Fed shifted gears, raising rates at the fastest pace in decades. This brought pain to households through higher mortgage costs, rising credit card balances, and job insecurity—but banks and investment firms continued to receive lifelines through emergency lending facilities. The Fed’s interventions have too often prioritized elite stability over working-class survival.

Political leadership has compounded the problem. Under Donald Trump's first term, deregulation accelerated, with key provisions of the Dodd-Frank Act rolled back in 2018. Banks gained greater leeway to take risks, and oversight of mid-sized institutions weakened—a decision that later contributed to the collapse of Silicon Valley Bank in 2023. Trump’s tax cuts overwhelmingly favored corporations and the wealthy, further concentrating wealth at the top while leaving the federal government less able to respond to future crises. In his second term, Trump and his allies signal that they would pressure the Fed to prioritize markets over workers and strip down remaining regulatory guardrails.

The logic of endless bailouts assumes that the survival of elites ensures the survival of the economy. But history proves otherwise. Whether in 1929, 2008, or 2020, the repeated subsidization of corporations and financial elites entrenches inequality, fuels reckless risk-taking, and leaves working families with the bill. The banks, crypto funds, and private equity firms that profit most during boom times rarely share their gains, yet they demand protection in busts.

And the problem is no longer just domestic—it is geopolitical. While U.S. elites depend on bailouts, rival powers are recalibrating. China is building alternative banking systems through the Asian Infrastructure Investment Bank and the Belt and Road Initiative. Russia, sanctioned by the West, is tightening its economic ties with China and other non-Western states. India and Brazil, key players in the BRICS bloc, are exploring alternatives to U.S. dollar dominance. If the U.S. continues to subsidize private failure with public money, it risks undermining its own global credibility and ceding economic leadership to rivals.

National security is directly tied to economic and environmental stability. A U.S. that repeatedly bails out elites while leaving ordinary citizens vulnerable erodes trust not only at home but abroad. Allies may question American leadership, while adversaries see opportunity in its fragility. If the U.S. financial system is perceived as permanently rigged—propping up elites while disempowering its workforce—it will accelerate the shift of global influence toward China, Russia, India, and Brazil.

Perhaps it’s time to let the system fail—not in the sense of mass suffering for ordinary people, but in the sense of refusing to cushion elites from the consequences of their own decisions. If banks gamble recklessly, let them face bankruptcy. If private equity firms strip-mine industries, let them collapse under their own weight. If universities chase speculative growth with predatory lending and overpriced credentials, let them answer for it in the courts of law and public opinion.

Failure, though painful, can also be cleansing. Without bailouts, institutions would be forced to reckon with structural flaws instead of papering them over. Alternatives could emerge: community-based credit unions, worker-owned cooperatives, public higher education funded for the public good rather than private profit, and serious investment in green energy and sustainable development.

The real question is not whether elites deserve another bailout. The real question is whether the United States can afford to keep subsidizing them while undermining its working class, its environment, and its national security. For too long, workers, students, and families have shouldered the costs of elite failure. The survival of the U.S. economy—and its place in the world—may depend not on saving elites, but on building something stronger and fairer in their place.


Sources:

  • Congressional Budget Office, The 2008 Financial Crisis and Federal Response

  • Federal Deposit Insurance Corporation, Bank Failures During the Great Depression

  • Institute for Policy Studies, Billionaire Wealth Surge During COVID-19

  • Federal Reserve, Monetary Policy and Emergency Lending Facilities

  • Brookings Institution, Bailouts and Moral Hazard

  • BRICS Policy Center, Alternative Financial Governance Structures

  • Intergovernmental Panel on Climate Change (IPCC), Climate Change 2023 Synthesis Report

  • National Association of Realtors, Housing Affordability Data

  • Public Law 115-174, Economic Growth, Regulatory Relief, and Consumer Protection Act (2018)

Monday, September 15, 2025

Truth as Therapy for Higher Education

Anosognosia is the inability to recognize one’s own illness or disability. In higher education, it describes the chronic denial of a system in crisis—one that refuses to admit its own collapse.

For decades, U.S. higher education has been sold as the great equalizer. The story was simple: borrow, study, graduate, succeed. But the data show the opposite. What we are witnessing is a long college meltdown, masked by denial at the highest levels of government, university administrations, and Wall Street.

The Debt Trap

  • Outstanding student loan debt now exceeds $1.77 trillion, burdening more than 43 million Americans.

  • Nearly 20 percent of borrowers are in default or serious delinquency.

  • Black borrowers, especially Black women, carry the heaviest burdens and are least likely to see upward mobility from their degrees.

  • Many in income-driven repayment programs will never pay off principal, living in a permanent state of debt peonage.

Universities and policymakers insist debt is an “investment.” But for millions, it is a generational shackle.

The Exploited Faculty

  • More than 70 percent of college instructors are contingent.

  • Adjuncts often earn less than $3,500 per course, with no healthcare, no retirement, and no security.

  • Roughly one in four adjuncts relies on public assistance.

Universities still market themselves as communities of scholars. In reality, they operate on the same exploitative labor practices as Uber or Amazon.

The Employment Mismatch

  • Four in ten recent grads work in jobs that don’t require a degree.

  • One-third of graduates say their work is unrelated to their major.

  • Median real wages for college graduates have been flat for 25 years.

Still, higher ed pushes “lifelong learning” credentials, turning underemployment into a new revenue stream.

Prestige as Denial

  • At Ivy League universities, 40 percent of students come from the top 5 percent of households.

  • Fewer than 5 percent come from the bottom fifth.

  • Endowments soar—Harvard’s sits at $50 billion—but tuition relief and faculty wages barely budge.

This is not mobility. It is a hereditary elite cloaked in the language of meritocracy.

Climate Contradictions

  • Universities promote sustainability but invest billions in fossil fuels.

  • Campus expansion and luxury amenities drive up emissions, water use, and labor exploitation.

Even here, anosognosia reigns: branding over reality.

The Meltdown Denied

The college meltdown has been unfolding for more than a decade:

  • Small liberal arts colleges shuttering.

  • Regional publics bleeding enrollments.

  • For-profits morphing into “nonprofits” while still funneling money to investors.

  • State funding eroded, shifting the cost to students and families.

But instead of confronting the collapse, higher ed leaders rely on rhetoric: “innovation,” “resilience,” “access.” Like anosognosia, denial itself becomes survival.

The Human Cost

The denial is not harmless. It is measured in:

  • The indebted graduate delaying family formation and homeownership.

  • The adjunct commuting across counties to string together courses while living below the poverty line.

  • The working-class family betting their savings on a degree that will not deliver mobility.

The meltdown is here. Higher education’s inability—or refusal—to admit it ensures the damage will deepen.

Truth and Healing 

Anosognosia prevents healing because it prevents recognition of the problem. U.S. higher education cannot admit its own disease, so it cannot begin recovery. Until it does, students, families, and workers will bear the costs of a system in denial.


Sources

  • Federal Reserve Bank of New York, Quarterly Report on Household Debt and Credit (2025)

  • National Center for Education Statistics (NCES), Digest of Education Statistics (2023)

  • American Association of University Professors (AAUP), Annual Report on the Economic Status of the Profession (2024)

  • Pew Research Center, The Rising Cost of Not Going to College (2023 update)

  • The Century Foundation, Adjunct Project (2022)

  • Chetty et al., Mobility Report Cards: The Role of Colleges in Intergenerational Mobility (2017, with updates)

  • IPEDS (Integrated Postsecondary Education Data System), U.S. Department of Education

  • Harvard Management Company, Endowment Report (2024)

  • Higher Education Inquirer, College Meltdown archive (2018–2025)

Friday, September 5, 2025

LAVC Media Arts Faculty Stripped of Administrative Roles Amid Fraud Scandal (LACCD Whistleblower)

Faculty members in the Los Angeles Valley College (LAVC) Media Arts Department implicated in decades of fraud and misconduct have been removed from administrative positions, though they remain in teaching roles.

Over the summer, longtime department head Eric Swelstad, who had led Media Arts since 2008, was replaced as chair by Chad Sustin, a full-time professor of Cinema and Media Arts. The change followed a notification from the LACCD Whistleblower Movement to new Chancellor Alberto J. Roman, alleging that Swelstad falsely claimed membership in the Writers Guild of America – West for more than 20 years and used this misrepresentation in official LACCD promotional materials.

Sustin, a tenured faculty member since 2016 and a former Technicolor post-producer, now leads the department.

The reshuffling comes amid years of internal turmoil. In 2022, full-time cinema professor Arantxa Rodriguez resigned and was replaced by Jonathan Burnett as assistant professor. Rodriguez had previously been implicated in department infighting and, alongside Swelstad, was named as a co-defendant in a 2008 case alleging failure to provide advertised technical training and education. Burnett’s hiring bypassed longtime adjunct and former grant director Dan Watanabe.

Watanabe previously administered several Media Arts training grants, the last of which—ICT & Digital Media, LA RDSN—was reported as fraudulent in 2016. The 2013 grant proposal promised courses such as The Business of EntertainmentAdvanced Digital Editing, Photoshop, and After Effects. Yet once funding was approved, The Business of Entertainment and Advanced Digital Editing were archived by LAVC’s Academic Curriculum Committee and Senate. Photoshop and After Effects were offered only minimally, with After Effects disappearing after 2015 and Photoshop shifting to online-only by 2017.

Students reported the suspected fraud to the State of California in 2016, prompting a review of the grant. Renewal applications submitted by Watanabe in 2018 and 2021 were both denied.

Grant Record (Denied Renewal, 2018):

  • Project Title: ICT & Digital Media – LA RDSN (Renewal)

  • Funding Agency: CCCCO EWD

  • Grant Amount: $165,000

  • Funding Period: Oct. 1, 2018 – June 30, 2019

  • Project Director: Dan Watanabe

  • Description: Proposed renewal of the Deputy Sector Navigator grant under the California Community Colleges Chancellor’s Office, focused on curriculum development and alignment with universities and K–12 schools.

https://services.laccd.edu/districtsite/Accreditation/lavc/Standard%20IVA/IVA1-02_Grants_History.pdf

Despite this, Watanabe (who was also passed over for a full-time position at Los Angeles Pierce College) remains an adjunct faculty member slated to teach Cinema 111, Developing Movies – a field he reportedly last worked in twenty years ago. Arantxa Rodriguez and Eric Swelstad have both been scheduled to teach Fall 2025. Despite falsifying his credentials as a member of the Writer's Guild of America – West, and implying he was a Primetime Emmy Winner (he in fact was the director of a movie that received a local Los Angeles Emmy in the 1990s), he is slated to teach Cinema 101 and screenwriting core class Media Arts 129. Rodriguez will a remote History of Film Class. 

Reportedly the new full-time faculty in the department have started working to reverse the damage. Fall 2025 schedule includes Media Arts 112, Creative Sound Design Workshop. 


Wednesday, September 3, 2025

The Minimum Viable Education System: How Close Are We to Collapse? (Glen McGhee)

For years, higher education leaders have avoided one of the most uncomfortable questions in the field: What is the minimum threshold of authentic learning required to keep the system operational? That threshold exists — and recent data suggest we may have already crossed it. The warning signs are visible in eroding public trust, declining employer confidence, and a growing inability to authenticate credentials. What we are watching now is not a temporary disruption, but the managed decline of mass higher education as we have known it.

A truly viable education system has to deliver four essential functions. It must transmit knowledge — not only basic literacy, numeracy, and critical thinking, but also the domain-specific skills employers recognize, along with the ability to evaluate information in a democratic society. It must authenticate credentials by verifying learner identity, ensuring assessments are legitimate, maintaining tamper-proof records, and clearly differentiating between levels of competence. It must serve as a pathway for social mobility, providing economic opportunities that justify the investment, generating real wage premiums, and fostering professional networks and cultural capital. And it must have reliable quality assurance, with competent faculty, relevant curriculum, trustworthy measurement of learning outcomes, and external accountability strong enough to maintain standards.

Research into institutional collapse and critical mass theory shows that each of these functions has a minimum operational threshold. The authentic learning rate must exceed 70 percent for degrees to retain their signaling value. Below that point, employers begin to see the credential itself as unreliable. Estimates today range from 30 to 70 percent, depending on the institution and delivery method. Employer confidence must stay above 80 percent for degrees to remain the default hiring credential. When fewer than eight in ten employers trust the degree signal, alternative credentialing accelerates — something already underway as skills-based hiring spreads across industries. Public trust must also remain high, but Gallup’s 2023 data put confidence in higher education at just 36 percent, far below the survival threshold. On the financial side, stability is eroding, with roughly 15 percent of U.S. institutions at risk of closure and more failing each year.

Despite these trends, parts of the system still function effectively. Elite institutions with rigorous admissions, strong alumni networks, and powerful employer relationships continue to maintain credibility. Professional programs such as medicine, engineering, and law retain integrity through external licensing and oversight. Technical programs tied closely to industry needs still provide authenticated learning with direct employment pathways. Research universities at the graduate level preserve rigor through peer review, publication requirements, and close faculty mentorship. These pockets of quality create the illusion that the overall system remains sound, even as large portions hollow out.

But the cracks are widening. Public trust is at 36 percent. Fraud rates are climbing beyond detection capacity, with California’s rate estimated at 31 percent. Grade inflation is erasing distinctions between levels of achievement. Authentic learning appears to be hovering somewhere between 30 and 70 percent, putting the system in a yellow warning zone. Financially, the sector remains unstable, with 15 percent of institutions on the brink.

Higher education is also becoming sharply stratified. At one end are the high-integrity institutions that still maintain meaningful standards, a group that may represent just 20 to 30 percent of the market. In the middle are the credential mills — low-integrity schools operating on volume with minimal quality control, perhaps 40 to 50 percent of the market. On the other end, alternative providers such as bootcamps, apprenticeships, and corporate academies are rapidly filling the skills gap. This stratification allows the system to stagger forward while its core mission erodes.

Collapse becomes irreversible when several failure points converge. Employer confidence dropping below 50 percent would trigger mass abandonment of degree requirements. Public funding cuts, fueled by political backlash, would intensify. Alternative credentials would reach critical mass, making traditional degrees redundant in many sectors. A faculty exodus would leave too few qualified instructors to maintain quality. Rising student debt defaults could force the federal government to restrict lending.

The available evidence suggests the tipping point likely occurred sometime between 2020 and 2024. That was when public trust cratered, employer skepticism intensified, financial fragility spread, and the post-pandemic environment made fraud and grade inflation harder to contain. We may already be living in a post-viable higher education system, one where authentic learning and meaningful credentialing are concentrated in a shrinking group of elite institutions, while the majority of the sector operates as a credentialing fiction.

The question now is whether the surviving components can reorganize into something sustainable before the entire system’s legitimacy evaporates. Without deliberate restructuring, higher education’s role as a public good will vanish, replaced by a marketplace of unreliable credentials and narrowing opportunities. The longer we avoid defining the collapse threshold, the harder it will be to stop the slide.

Sources: Gallup, Inside Higher Ed, BestColleges, Cato Institute, PMC (National Center for Biotechnology Information), Council on Foreign Relations

Monday, August 25, 2025

HEI Resources Fall 2025

 [Editor's Note: Please let us know of any additions or corrections.]

Books

  • Alexander, Bryan (2020). Academia Next: The Futures of Higher Education. Johns Hopkins Press.  
  • Alexander, Bryan (2023).  Universities on Fire. Johns Hopkins Press.  
  • Angulo, A. (2016). Diploma Mills: How For-profit Colleges Stiffed Students, Taxpayers, and the American Dream. Johns Hopkins University Press.
  • Apthekar,  Bettina (1966) Big Business and the American University. New Outlook Publishers.  
  • Apthekar, Bettina (1969). Higher education and the student rebellion in the United States, 1960-1969 : a bibliography.
  • Archibald, R. and Feldman, D. (2017). The Road Ahead for America's Colleges & Universities. Oxford University Press.
  • Armstrong, E. and Hamilton, L. (2015). Paying for the Party: How College Maintains Inequality. Harvard University Press.
  • Arum, R. and Roksa, J. (2011). Academically Adrift: Limited Learning on College CampusesUniversity of Chicago Press. 
  • Baldwin, Davarian (2021). In the Shadow of the Ivory Tower: How Universities Are Plundering Our Cities. Bold Type Books.  
  • Bennett, W. and Wilezol, D. (2013). Is College Worth It?: A Former United States Secretary of Education and a Liberal Arts Graduate Expose the Broken Promise of Higher Education. Thomas Nelson.
  • Berg, I. (1970). "The Great Training Robbery: Education and Jobs." Praeger.
  • Berman, Elizabeth P. (2012). Creating the Market University.  Princeton University Press. 
  • Berry, J. (2005). Reclaiming the Ivory Tower: Organizing Adjuncts to Change Higher Education. Monthly Review Press.
  • Best, J. and Best, E. (2014) The Student Loan Mess: How Good Intentions Created a Trillion-Dollar Problem. Atkinson Family Foundation.
  • Bledstein, Burton J. (1976). The Culture of Professionalism: The Middle Class and the Development of Higher Education in America. Norton.
  • Bogue, E. Grady and Aper, Jeffrey.  (2000). Exploring the Heritage of American Higher Education: The Evolution of Philosophy and Policy. 
  • Bok, D. (2003). Universities in the Marketplace : The Commercialization of Higher Education.  Princeton University Press. 
  • Bousquet, M. (2008). How the University Works: Higher Education and the Low Wage Nation. NYU Press.
  • Brennan, J & Magness, P. (2019). Cracks in the Ivory Tower. Oxford University Press. 
  • Brint, S., & Karabel, J. The Diverted Dream: Community colleges and the promise of educational opportunity in America, 1900–1985. Oxford University Press. (1989).
  • Cabrera, Nolan L. (2024) Whiteness in the Ivory Tower: Why Don't We Notice the White Students Sitting Together in the Quad? Teachers College Press.
  • Cabrera, Nolan L. (2018). White Guys on Campus: Racism, White Immunity, and the Myth of "Post-Racial" Higher Education. Rutgers University Press.
  • Caplan, B. (2018). The Case Against Education: Why the Education System Is a Waste of Time and Money. Princeton University Press.
  • Cappelli, P. (2015). Will College Pay Off?: A Guide to the Most Important Financial Decision You'll Ever Make. Public Affairs.
  • Cassuto, Leonard (2015). The Graduate School Mess. Harvard University Press. 
  • Caterine, Christopher (2020). Leaving Academia. Princeton Press. 
  • Carney, Cary Michael (1999). Native American Higher Education in the United States. Transaction.
  • Childress, H. (2019). The Adjunct Underclass: How America's Colleges Betrayed Their Faculty, Their Students, and Their Mission University of Chicago Press.
  • Cohen, Arthur M. (1998). The Shaping of American Higher Education: Emergence and Growth of the Contemporary System. San Francisco: Jossey-Bass.
  • Collins, Randall. (1979/2019) The Credential Society. Academic Press. Columbia University Press. 
  • Cottom, T. (2016). Lower Ed: How For-profit Colleges Deepen Inequality in America
  • Domhoff, G. William (2021). Who Rules America? 8th Edition. Routledge.
  • Donoghue, F. (2008). The Last Professors: The Corporate University and the Fate of the Humanities.
  • Dorn, Charles. (2017) For the Common Good: A New History of Higher Education in America Cornell University Press.
  • Eaton, Charlie.  (2022) Bankers in the Ivory Tower: The Troubling Rise of Financiers in US Higher Education. University of Chicago Press.
  • Eisenmann, Linda. (2006) Higher Education for Women in Postwar America, 1945–1965. Johns Hopkins U. Press.
  • Espenshade, T., Walton Radford, A.(2009). No Longer Separate, Not Yet Equal: Race and Class in Elite College Admission and Campus Life. Princeton University Press.
  • Faragher, John Mack and Howe, Florence, ed. (1988). Women and Higher Education in American History. Norton.
  • Farber, Jerry (1972).  The University of Tomorrowland.  Pocket Books. 
  • Freeman, Richard B. (1976). The Overeducated American. Academic Press.
  • Gaston, P. (2014). Higher Education Accreditation. Stylus.
  • Ginsberg, B. (2013). The Fall of the Faculty: The Rise of the All Administrative University and Why It Matters
  • Giroux, Henry (1983).  Theory and Resistance in Education. Bergin and Garvey Press
  • Giroux, Henry (2022). Pedagogy of Resistance: Against Manufactured Ignorance. Bloomsbury Academic
  • Gleason, Philip (1995). Contending with Modernity: Catholic Higher Education in the Twentieth Century. Oxford U.
  • Golden, D. (2006). The Price of Admission: How America's Ruling Class Buys its Way into Elite Colleges — and Who Gets Left Outside the Gates.
  • Goldrick-Rab, S. (2016). Paying the Price: College Costs, Financial Aid, and the Betrayal of the American Dream.
  • Graeber, David (2018) Bullshit Jobs: A Theory. Simon and Schuster. 
  • Groeger, Cristina Viviana (2021). The Education Trap: Schools and the Remaking of Inequality in Boston. Harvard Press.
  • Hamilton, Laura T. and Kelly Nielson (2021) Broke: The Racial Consequences of Underfunding Public Universities
  • Hampel, Robert L. (2017). Fast and Curious: A History of Shortcuts in American Education. Rowman & Littlefield.
  • Johnson, B. et al. (2003). Steal This University: The Rise of the Corporate University and the Academic Labor Movement
  • Keats, John (1965) The Sheepskin Psychosis. Lippincott.
  • Kelchen, Robert. (2018). Higher Education Accountability. Johns Hopkins University Press.
  • Kezar, A., DePaola, T, and Scott, D. The Gig Academy: Mapping Labor in the Neoliberal University. Johns Hopkins Press. 
  • Kinser, K. (2006). From Main Street to Wall Street: The Transformation of For-profit Higher Education
  • Kozol, Jonathan (2006). The Shame of the Nation: The Restoration of Apartheid Schooling in America. Crown. 
  • Kozol, Jonathan (1992). Savage Inequalities: Children in America's Schools. Harper Perennial.
  • Labaree, David F. (2017). A Perfect Mess: The Unlikely Ascendancy of American Higher Education. Chicago: University of Chicago Press.
  • Labaree, David (1997) How to Succeed in School without Really Learning: The Credentials Race in American Education, Yale University Press.
  • Lafer, Gordon (2004). The Job Training Charade. Cornell University Press.  
  • Loehen, James (1995). Lies My Teacher Told Me. The New Press. 
  • Lohse, Andrew (2014).  Confessions of an Ivy League Frat Boy: A Memoir.  Thomas Dunne Books. 
  • Lucas, C.J. American higher education: A history. (1994).
  • Lukianoff, Greg and Jonathan Haidt (2018). The Coddling of the American Mind: How Good Intentions and Bad Ideas Are Setting Up a Generation for Failure. Penguin Press.
  • Maire, Quentin (2021). Credential Market. Springer.
  • Mandery, Evan (2022) . Poison Ivy: How Elite Colleges Divide Us. New Press. 
  • Marti, Eduardo (2016). America's Broken Promise: Bridging the Community College Achievement Gap. Excelsior College Press. 
  • Mettler, Suzanne 'Degrees of Inequality: How the Politics of Higher Education Sabotaged the American Dream. Basic Books. (2014)
  • Morris, Dan and Harry Targ (2023). From Upton Sinclair's 'Goose Step' to the Neoliberal University: Essays in the Transformation of Higher Education. 
  • Newfeld, C. (2011). Unmaking the Public University.
  • Newfeld, C. (2016). The Great Mistake: How We Wrecked Public Universities and How We Can Fix Them.
  • Paulsen, M. and J.C. Smart (2001). The Finance of Higher Education: Theory, Research, Policy & Practice.  Agathon Press. 
  • Rosen, A.S. (2011). Change.edu. Kaplan Publishing. 
  • Reynolds, G. (2012). The Higher Education Bubble. Encounter Books.
  • Roth, G. (2019) The Educated Underclass: Students and the Promise of Social Mobility. Pluto Press
  • Ruben, Julie. The Making of the Modern University: Intellectual Transformation and the Marginalization of Morality. University Of Chicago Press. (1996).
  • Rudolph, F. (1991) The American College and University: A History.
  • Rushdoony, R. (1972). The Messianic Character of American Education. The Craig Press.
  • Selingo, J. (2013). College Unbound: The Future of Higher Education and What It Means for Students.
  • Shelton, Jon (2023). The Education Myth: How Human Capital Trumped Social Democracy. Cornell University Press. 
  • Simpson, Christopher (1999). Universities and Empire: Money and Politics in the Social Sciences During the Cold War. New Press.
  • Sinclair, U. (1923). The Goose-Step: A Study of American Education.
  • Stein, Sharon (2022). Unsettling the University: Confronting the Colonial Foundations of US Higher Education, Johns Hopkins Press. 
  • Stevens, Mitchell L. (2009). Creating a Class: College Admissions and the Education of Elites. Harvard University Press. 
  • Stodghill, R. (2015). Where Everybody Looks Like Me: At the Crossroads of America's Black Colleges and Culture. 
  • Tamanaha, B. (2012). Failing Law Schools. The University of Chicago Press. 
  • Tatum, Beverly (1997). Why Are All the Black Kids Sitting Together in the Cafeteria. Basic Books
  • Taylor, Barret J. and Brendan Cantwell (2019). Unequal Higher Education: Wealth, Status and Student Opportunity. Rutgers University Press.
  • Thelin, John R. (2019) A History of American Higher Education. Johns Hopkins U. Press.
  • Tolley, K. (2018). Professors in the Gig Economy: Unionizing Adjunct Faculty in America. Johns Hopkins University Press.
  • Twitchell, James B. (2005). Branded Nation: The Marketing of Megachurch, College Inc., and Museumworld. Simon and Schuster.
  • Vedder, R. (2004). Going Broke By Degree: Why College Costs Too Much.
  • Veysey Lawrence R. (1965).The emergence of the American university.
  • Washburn, J. (2006). University Inc.: The Corporate Corruption of Higher Education
  • Washington, Harriet A. (2008). Medical Apartheid: The Dark History of Medical Experimentation on Black Americans from Colonial Times to the Present. Anchor. 
  • Whitman, David (2021). The Profits of Failure: For-Profit Colleges and the Closing of the Conservative Mind. Cypress House.
  • Wilder, C.D. (2013). Ebony and Ivy: Race, Slavery, and the Troubled History of America's Universities. 
  • Winks, Robin (1996). Cloak and Gown:Scholars in the Secret War, 1939-1961. Yale University Press.
  • Woodson, Carter D. (1933). The Mis-Education of the Negro.  
  • Zaloom, Caitlin (2019).  Indebted: How Families Make College Work at Any Cost. Princeton University Press. 
  • Zemsky, Robert, Susan Shaman, and Susan Campbell Baldridge (2020). The College Stress Test:Tracking Institutional Futures across a Crowded Market. Johns Hopkins University Press. 

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