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Breaking Bad Habits: Navigating the Financial Crisis by Dennis Jones and Jane Wellman The "Great Recession" of 2009 has brought an unprecedented level of financial chaos to public higher education in America. Programs are being reduced, furloughs and layoffs are widespread, class sizes are increasing, sections are being cut, and students can't get into classes needed for graduation. Enrollment losses upwards of several hundred thousand are being reported-and only time will tell whether the situation is even worse. Reports of budget cuts in public institutions in the neighborhood of 15 to 20 percent (Pennsylvania, Virginia, New York, Florida, and California) are becoming common. Halfway through the 2009-2010 fiscal year, 48 states were projecting deficits for 2011 and 2012 (NASBO, 2009). Although states are reluctant to raise taxes, they evidently have less of a problem letting tuitions go up. And up they are going-California, Oregon, Washington, New York, Wisconsin, and Florida announced increases ranging from 10 to 33 percent. The normally tuition-resistant Florida legislature has authorized annual increases in undergraduate tuitions of 15 percent per year until they reach national averages for public four-year institutions. Around the country, the increases are setting off student protests reminiscent of the 1960's, variously directed at campuses, system boards, legislatures, and governors-complete with reports of violence and arrests. The New Normal Higher education has been through tough times before. The pattern of the last two decades has been a zigzag of reductions in state funds for higher education during times of recession, followed by a return to revenue growth about two years after the state coffers refill. But resources have not returned to pre-recession levels. So the overall pattern has been a modest but continuous decline in state revenues. Caption: Percent Change in Appropriations for Higher Education, 1960-2006

"Ready for Change.edu? January 11, 2012 - 3:00am By Paul Fain Andrew S. Rosen takes the long view when talking about higher education. As CEO of Kaplan, Inc., he often defends the role of for-profit colleges in an evolving marketplace, peppering versions of his stump speech with tales about the creation of public universities and community colleges. His point is that some skepticism about for-profits is similar to the snobbery those older sectors faced from elite private higher education. Rosen goes further in his debut book, Change.edu: Rebooting for the New Talent Economy, which attempts to paint a picture of higher education's future as well as its history. He also takes a turn as a journalist of sorts - an interesting twist for the former general counsel of the Washington Post Co. - writing about his campus visits to other institutions, a couple of which are Kaplan competitors. The book is ambitious in its scope, particularly for an author with obvious vested interests. But most reviewers have given Rosen high marks. Kirkus Reviews writes: "Incredibly, his argument never comes off as self-serving; the author's thorough exploration of 'Harvard Envy' and the rise of 'resort' campuses is both fascinating and enlightening." Rosen recently answered questions over e-mail about his book, which was released by Kaplan Publishing. Q: The book arrives amid a series of challenges for your industry. What did you hope to accomplish by writing it? A: I've spent most of my life studying or working in education, with students of all ages and preparation levels: top students from America's most elite institutions and working adults and low-income students who have few quality choices to change their lives. I've come to see how the American higher education system (as with K-12) is profoundly tilted in favor of those who already have advantages. Our society keeps investing more and more in the relatively small and unchanging number of students who have the privil

"Push for Performance November 2, 2010 The Texas Higher Education Coordinating Board wants Gov. Rick Perry and the state legislature to adopt an outcomes-based funding formula for its community colleges and public universities next year. Faculty groups in the state, however, are dubious of the proposed changes and worry it could water down quality. As the completion agenda takes hold - spurred by President Obama's goal of the United States having the highest proportion of college graduates in the world by 2020 - a number of states have introduced or are considering funding formulas that reward student completion, instead of simply student enrollment. Still, those few states that have adopted performance-based appropriation only let it constitute a small percentage of their higher education funding formula, usually around 5-10 percent. If the Texas plan goes forward, it would represent one of the more dramatic changes in funding formulas to encourage completion. Last week, the Texas board released a set of recommendations for such a funding model - one for the state's universities and another for its community and technical colleges. The board argues that introducing some outcomes-based funding is one of the important ways it can help Texas reach its Closing the Gaps goal of graduating 210,000 more students annually at all degree levels by 2015. The board wants 10 percent of the baseline funding formula for university undergraduates to "be based on measures of the award of bachelor's degrees at institutions." The remaining 90 percent of undergraduate funding, in addition to all graduate and professional student funding, would continue to be allocated based on enrollments. Several factors would be used to allocate the 10 percent, including the total number of bachelor's degrees awarded, the number of bachelor's degrees awarded in "critical fields" such as STEM and nursing, the number of bachelor's degrees awarded to "at-risk students"

"Venture Fund for Traditional Colleges January 17, 2012 - 3:00am By Doug Lederman The space between nonprofit and for-profit higher education gets a little more crowded today. University Ventures Fund, a $100 million investment partnership founded by a quartet of veterans of the for-profit and nonprofit education sectors, is the latest entrant in a market that aims to use private capital to expand the reach and impact of traditional colleges and universities. The fund, whose two biggest investors are the German media conglomerate Bertelsmann AG and the University of Texas Investment Management Company, is focused on stimulating "innovation from within the academy," rather than competing with it from the outside, David Figuli, a lawyer and partner in University Ventures, said in an interview Monday. The projects will include helping institutions expand the scale of their academic programs, re-engineer how they deliver instruction, and better measure student outcomes; the first two investments, also announced today, will be creating a curriculum through Brandman University aimed at improving the educational outcomes of Hispanic students, and a company that helps universities in Britain and elsewhere in Europe deliver their courses online. "Most of the attempts to bring about innovation in higher education have come from people trying to buy their way in," Figuli said, citing the many takeovers of traditional institutions by for-profit colleges over the last decade (quite a few of which he helped engineer). "Our way is to find good ideas within the existing institutions and fund those." Figuli, a former general counsel for the South Dakota and Montana university systems, said he and his partners don't buy the critiques of traditional postsecondary institutions as unimaginative or fearful of change. "I've been in higher education for 30-some years, and most of the nonprofit institutions I've worked with have been frustrated by the fact that they're capital-constra

"January 17, 2012 Investors Backed by Publishing Giant Team Up With Calif. University to Start a Bilingual College By Goldie Blumenstyk A $100-million investment fund backed by the German publishing and media giant Bertelsmann and the endowment for two Texas public university systems is jumping into higher education with two ventures aimed key markets. One is a new bilingual college aimed at Hispanic students, in partnership with an affiliate of Chapman University. The other is a new London-based distance-education company that will assist European universities in creating, marketing, and managing online courses and degree programs. For the yet-to-be-named Hispanic-serving college, the new fund, called University Ventures, will form a partnership with Brandman University, an 11,000-student nonprofit institution now known for serving working adult students at its 25 campuses in California (plus one in Washington State) through online and face-to-face courses. Once known as Chapman University College, it was separately accredited from Chapman three years ago and renamed for a benefactor, the Brandman Foundation, in April. Gary Brahm, Brandman's chancellor, said his institution has a good record in serving and graduating Hispanic students, who make up more than a quarter of Brandman's enrollment. (It claims a six-year graduation rate for students, all of whom now enter with at least 12 credits, of 68 percent.) The new partnership with University Ventures presents a chance "to do something very significant in higher education and to do something very significant in California," he said in an interview on Monday. The program will be aimed at the many students from Spanish-speaking homes who have learned enough English to graduate from high school but either are too intimidated or too inadequately prepared to get through traditional college programs taught fully in English. "This has the opportunity to significantly improve their success," he said. Together, Unive

Executive Summary Fiscal 2010 presented the most difficult challenge for states' financial management since the Great Depression and fiscal 2011 is expected to present states with similar challenges. The severe national recession that most likely ended in the second half of calendar year 2009 has drastically reduced tax revenues from every revenue source. As state revenue collections historically lag behind any national economic recovery, state revenues will remain sluggish throughout fiscal years 2011 and 2012. State general fund spending has been so negatively affected by this recession that both fiscal 2009 and fiscal 2010 saw declines in state spending. This two year decline is unprecedented and is only the second time that state general fund spending has declined in the history of the Fiscal Survey. Forty states decreased their general fund expenditures in fiscal 2010 compared to fiscal 2009. According to governor's recommended budgets for fiscal 2011, 13 states recommended lower general fund expenditures compared to fiscal 2010. In total, 44 states estimate that they will have lower general fund expenditures in fiscal 2010 compared to fiscal 2008. In fiscal 2011, 39 states recommended lower spending than in fiscal 2008. Fiscal 2008 serves as a baseline as it the last fiscal year on record in which states were not significantly affected by the national recession.

"Fixing the Broken Financing Model October 4, 2010 By Darryl G. Greer and Michael W. Klein In the title of a recent paper, David Breneman, a regarded higher education economist, asks: "Is the Business Model of Higher Education Broken?" While he objectively weighs the pros and cons of his question, we answer emphatically, yes! Put simply, the way in which America finances public colleges and universities, which serve over 70 percent of college students nationally, is severely and irreparably broken and needs to be changed. Without a new model, public higher education will fail its principal purpose of providing broad college opportunity, especially to low- and middle-income students and an emerging population of new Americans. Moreover, without a new funding rationale that has transparency and predictability for all funding partners, these colleges will lose the public trust - a critical element in sustaining the American democratic experience through education. Public colleges can achieve the dual goals of public and private benefits only by demonstrating equity and fairness regarding who goes to college; legitimacy for who pays and how; and responsibility for how colleges account for educational outcomes and sustaining the public trust. The solution as we see it should include a new public service corporation model that creates private partnerships; produces new revenue to replace lost public financing; protects and enhances the core educational enterprise; and, thereby, generates greater transparency, accountability and public trust that will support a sustained investment in public colleges. The Problem There is widespread evidence, in addition to opinion, that the longstanding model for financing public colleges that has seemed to work so well in many states for decades, now seems, even with an expected economic recovery, to need radical change. (See the soon-to-be-published "A New Model of Financing Public Colleges and Universities," in On the H

"October 11, 2010 New Initiative Will Advance the Best Uses of Technology to Improve College Readiness and Completion Multi-year "challenge" grant competition will identify and fund most promising innovations EDUCAUSE Marge Gammon Phone: +1.303.816.7431 Bill & Melinda Gates Foundation Phone: +1.206.709.3400 Email: media@gatesfoundation.org SEATTLE -- The Bill & Melinda Gates Foundation today announced the Next Generation Learning Challenges, a collaborative, multi-year initiative, which aims to help dramatically improve college readiness and college completion in the United States through the use of technology. The program will provide grants to organizations and innovators to expand promising technology tools to more students, teachers, and schools. It is led by nonprofit EDUCAUSE, which works to advance higher education through the use of information technology. Next Generation Learning Challenges released the first of a series of RFPs today to solicit funding proposals for technology applications that can improve postsecondary education. This round of funding will total up to $20 million, including grants that range from $250,000 to $750,000. Applicants with top-rated proposals will receive funds to expand their programs and demonstrate effectiveness in serving larger numbers of students. Proposals are due November 19, 2010; winners are expected to be announced by March 31, 2011. "American education has been the best in the world, but we're falling below our own high standards of excellence for high school and college attainment," said Bill Gates, co-chair of the Bill & Melinda Gates Foundation. "We're living in a tremendous age of innovation. We should harness new technologies and innovation to help all students get the education they need to succeed." Next Generation Learning Challenges invites proposals from technologists and institutions within the education community, but also innovators and entrepreneurs outside the traditional educa

"Colleges and the Governors' Races August 5, 2010 With state budget shortfalls likely to hit $180 billion in 2011, the incoming governors -- a potentially record-size pool of brand-new state chiefs -- will have a lot to take on when they take office in January. Jobs and the economy have dwarfed all other campaign issues, and higher education -- despite its link to economic development -- is unlikely to be a focal point in this year's elections. "Political candidates are grappling with more immediate solutions for job creation opportunities," says Dan Hurley, director of state relations and policy analysis for the American Association of State Colleges and Universities. "I think we'll see some [newly elected] governors bringing higher education to the top of their political agendas, but right now it's simply not at the top of the list." Four years ago, higher education was one of the top issues in several gubernatorial races. But the economy crashed 13 months after the election, and the recession descended across most of the country, forcing governors to slash funding -- much of it from higher education. According to the most recent State Higher Education Finance report, state funding for higher education fell $2.8 billion in the 2009 fiscal year as a result of the recession. Federal stimulus funds worth $2.3 billion partially offset the costs, but state funding fell another $2.7 billion in 2010 and is likely to continue to fall"

"The Year Ahead in IT, 2012 January 6, 2012 - 3:00am By Lev Gonick This series of annual Year Ahead articles on technology and education began on the eve of what we now know is one of the profound downturns in modern capitalism. When history is written, the impact of the deep economic recession of 2008-2012 will have been pivotal in the shifting balance of economic and political power around the world. Clear, too, is the reality that innovation and technology as it is applied to education is moving rapidly from its Anglo-American-centered roots to a now globally distributed dynamic generating disruptive activities that affect learners and institutions the world over. Seventy years ago, the Austrian-born Harvard lecturer and conservative political economist Joseph Schumpeter popularized the now famous description of the logic of capitalism, Capitalism, Socialism, and Democracy. The opening of new markets, foreign or domestic … illustrate(s) the same process of industrial mutation - if I may use that biological term - that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. Our colleges and universities, especially those in the United States, are among the most conservative institutions in the world. The rollback of public investment in, pressure for access to, and indeterminate impact of globalization on postsecondary education all contribute to significant disorientation in our thinking about the future of the university. And then there are the disruptive impacts of information technology that only exacerbate the general set of contradictions that we associate with higher education. The faculty are autonomous and constrained, powerful and vulnerable, innovative at the margins yet conservative at the core, dedicated to education while demeaning teaching devoted to liberal arts and yet powerfully vocatio

"January 16, 2011 Financial Outlook Is Brighter for Some Colleges, but Still Negative for Most By Scott Carlson Moody's Investors Service says the outlook for a relatively small number of well-managed, diversified colleges looks stable in 2011, an upgrade from the negative forecasts that the credit-rating agency has given higher education over the past couple of years. In its latest outlook report, however, Moody's maintains a negative outlook for the majority of higher-education institutions, which it says are too dependent on tuition, auxiliary income, and state support. The Moody's report, "2011 Outlook for U.S. Higher Education," which will be available from the company to its subscribers this week, highlights a widening gap between have and have-not colleges. "This outlook speaks to the fact that the strong continue to get stronger," said Kimberly Tuby, a vice president and senior analyst at Moody's who is the author of the report. Institutions that already have large, well-established research programs and strong philanthropic support are pulling through the economic downturn relatively well, she said. The strongest institutions are in top demand and have fingers in a number of business lines. Meanwhile, the weakest institutions-which draw students from a regional base and lack diversity in business lines-could still be endangered. Those institutions are generally small or mid-sized and do not have a robust fund-raising capacity. "We could see some of those merging or being absorbed by larger institutions, or even going out of business," Ms. Tuby said. The report points to three "critical credit factors" that drive the 2011 outlook for colleges: * "Weakened prospects for net tuition growth" because of a market preference for low-cost or high-reputation competitors. * "Differing degrees of pressure on nontuition revenues," such as philanthropy or research money. * A "need for stronger management of operating costs, balance-sheet risks, a

Press Release from the Wikimedia Foundation Wikimedia Foundation will engage academic experts and students to improve public policy information on Wikipedia $1.2 million grant from the Stanton Foundation to support first initiative of its kind for Wikipedia SAN FRANCISCO May 11, 2010 -- The Wikimedia Foundation, the non-profit organization behind Wikipedia, today announced a new project designed to improve the quality of public policy-related articles on Wikipedia. It is the first time the Wikimedia Foundation has launched a project designed to systematically increase the quality of articles in a particular topic area. The project will be funded via a $1.2 million grant from the US-based Stanton Foundation, a long-time funding partner of the Wikimedia Foundation. The Stanton Foundation is the beneficiary foundation created in the name of the US broadcasting industry leader and media innovator, Frank Stanton. Dr. Stanton's commitment to civic education and freedom of speech carries on through his philanthropic legacy, the Stanton Foundation. "Wikipedia is a key informational resource for hundreds of millions of people," said Sue Gardner, Executive Director of the Wikimedia Foundation. "The Stanton Foundation wants to increase people's understanding of public policy-related issues, and supporting quality on Wikipedia is a great way to accomplish that goal. Meanwhile, the Wikimedia Foundation is keen to experiment with techniques for encouraging subject-matter experts to work alongside our volunteers to improve quality. This funding will enable us to do that, and I am --as always-- very grateful to the Stanton Foundation for its support." Wikipedia is written by hundreds of thousands of volunteers from around the world, and that won't change with this project. The Wikipedia Public Policy Initiative will recruit Wikipedia volunteers to work with public policy professors and students to identify topic areas for improvement, and work to make them better. Some of tha

"Obama Proposes Education Technology Agency Modeled After DARPA by Jeffrey Mervis on 4 February 2011 The Obama Administration has proposed a new agency within the Department of Education that will fund the development of new education technologies and promote their use in the classroom. In an updated version of its 2009 Strategy for American Innovation, the White House announced today that the president's 2012 budget request will call for the creation of Advanced Research Projects Agency-Education (ARPA-ED). The name is a deliberate takeoff on the Sputnik-era DARPA within the Department of Defense that funded what became the Internet and the much newer Advanced Research Projects Agency-Energy (ARPA-E) that hopes to lead the country into a clean-energy future. ARPA-ED will seek to correct what an Administration official calls the country's massive "underinvestment" in educational technologies that could improve student learning. "We know that information and communications technologies are having a transformative impact on other sectors. But that's not the case in K-12 education." The official cited studies showing that less than 0.1% of the $600 billion spent each year on elementary and secondary school education goes for research on how students learn. "There are a number of good ideas and promising early results about the use of education technology that have led the Administration to be interested in doing more in this area," the official noted. (See a special issue of Science from 2 January 2009 on education and technology.) The goal of ARPA-ED, according to the official, will be to "advance the state of the art and increase demand" for successful technologies that teachers and students can use, such as a digital tutor that can bring students and experts together to enhance learning. Federal agencies now fund only a relative handful of projects in this area, the official added, and most local districts don't have the money to purchase those found to be effec

"The Solution They Won't Try June 4, 2010 By Bob Samuels If public universities are really committed to promoting access, affordability, and quality, they should consider increasing their funding by accepting more undergraduate students instead of raising tuition and restricting enrollments. While many would argue that higher education institutions are already unable to deal with the students they currently enroll, in reality, it costs most public research universities very little to educate each additional student, and the main reason why institutions claim that they do not get enough money from state funds and student dollars is that they make the students and the state pay for activities that are not directly related to instruction and research. To calculate how much public research universities spend on educating each undergraduate student, we can look at national statistics regarding faculty salaries and how much it costs a university to staff undergraduate courses. According to a recent study by the American Federation of Teachers, "Reversing Course," the average salary cost per class for a tenured professor at a public research university is $20,000 (4 classes at $80,000), and it costs $9,000 for a full-time non-tenure-track teacher and $4,500 for a part-time instructor to teach the same course."

"August 17, 2010, 06:00 PM ET Elite Institutions and Low-Income Students: A Story of Dismal Failure By Diane Auer Jones The hypocrisy in higher education is sometimes just astounding. I read Richard Kahlenberg's blog yesterday about the admirable efforts on the part of Washington University in St. Louis and the University of North Carolina at Chapel Hill to increase graduation rates among low income students who attend these institutions. In fact, Mr. Kahlenberg goes as far as to suggest that other universities should learn some valuable lessons from these institutions. Give me a break. Of course I applaud efforts to help those less fortunate succeed, but the idea that we should celebrate two highly selective, well-funded, elite universities that require even MORE funding to develop special programs to serve such a small, hand-picked population of students who, in the end, enjoy only slightly improved outcomes (at best), seems a bit outrageous to me. Instead, I would suggest that the stories of Wash U and UNC provide additional evidence to support what some of us have known for quite some time (and that academic researchers have concluded over and over again), which is that educating low income students requires a lot more than talented faculty and a rigorous curriculum - it requires a great deal of additional money at a time when there is precious little of that to go around."

A primer on higher education funding in California by CSU Northridge Provost Harry Hellenbrand that can be used as a model to help educate faculty about state funding and related policy choices.

""Old" Habits Meet a "New" Normal By Kristin Conklin January 16, 2011 11:07 pm EST Despite a slight rise in state revenues, the 2011 budget cycle is likely to be the most difficult yet of the states' ongoing fiscal crisis. That's because budget shortfalls are epic - $60 billion in budget shortfalls this year and another $50 billion in 2012. Whereas most state revenues will rebound to peak levels by 2013, revenue recovery is not likely in nine states until 2014. The National Association of State Budget Officers' A New Funding Paradigm for Higher Education says that while a slight rise in revenues will "mitigate the funding squeeze, the environment for state higher education support might be permanently and unalterably different from the past." What an understatement. Average annual spending growth is projected to be a weak 3 to 4 percent for the next 10-20 years. How governors navigate these "new normal" budget conditions will have a profound impact on the nation's economic future. An economic recovery cannot be achieved through cuts alone. Shrinking state budgets must be refocused to grow the economy. Higher education will be front and center in any growth strategy. According to estimates from the Minneapolis Federal Reserve Bank, if the U.S. could muster the capacity to better match skills with today's jobs, unemployment would be at 6.5 percent instead of 9.6 percent. That represents millions of good-paying jobs that lead to economic growth."

"January 31, 2012 'Change.edu' and the Problem With For-Profits 'Change.edu' and the Problem With For-Profits 1 Kaplan Andrew S. Rosen, chief executive of Kaplan and author of a new book on for-profit colleges Enlarge Image By Robert M. Shireman It is clear that Andrew Rosen, the chief executive of Kaplan, wants to leave readers of Change.edu with the idea that for-profit colleges are innovative, efficient, and effective in serving people left out by traditional higher education, and that their bad reputation is the result of unfair attacks. I picked up Rosen's book wanting to see how the power of the market can transform the enterprise and improve student learning. Instead, I am now more concerned about the hazards of for-profit colleges than I was before. The eye-opening, gasp-inducing elements involve Rosen's descriptions of the intense pressures on company executives to produce quick, huge profits for investors by shortchanging students. "An investor who wants to make a quick hit can, at least theoretically, buy an institution, rev up the recruitment engine, reduce investment in educational outcomes," and deliver "a dramatic return on investment." The nefarious temptation is not just theoretical, though, and Rosen says so when he introduces the case of abuses by the Career Education Corporation. "There will always be some leaders who choose to manage for the short term ... particularly when they hold the highly liquid equity stakes that the leadership of private-sector institutions sometimes receive as part of their compensation. This isn't a theoretical issue; it has happened." The word "always" concerns me. Always as in: This can't be fixed? And how many are the "some" who would eagerly dismiss student needs in the pursuit of a rapid, profitable expansion? I would have liked to hear that the contrasting example to CEC is the for-profit college where the investors are committed to the long term and never bring up the idea of a get-rich-quick scheme tha

After noting that two major sources of support for postsecondary institutions - state appropriations and university endowments - are down, the report goes on to point out that the demand for public higher education is growing as more people seek skills needed for today's workforce. The report also finds while higher education generally saw declining state support in FY 2009, funds made available through the American Recovery and Reinvestment Act (ARRA) allowed certain states to slightly increase spending on higher education in FY 2010. Even with ARRA funds, 23 states spent less on higher education in FY 2010 than FY 2009. State policy developments in response to revenue declines highlighted by NCSL include California's efforts to decrease enrollment, Florida's decision to tighten residency requirements, and the reduction or elimination of programs in North Carolina, South Dakota, and Utah. The report concludes with a table summarizing the significant higher education funding developments in the states over the past two years.

"University Ventures Letter Volume II, #2 Announcing University Ventures Thirty years ago America was an economic basket case. The official unemployment rate in 1982 exceeded 10%, but apples-to-apples unemployment (counting it the way we do today) was over 16%. Inflation was north of 6% and the prime interest rate reached 21.5% in June 1982. Things weren't much better in the UK where deindustrialization had resulted in unemployment over 20% in many regions, and where the 'workshop of the world' became a net importer of goods for the first time ever. It's always darkest before the dawn. So few recognized we were on the verge of a revolution in information technology that would drive productivity increases across almost all industries and create new ones over the next two decades. If there's any consensus at all in today's debate about how to rekindle economic growth, it's the importance of education, and particularly higher education. We need more educated workers to innovate and increase productivity. Not coincidentally, the largest industry that has not seen much in the way of productivity improvements since 1982 is education. All but a handful of the 170 million students currently enrolled at tertiary institutions around the world are learning the way their parents and grandparents learned (often learning virtually the same curriculum). The 'sage on a stage' model remains unchanged, and the well over $1 trillion in annual spending on higher education continues to be directed to the same functions. And so the stage (if not the sage) is set for the world to focus on higher education as it never has before, and for dramatic changes in programs, delivery models, costs and learning outcomes. While the private sector will play a key role in this next revolution, it cannot succeed alone. Traditional universities and colleges - public and private -- will be the crucibles of change, in partnership with entrepreneurs and companies. The