Our October luncheon offered a provocative discussion on education and where the future is pulling it. Thanks to Gordy Ringoen ’60, who has been lecturing over 20 years at the Foster Business School at the U.W., along with serving on advisory boards and being an outspoken critic of slow progress in academia. His presentation proposed “Tomorrow’s College Today.”
Contrasting the true costs of college in the 1960’s to the educational costs of today, Gordy claimed that a college education today, costs too much as evidenced by 70% of students need debt to pay for their education. The total student debt load is exploding and exceeds $1.3 B today—more than credit card debt and secondary mortgages combined. The debt is crushing, with 17% or, seven million borrowers, not making any payment for more than the last 365 days.
The student’s time in college is underutilized with students spending only 22 hours per week in combined class/study versus a combined 42 hours in the 1960’s.
Fewer hours, higher costs, and the graduates are ill-prepared for careers after graduation as evidenced by 40% not getting jobs requiring a college education.
We enjoyed Gordy’s offering of several models for college’s educational success, and his examples included such unpublicized schools as Harvey Mudd and Waterloo.
The benefits of educational relevance to the needs of the workplace were illustrated by Gordy’s example of the U. W., Jack Rhodes ’60’s, “Sales and Marketing Program” in the Foster Business School. Jack’s sales program has grown to 150 students, has the support of more than 200 businesses and mentors and is self funding. The program generates a $40,000 in surplus before including $860,000 in tuition! His graduates are in high demand and 93% of 2015 graduates had sought after jobs within 90 days of graduation! The lessons of these highly successful colleges and programs need be models for the rest of undergraduate studies in universities!