May 22, 2020

Higher education expert explains how the pandemic is affecting America’s student debt crisis


New York University marketing professor Scott Galloway joined CNN’s global coronavirus town hall tonight to explain the difficult position college students find themselves in as the US economy limps along during the pandemic.

“We have raised tuition rates 1,400% over the last 40 years. This is a time of year that’s supposed to be a nervous but a rewarding time of year where people figure out where they’re going to school, and instead it’s become a time of year where people try to imagine how they’re going to take several thousand dollars on in-household debt,” Galloway said.

Galloway contends that higher education has “raised prices faster than health care” while much of the university experience has remained largely the same.

“If you walked into a class today, it wouldn’t look, feel or smell much different than it did 40 years ago. So I think we’ve stuck out the mother of all chins and the fist of Covid-19 is coming for us. I think this involves huge disruption and I think it starts this fall,” he added.

CNN’S Anderson Cooper, Sanjay Gupta and New York University marketing professor Scott Galloway.

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