My niece was recently admitted to Northwestern University, and she’s over the moon. Of course, I wish it was the University of Michigan instead 😭, but that’s neither her nor there.
As the incoming class of college freshmen—and some ambitious rising high students to boot—visit campuses across the country to choose where they’ll commit their four-year undergraduate experience (or five years if you’re like me 😉, I can’t help but consider its economic implications. The skyrocketing cost of college raises the stakes of this decision higher than ever before, which makes the consequences for making a poor consumption decision catastrophic.
It’s gotten so bad that higher education has been likened to a luxury brand, which makes its exploration worthy of our attention. So, I decided to dig into this topic in my latest piece for Forbes and the Forbes CMO Network.
“Like a Gucci bag or growing up an equestrian, access to institutionalized cultural capital is a privilege—one that reinforces social class and marginalization. The rising cost of college not only mirrors the objectified cultural capital of luxury brands, but also creates opportunities for competitive disruption for other alternatives to signal status. If the transactional promise of higher education is access to a better life, then trade schools, entrepreneurship, and YouTube-like-objects become increasingly compelling options. Media personalities like Gary Vaynerchuk have been extremely vocal about this point for years, and their refrain is not without merit.”
Now, it’s not lost on me that I am professor at a prestigious university. And by no means is this an attempt to bite the hand that feeds me. Please believe, I know where my bread is buttered. Rather, this is an attempt to spark the discourse that might lead to greater innovation and actually help future proof the existence of the institution of higher learning.
After all, that’s our job as academics: thinking deeply, extract knowledge, and disseminate it broadly. I hope this helps push the conversation forward—if only just a bit.
So…let’s get talking!
HEALTHY HAIR EXPERT, Salon Owner & Stylist at Karen Marie Salon/Educator
4moApplied ✨ 😊