Idea: Make the University of Michigan the best public university in the world by 2050.
- Replace Student Loans:
- 0% Interest ISAs for All Students.
- Reinvent Our Education:
- Get Ready for the Future of Work Now.
Problem: There is a higher education bubble in the United States.
- College tuition has risen over 150% in the last twenty years.
- Tuition is the #1 fastest growing consumer expense in America.
- Tuition is growing over three times faster than inflation.
- Colleges are not preparing graduates for modern careers.
Why Now? Cheap debt won’t last forever.
- Most 18 year olds can’t get a $50K loan to start a business.
- But they can easily get $200K+ in student loans to earn a degree worth less than that business.
- This cheap student loan debt is inflating the higher education bubble.
- What happens when banks and/or governments can no longer service this debt?
Solution #1: ISAs for Every Student.
- Replace student loans with 0% interest ISAs.
- Only make payments if you have a $70K+ annual salary.
- Forgiven after 7 years no matter what.
Solution #2: Reinvent the best universities to maximize their value to students.
- Less Theory. More Action.
- Business students launch startups and earn investments from the university.
- Government students intern with political leaders and work on real campaigns.
- Social work students volunteer for nonprofits and start new philanthropic projects.
- More 1:1 Mentorship.
- Help students figure out what they really want to do after college.
- Give every student a personal connection to the university.
Future: Let anyone in the world take UMICH classes online.
- Open admissions for anyone who is willing to do the work.
- What are the most valuable things that students could learn and do in four years or less?
UMICH 2050 is on my list of solutions to the World’s Biggest Problems.
- This idea is a work-in-progress. If you’d like to riff on it, hit me up @neilthanedar on Twitter.