West Virginia’s profligacy isn’t unique. Spending at the country’s 50 flagship public universities has soared by 38% in the past two decades, paid for largely through increases in tuition and fees. That model worked when demand for college was high, as students tapped government loans to finance their educations, with few limits attached. But a tight labor market and growing doubts about the value of a college degree have caused enrollment to sink to a two-decade low. For all but the most prestigious institutions, that trend is likely to continue: West Virginia expects the size of its student body to shrink to fewer than 21,000 within a decade, one-third smaller than in 2014.
Colleges need to adjust to this reality, or get overrun by it.
