"Well before "AI" had entered the lexicon of evening newscasters, the university model of higher-education was in trouble. Between 2010 and 2022 - the year ChatGPT came out - university enrollment dropped nearly 15 percent throughout the US. State funding cuts pushed already exorbitant tuition costs onto even more students, forcing many to ask whether a college education was even worth the staggering investment."
"According to the most recent data released by the Federal Reserve Bank of New York in mid-December, the unemployment rate for recent college grads stands at 5.8 percent, a full 1.7 percent higher than the average across all workers. Recent college grads are also experiencing an unemployment rate almost double the average for all college grads, which stands at 2.9 percent."
"That comes as typical on-ramps like internships are being gutted by major companies. As the former head of early career programs at Raymond James Financial, Simon Kho told NY Mag, AI has completely upended the financial calculus around hiring and training young talent. Breaking it down to brass tacks, Kho said it took around 18 months for fresh college grads to "pay off" on the time and resources required to train them."
University enrollment fell nearly 15 percent between 2010 and 2022 while state funding cuts shifted more education costs onto students, intensifying doubts about return on investment. The arrival of AI chatbots accelerated credential devaluation as graduates confront a weak job market. A recent University of Pittsburgh graduate applied to about 150 full-time jobs and received only feedback that roles were being cut. Unemployment for recent college graduates is 5.8 percent, 1.7 points above the overall workforce and roughly double the 2.9 percent rate for all college graduates. Companies are cutting internships and early-career training because AI alters the cost-benefit of hiring; training previously required about 18 months to pay off.
Read at Futurism
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