The price of college is increasing almost eight times faster than wages (Forbes, 2018) and over the past two decades, the cost of education increased at twice the level of inflation. Global education spend makes up over 10% of the world’s GDP (The Global Economy, 2016).
Cost of education is the cost incurred by the government and the household sector on education. It is divided into two parts institutional and private cost. Institutional cost refers to the expenditure incurred by the institution or/and government for providing an education that is not directly recovered from students. We further divide it into recurring and non-recurring expenditure. (Saruparia, 2013).
We now see this exponential rise in the cost of education as unsustainable. Can technology help reduce these costs?
Education is reaching a tipping point as the gap widens between the skills delivered by the current system and those required by the digital economy, according to Goldman Sachs Research.
This makes education ripe for disruption. “We think we’re right at the cusp of seeing the integration of technology. To significantly disrupt the way that education is delivered and the cost at which education can be provided,” Katherine Tait of Goldman Sachs Research explains.
Tait also discusses the changing nature of today’s workforce and the evolution of lifelong learning. “We think as the rise in automation and technology in the workplace increases, it will also drive an increase in the need to re-skill and up-skill throughout one’s career, shifting that education spend from being so concentrated in the early years of someone’s life across the length of an individual’s career.”
With technology, education can now scale from the physical convening of students in one place to where students can now study from a time, place and pace of their choice.
The Virtual University of Uganda is an early adopter in this space. We are a pioneer fully online university in the sub-Saharan African region. Using a very robust e-learning platform, we offer online masters