The outlook for colleges and universities is bleak. Recent headlines from the Chronicle of Higher Education include: “43% of College Fund Raisers Don’t Expect to Meet Goals”; “Major Cost-Cutting Begins in Response to Covid-19, With Faculty and Staff Furloughs and Pay Cuts”; and “How to Recognize the Warning Signs of a Death Spiral.” Contributions to colleges from federal and state governments will have to go down. Donations from alumni will fall.

And then there is the money from tuition. Parents have lost jobs. So have students. College fund balances have fallen dramatically. And who wants to pay private, residential college prices for an online education?