A Canary In A Coal Mine?

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There was reason Sweet Briar College’s announcement that it was going out of business came as such a shock last week. There was little indication — not even government metrics designed to warn against college instability — that the Virginia school was in dire straits.

But officials decided that waiting for the lights to be shut off was the least desirable way to cope with the inevitable. Sweet Briar — which has served its students for more than 100 years — will cease operation at the end of the school year.

In response to the news, Mark Cuban — the entrepreneurial billionaire who owns the NBA’s Dallas Mavericks — tweeted, “This is just the beginning of the college implosion.”

Those who have been following Cuban know that he has been warning of the “student-loan bubble” for years. He expressed his concerns on Inc.com last summer, but has also been writing about it since at least 2012.

He was so intent on ringing alarm bells, he developed a college loan debt clock, which shows students owe $1.3 trillion on college loans. Credit card and auto loan debt stands at $1.6 trillion with college loans closing fast.

“We freak out about the trillions of dollars in debt our country faces,” Cuban wrote three years ago. “What about the TRILLION DOLLARS plus in debt college kids are facing?”

“At some point it’s going to pop,” Cuban told Business Insider. “When you’re 18 years old and you don’t really understand all the nuances of what it’s going to cost to pay something back — it was almost inevitable.”

Richard Ekman, president of the Council of Independent Colleges, told Inside Higher Ed that “idiosyncratic” institutions — places like women’s colleges, historically black colleges and colleges of denominations — face unique challenges while larger public institutions will likely become the norm. Perhaps the challenging attributes unique to Sweet Briar — an all-woman liberal arts college in rural Virginia — extend far beyond the student-loan bubble, but Cuban’s “canary-in-the-coal-mine” fear is too great not to consider.

In fact, he isn’t the only heavy hitter trying to bring attention to a looming national crisis. In the week before Sweet Briar’s stunning announcement, six U.S. Senators — including Connecticut’s Richard Blumenthal and Massachusetts’ Elizabeth Warren — penned a letter to Education Secretary Arne Duncan criticizing a system that suffocates students. “It is not the job of the Department of Education to maximize profits for the government at the cost of squeezing students,” the letter said.

Cities of Promise — which highlights programs trying to battle an unsustainable system (even lotteries couldn’t keep pace) — welcomes opinions, solutions, possibilities and anything else that can help push the conversation. What will colleges do to adapt? And when? If your business model is founded upon easy credit in a rapidly-changing environment, waiting is not an answer. Expecting young people and families to shoulder the burden will prove unwise.

As for Mark Cuban, we’d love to talk to you.

Where Do I Send My Resume?

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The Palau Promise is coming to Micronesia and if it needs an Executive Director, I’m in.

The aim of the program is to limit the nation’s reliance on foreign workers (darn it) by producing a highly trained local workforce. And the intended result would also improve the quality of life for Palauan youth.

Cost is seen as a significant reason that many able students don’t go to Palau Community College, so the Office of the President has partnered with the college, the Ministry of Education, the Palau National Scholarship Board and the Office of the Workforce Innovation and Opportunity Act to create this tuition-free two-year initiative. The expectation is that 80 percent of graduating students in 2016 and 2017 will enroll. They will need to maintain a 2.0 GPA to keep the scholarship.

In addition, students will be both mentored and tracked to assure program success.

Palau, the setting for one of the seasons in the Survivor television series, lies about midway between the Philippines and Guam and has about 21,000 residents.

Striving For A Big Audacious Goal

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President Benjamin Harrison knew a rivalry would be afoot 125 years ago when he signed North and South Dakota into statehood. He even had the names hidden and the admission papers shuffled so no one would know which joined the union first.

So two weeks ago, when Cities of Promise wrote about the Promise exploration of Fargo, N.D. , we suspected that a South Dakota story was soon to follow. And we were right.

That’s because the Sioux Falls Public Schools Education Foundation is exploring the concept of offering college funding to all of its students. And like Fargo, the economic interests of the city are at the center of the examination. Sioux Falls is interested in having more learning opportunities for its young people, but it wants to retain those future college degree holders.

The Foundation’s chairperson, Amy Scott-Stoltz, told Patrick Anderson of the Sioux Falls Argus Leader, “It’s tough to keep young people in South Dakota and Sioux Falls.”

Fellow board member Vernon Brown had read that similarly-sized cities in the Plains — Lincoln, Neb.; Rochester, Minn.; and rival Fargo — had a higher percentage of local residents holding college degrees. He pitched the idea to the board by asking, “What’s that big audacious goal we should be striving for?”

And while creating a college-going culture and retaining young residents would be tremendous, beating Fargo to the punch would make it even better.

$5 Mil Toward A Generational Opportunity

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Cities of Promise reported in January that folks in Greensboro, N.C., were excited about the possibility of becoming the first metro area outside of the Northeast to become a member of the Say Yes To Education network.

That initiative got a huge boost this week with the announcement of a $5-million commitment from the Phillips Foundation, which focuses on several components of Greensboro’s vibrancy. Executive Director Elizabeth Phillips explained the largest donation in Phillips Foundation history by calling the Say Yes initiative “a once-in-a-generation opportunity for Guilford County.”

The partnerships are being secured in cooperation with Guilford County Schools, the Guilford Education Alliance, the Community Foundation of Greater Greensboro and the Community Foundation of High Point. Marquita Brown of the Greensboro News & Record reported that additional donations are expected to be announced in the coming weeks.

The only other public mention of an entity in the running for the Say Yes grant is Pittsburgh School District, which already benefits from the expansive Pittsburgh Promise program.

Greensboro expects to know the Say Yes decision in the coming months.