A group of law students I teach were recently discussing the merits of the traditional three-year law degree.

"Why not only have two years?" one suggested. "The third year could be a practicum, or a working internship."

That same week, an undergraduate student asked me what I thought about five-year business degree programs that offer a bachelor's and a master's degree in one package.

This is something of a trend: whittling down graduate school requirements or fusing them with undergraduate programs to reduce the amount of time spent in school.

But graduate school courses are narrowly targeted for specific career preparation. As such, they are harder to eliminate and easier to justify. What is becoming increasingly difficult to justify is what passes for undergraduate education and the skyrocketing costs associated with it. There, higher education is ripe for disruption.

Harvard Business School professor, and best-selling author, Clayton Christensen made the term "disruptive innovation" a household word. But many still misunderstand the concept. An innovation is poised to disrupt when it hits at the confluence of technological advancement and widespread public dissatisfaction with the pre-existing business model. For example, digital audiotape made it possible to copy songs without degrading the sound quality. MP3 file formats and the internet made it possible to widely share those copies.

Higher ed is in the middle of just such a perfect storm.

What threatens to disrupt the traditional business model of a four-year college education? Online education.

True, if you asked any student admitted to a top-tier college or university over the past few years whether they considered an online undergraduate program, their answer would almost inevitably have been "no." But that is typical of disruptive innovations, the initial quality of which is perceived to be poor and thus not widely accepted by mainstream customers. And yet, later iterations improve, perceptions change and, as they do, products move upmarket.

I've watched for more than two decades as online education has morphed from being an option of last resort to entire programs offered online at respected research institutions.

What about the second prong? Is there widespread public dissatisfaction with college education today?

Just look at the headlines.

In recent weeks, riots broke out at the University of California, Berkeley, and at Middlebury College. Students, faculty and administrators routinely curb freedom of speech, association and other constitutional liberties of those holding views with which they disagree. There has been a proliferation of courses — and policies — founded on questionable concepts like "privilege" and "cultural appropriation." Across the country there are calls for "trigger warnings" or the elimination of course content that "offends," for the creation of "safe spaces," or even complete racial segregation.

Outside of class, students today must navigate the "hookup culture," the "campus rape culture" hysteria.

Parents, educators and government officials alike are concerned about alcohol and substance abuse on campus. Throw in some hazing in the campus Greek systems, and it's a truly toxic mix.

The clincher? Skyrocketing tuition, which has increased more than 1,100 percent since 1978, double that of medical expenses. Most students finance their educations with debt. Many don't repay.

Is it any wonder people are exploring alternatives like two-year colleges, certificate programs, vocational schools and online programs?

Higher education is in a bubble, and bubbles burst. Will it be as bad as the housing meltdown and financial collapse of 2008-09? That's hard to say.

Mega-banks banks aren't bundling and selling worthless college degrees; those losses are left to fall on individual families and graduates, many of whom are saddled with debt that will impede their ability to build wealth for decades and perhaps for their entire lives.

The business model of higher education needs to change for the sake of our future graduates as well as our own survival. As history has shown, either you anticipate the disruption, or you are made obsolete by it.

Laura Hollis is a University of Notre Dame business and law professor. Her column is distributed by Creators Syndicate. The opinions are the writer’s.

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