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Before the Hoax, it wasn’t worth the time, money, or hassle. Now, there is no doubt. Even the WSJ sees a day of reckoning.

“You can not design a worse business,” he says. “This pandemic is such an unmitigated disaster for their model.”

That model has a bloated bureaucracy, expensive sports teams and fancy gyms and cafeterias built in an arms race to attract students. Combine students deferring due to Covid-19 with the Trump administration’s less-welcoming stance toward foreign students from places like China—who generally pay full tuition—and it is a perfect storm for financially weaker colleges. Even before Covid-19 appeared, almost a third of colleges tracked by Moody’s ran deficits and about 11 a year were being forced to close.

The good news is we’re getting rid of many a useless college. The better news is that there are many great alternatives for young people. Find one. Odds are, in a year or two, it may be easier than finding an open college.