> You have to figure out a new transactional structure that can’t have your tuition made irrelevant by a $20 subscription.

No structure needed, the transaction was always and still is the promise of the social experience and connections for young people. It’s the actual business model; undergraduate education is break even, the only way money is ever made is alums donating to the school due to the feel-good memories they formed when they attended.

Unfortunately, for schools who thought their purpose was to educate, they will be made obsolete in the near future. Expect a lot of schools to close.

But those places that always understood their purpose was for affluent young adults to mingle and connect with other affluent people, they will be just fine.

> the transaction was always and still is the promise of the social experience and connections for young people

Post-GI Bill. Before university was universal, there was a strong philosophical angle to the enterprise. (Also meet your generation's rich kids, that's always been a part of it.)