The Great Unknown
In every interview and press release, Ben Nelson and the representatives of the Minerva Institute and Minerva Academy emphasize that Minerva is an elite college, but in its first-ever semester (Fall 2014), Minerva's success, reputation and staying power have not yet been tested.
While some critics have questioned the for-profit structure of the university, Nelson maintains that the school will be more affordable than most nonprofit universities. Unlike many for-profit schools that rely on federal student aid for the bulk of their revenues, Minerva rejects federal funding altogether. By relying on private funding, Nelson estimates that he will save $1,000 per student in federal aid compliance costs [source: Wood]. Minerva's tuition of $10,000 per year is far lower than any of the Ivy League colleges, even when estimated room and board costs of $18,000 per year are added in.
For students who may have qualified for federal student aid, Minerva says it plans to offer internships, need-based scholarships and help with obtaining private loans. And while it may be difficult for the school to generate a profit through student tuition alone, The Wall Street Journal reports that Minerva could eventually generate revenue by offering conferences and executive education or licensing its content and proprietary seminar technology.
To be sure, the Minerva model won't appeal to everyone. Nelson himself concedes that if you long to be a college athlete, Minerva is not the place for you [source: Kaminski]. Just as some students prefer large party schools and some look for small, quiet liberal arts colleges, the Minerva approach to instruction and student life is sure to appeal to some academically minded students. But whether Minerva will have the draw to pull the best and brightest students from Ivy League institutions remains to be seen. Despite its stringent admission criteria and low acceptance rate, Minerva will probably need to graduate a class or two before it can be considered for inclusion in the U.S. News & World Report College Rankings.
For more about the Minerva Project and other nontraditional models of higher education, check out the resources below.
Author's Note: How the Minerva Project Works
It will be interesting to see what the future holds for the Minerva Project and especially for Minerva students. Having taught online courses several years ago for a different for-profit online university, and having experienced the Internet bubble (and bust!) at a dot-com startup, I see a few things that make me question the long-term feasibility of the Minerva Project, but I also think this venture introduces some new and different ideas that could help to change the way students and universities think about higher education.
- Buchanan, Leigh. "Minerva Project Starts Prize to (Try to) Rival Nobel." Inc.com. April 2013. (Oct. 22, 2014) http://www.inc.com/leigh-buchanan/minerva-prize-ben-nelson.html
- Carey, Kevin. "An idea too sensible to try, until now." The Chronicle of Higher Education. Nov. 11, 2012. (Oct. 23, 2012) http://chronicle.com/article/An-Idea-Too-Sensible-to-Try/135704/
- DeSantis, Nick. "Accreditor Approves Claremont's Keck Institute for Minerva Project Programs." Chronicle of Higher Education. March 20, 2014. (Oct. 20, 2014) http://chronicle.com/blogs/ticker/claremonts-keck-institute-wins-accreditors-approval-for-minerva-project-programs/74625
- Douglas-Gabriel, Danielle. "Obama administration issues rules to regulate colleges with career-training programs." The Washington Post. Oct. 30, 2014. (Oct. 30, 2014) http://www.washingtonpost.com/business/economy/white-house-issues-rules-to-regulate-colleges-with-career-training-programs/2014/10/29/daa89996-5fa7-11e4-91f7-5d89b5e8c251_story.html
- Gobry, Pascal-Emmanuel. "Minerva Is The Future Of Education. Here's What's Good About It And What's Not So Good." August 21, 2014. (Oct. 16, 2014) http://www.forbes.com/sites/pascalemmanuelgobry/2014/08/21/minerva-project-future-of-education/
- Hoge, Patrick. "Virtual university Minerva Project gets $70 million, aims to rival the Ivy League." San Francisco Business Times. Oct. 21, 2014. (Oct. 27, 2014) http://www.bizjournals.com/sanfrancisco/blog/2014/10/minerva-project-virtual-university-70-million.html
- Human, Kayla. "The Student View." The Independent. July 24, 2014. (Oct. 19, 2014) http://www.independent.co.uk/news/education/higher/will-the-minerva-project--the-first-elite-american-university-to-be-launched-in-a-century--change-the-face-of-higher-learning-9624379.html
- Jamrisko, Michelle and Kolet, Ilan. "College Costs Surge 500% in U.S. Since 1985: Chart of the Day." Bloomberg. Aug. 26, 2013. (Oct. 16, 2014) http://www.bloomberg.com/news/2013-08-26/college-costs-surge-500-in-u-s-since-1985-chart-of-the-day.html
- Kaminski, Matt. "Ben Nelson: The Man Who Would Overthrow Harvard." The Wall Street Journal. Aug. 9, 2013. (Oct. 20, 2014) http://online.wsj.com/news/articles/SB10001424127887324110404578627712224845012
- Lapowski, Issie. "Minerva Project to Offer Elite Undergraduate Education for $10,000." Inc.com. Sept. 17, 2013. (Oct. 22, 2014) http://www.inc.com/issie-lapowsky/minerva-project-elite-undergrad-education-for-10k.html
- Lewin, Tamar. "Yearly Prize of $500,000 Is Created for Faculty." The New York Times. April 22, 2013. (Oct. 27, 2014) http://www.nytimes.com/2013/04/22/education/minerva-project-announces-annual-500000-prize-for-professors.html?_r=0
- Minerva Institute for Research and Scholarship. (Oct. 16, 2014) http://www.minervaproject.com/institute/
- The Minerva Project. "Achieving Extraordinary." Minerva Project. (Oct. 20, 2014) https://s3.amazonaws.com/s3.minervaproject.com/files/MinervaOverview.pdf
- Minerva Schools at KGI. The Minerva Project. (Oct. 16, 2014) http://www.minervaproject.com/
- Minerva Schools at KGI. Financing and Aid. (Oct. 30, 2014) https://minerva.kgi.edu/admissions/financing
- Minerva Schools at KGI. "Founding Class." (Oct. 27, 2014) https://minerva.kgi.edu/founding/
- Minerva Schools at KGI. "Historic Founding Class Begins First Year at the Minerva Schools at KGI." Sept. 8, 2014. (Oct. 23, 2014) https://s3.amazonaws.com/s3.minervaproject.com/press-releases/Minerva_Commences_Classes.pdf
- Minerva Schools at KGI. "Student Life: Global Cultural Immersion." (Oct. 20, 2014) https://minerva.kgi.edu/students/global_immersion
- Nelson, Ben. "Wanted: Long-Term Thinking about Technology and Education." Scientific American. Sept. 16, 2014. (Oct. 20, 2014) http://www.scientificamerican.com/article/wanted-long-term-thinking-about-technology-and-education/
- Nisen, Max. "Online Startup Plans To Create 'Ivy Caliber' Education For Half The Price." Business Insider. Jan. 14, 2013. (Oct. 19, 2014) http://www.businessinsider.com/the-pitch-for-the-minerva-project-2013-1
- Rivard, Ry. "The Minerva Moment?" Inside Higher Ed. April 5, 2013. (Oct. 19, 2014) https://www.insidehighered.com/news/2013/04/05/minerva-project-plans-different-kind-online-education
- Rocheleau, Matt. "Harvard physics professor wins $500,000 Minerva prize." May 20, 2014. (Oct. 27, 2014) http://www.bostonglobe.com/metro/2014/05/20/harvard-physics-professor-wins-minerva-prize-for-teaching-innovation/efgomXz8ejaq28V5RhaRbJ/story.html
- Roush, Wade. "Minerva's Plan to Disrupt Universities: A Talk with CEO Ben Nelson." Xconomy.com. April 18, 2014. (Oct. 23, 2014) http://www.xconomy.com/national/2014/04/18/minervas-plan-to-disrupt-universities-a-talk-with-ceo-ben-nelson/
- Schumpeter Blog. "Higher Education: Ivy League." The Economist. April 4, 2012. (Oct. 20, 2014) http://www.economist.com/blogs/schumpeter/2012/04/higher-education
- Shulevitz, Judith. "The Future of College Is Not As Bleak As You Think." New Republic. August 21, 2014. (Oct. 16, 2014) http://www.newrepublic.com/article/119165/atlantic-article-minerva-project-overstates-universitys-future
- U.S. News & World Report. "Top 100 – Lowest Acceptance Rate." (Oct. 23, 2014) http://colleges.usnews.rankingsandreviews.com/best-colleges/rankings/lowest-acceptance-rate?src=stats
- Walker, Tim. "Will The Minerva Project - the first 'elite' American university to be launched in a century - change the face of higher learning?" The Independent. July 24, 2014. (Oct. 19, 2014) http://www.independent.co.uk/news/education/higher/will-the-minerva-project--the-first-elite-american-university-to-be-launched-in-a-century--change-the-face-of-higher-learning-9624379.html
- Weissman, Jordan. "This For-Profit College Wants to Compete With the Ivies. And It's a Brilliant Business Idea." Slate.com. Aug. 15, 2014. (Oct. 19, 2014) http://www.slate.com/blogs/moneybox/2014/08/15/the_minerva_project_this_for_profit_elite_college_is_a_brilliant_business.html
- Wood, Graeme. "The Future of College?" The Atlantic. September 2014. (Oct. 16, 2014) http://www.theatlantic.com/features/archive/2014/08/the-future-of-college/375071/