are harder to do at home. In fact, many of those out of work will likely go back to school as happens every recession. As for admissions, schools have already made moves to de-emphasize standardized tests. They can make other adjustments to their admissions criteria. I think higher education will have similar problems as happened in 2008, with faculty being furloughed here and there to save money, and tenure lines being replaced when possible with contract/adjuncts. But they'll survive. It'll be interesting how universities will be different on the other end of this after all the faculty and students have had a taste of online learning. It could go two ways ... they could love the flexibility and flip that way much faster. Or students could realize they hated the experience, probably exacerbated by the lack of preparation to do it well, and be happy to rush back to in-person learning.
Probably a little of both.