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And let's now turn to this country because it is a big day for a lot of high school seniors around the U.S. It's the deadline for deciding what college they're going to attend. Well, some of the nation's top liberal arts colleges are wrestling with big decisions of their own. The new reality is these schools can be seen as a more expensive and less direct path to landing a job. NPR's Tovia Smith reports that these colleges are looking at ways to adapt.

TOVIA SMITH, BYLINE: Liberal arts schools have long had the rap of being a kind of luxury, where learning is for learning's sake, not because understanding Aristotle will come in handy on the job one day. But economic pressures and changes in the world of higher ed have now put college presidents like Barry Mills at Bowdoin more on the defensive than ever.

PRESIDENT BARRY MILLS: There's been a lot of hand-wringing for a long time, but I think those worries have heightened over the last couple years.

SMITH: The worries are both existential and financial with liberal arts schools concerned how they can afford to keep offering the same small, intimate classroom experience.

YOON LEE: The problem which often makes incredibly good use of free and direct discourse in order to...

SMITH: At Wellesley College, an English lit class where just a dozen students are hashing out a novel is typical.

LEE: So how is this tendency encouraged by her relationships to other characters?

UNIDENTIFIED WOMAN: I feel like in her own family she really doesn't have limitations. She's just...

SMITH: But it is also, by definition, expensive. More than two-thirds of Wellesley's budget goes to faculty, and Provost Andy Shennan says Wellesley can't just increase efficiency by making classes bigger or putting lectures online.

ANDY SHENNAN: There is a fairly widespread anxiety about the financial viability of our model. The personalized, very labor-intensive instruction that we offer, the rising tuition that will be hard to sustain in the future. I don't think anybody is complacent.

PRESIDENT ADAM FALK: We don't want to stop being who we are.

SMITH: Williams College President Adam Falk says technology may offer opportunities - for example collaborating with another campus to offer some more specialized courses - but Falk says it won't actually offer savings. As to economists recently pointed out, liberal arts colleges are kind of like the dentist.

FALK: You can't get dental services without going to a dentist. And that dentist can't be replaced by a computer; that dentist can't do two people at once. Technology has made dentistry much, much better, but it hasn't changed the cost of dentistry.

SMITH: Some of these top-tier schools however, feeling the pressure, are starting to experiment just a bit. Vassar College, for example, will soon offer online lectures for an intro level class, according to President Catharine Hill.

PRESIDENT CATHARINE HILL: Some of the tests suggest that a faculty member can accomplish the same objectives in less time, so that means that they could teach more students in a given semester without sacrificing quality.

SMITH: The growing cost of financial aid is also a big concern. These elites typically have more kids on campus with grants and loans than those paying full sticker price, and they collect just about half of what they charge.

Williams President Adam Falk says even schools with big endowments worry about how they can afford to keep offering such discounts, but they also can't afford not to.

FALK: It's a terrible pressure because our commitment is to access from every economic walk of life.

SMITH: On top of it all, schools are spending more time and money responding to parents' concerns about how their little philosophy majors will ever be able to land a job.

Again, Wellesley Provost Andy Shennan.

SHENNAN: There's a joke around here that a lot of our students double major. They have one major for their parents, and one for themselves.

(SOUNDBITE OF LAUGHTER)

SMITH: At Wellesley now, campus tours focus heavily on how the school helps students find internships and jobs. Wellesley is also adapting by adding a class in public speaking, for example - a little more pre-professional than liberal-artsy. Other colleges are adding new majors, like business, but Shennan says it's more about packaging than content. He says a liberal arts education that teaches kids to think and how to be adaptable is actually more important now than ever.

SHENNAN: We are not giving up in any way on the basic beliefs that we have about the long-term value of a liberal arts education. But we also don't have our heads in the sand, and I think we have to continue to make the case as persuasively as we can.

SMITH: Sometimes that just means connecting the dots for parents. Bowdoin's President Barry Mills is one of many now highlighting happy stories of alumni who are gainfully employed.

MILLS: You can call it marketing, but that's not the way I think about it. I think about what we're doing as we're educating.

SMITH: For all the worry about rising costs, however, in the world of the most elite liberal arts schools, price is also a point of pride and a factor in college rankings. As Mills puts it, no one's driving up costs to move up a rank. But when spending per student is seen as an indicator of quality, none of these elite schools want to be known for being cheap either.

Tovia Smith, NPR News.

(SOUNDBITE OF MUSIC)

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