Academic Fraud and the Ponzi Scheme of 'Higher Learning' Higher Education in Crisis Resource Type: Article Published: 2014 It’s sad to say, but U.S. higher education increasingly resembles a pyramid scheme. The schools at the top continue to compete for elite students, by appealing to prospective applicants via the creation of a slew of amenities (the "climbing wall" phenomenon) and offering a unique college "experience." Non-elite colleges and universities are the losers in this process, fighting with each other for a dwindling number of state tax dollars amidst huge increases in tuition costs.