The vulnerabilities that they are aware of have been fixed. There will be more found.
Java is huge as a server-side technology so it will undoubtedly be around past 2016. On the client side browser its usefulness has been declining for the better part of a decade as Javascript has increased its abilities and now HTML5 is filling in the few remaining voids that Javascript was not able to fill.
Java in the online education market is still very pervasive, as well. In time I think Java in the browser will disappear entirely and it can't happen too soon, IMO.