By: Alexandra Martinez, Follow South Jersey Intern
SOUTH JERSEY — College in the United States has undoubtedly undergone many shifts over the past few decades, some obvious and some not so obvious. Here’s a brief breakdown of where and when these changes have occurred.
Financially
In its financial aspect, affordability is probably one of the most noticeable differences with a 180% increase in tuition plus room and board fees from 1980 to 2020, prior to the onset of Covid-19. On average, attending a four-year college was $10,231 annually in 1980. In 2020, that price has jumped to $28,775.
With the inclusion of the Covid-19 pandemic and in the event of attending a private, nonprofit institution, the price of tuition can be expected to be much higher. In 2019-2020, full-time students paid almost twice as much in a private nonprofit college versus a public college, coming in at a $48,965 annual average tuition rate. Since then, overall costs have seen incremental increases or decreases in overall percentages from the College Board.
With such high numbers for both types of colleges, most students cannot afford to pay their tuition upfront and are forced to rely on student loans and grants, which have contributed to the more than half of bachelor’s degree graduates leaving college with some level of debt. This is what opens the door for the conversation regarding today’s monetary value of a given degree.
Though the financial demand of college has greatly risen, the earnings from getting a degree arguably may not always follow the same pattern. In fact, many believe that the physical and monetary value of a college degree is depreciating with not only the number of individuals gaining a bachelor’s degree and beyond, but that the financial burden acquired through student loans and debt does not measure up to the future earnings from the degree itself.
However, this notion is not solidified and can be argued either way. Americans have vastly mixed views on whether a college degree is truly worth it financially. Research from Pew Research Center found that about 49% of U.S. adults believe it’s less important to have a four-year-degree today than it was 20 years ago, while one in four adults say it is extremely important to have a four-year-college degree to get a well-paying job in today’s society.
An important distinction to make is that the two pools, individuals with a college degree and those without a college degree, inform each of their sectors respectively at times during this debate. For example, overall college enrollment has been on the decline over the past 12 years, but millions of students are still pursuing college degrees and the workforce is seeing more graduates.
According to the U.S. Bureau of Labor Statistics, occupations requiring a bachelor’s degree have about 3.3 million job openings each year. In 2024, an estimated 4 million students alone will enter the workforce and begin job searching. This number is slightly higher than the projected job openings for 2024 and can lead to the underemployment of many college graduates. Whether it is not being able to find a job at the appropriate education level and salary, or for some, finding that there are desirable occupations that probably did not necessitate getting a college degree.
Combining each of these economic factors together is what causes the rift in whether a college degree is worth it financially, and rather has less emphasis or concern on the actual degree itself.
Many professionals claim that the workforce has demand for and supports postsecondary education and that it is the best way to seek higher paying jobs and positions. But, the gap between wages earned for those with and without college degrees is slowly narrowing, giving those who cannot afford college (and who do not want to acquire debt) a better opportunity at living comfortably than in previous years.
Socially
While getting a college education has previously fallen into being deemed as the more socially acceptable construct due to its promising nature for a well-paying job and sustainable life, in a few decades this mindset could be close to eliminated.
In 2023, college enrollment from high school students fell to 61.4% as more high schoolers are finding success entering the job market immediately, instead of enrolling in a two-year or four-year institution. Whether it is through the trades, starting their own business or service, or finding a job they enjoy that doesn’t require a typical degree and maybe just certifications that take significantly less time and money, there is success in “non college” work.
“Noncollege alternatives” are becoming more popular as continuous studies keep finding that more than half of Americans believe college is not worth the cost in today’s society, suggesting that even their confidence in the education system is starting to fall too.
With more and more recent findings that college graduates are graduating not only in severe debt, but also without the necessary skills and qualifications the job market is looking for, the validity and reliability of college degrees in America is also being called into question. Many say the best way to get job experience is to just start, but this phenomenon is seemingly getting harder for college graduates, and easier for those interested in careers outside of college.
Taking the career itself out of the equation, a college degree is said to have societal benefits beyond just the workforce.
College graduates are more likely to have better health outcomes, to practice volunteerism in their local communities, and have a stronger sense of political and civic duties. Students also report having a heightened sense of morality and personal understanding, knowing how to engage and connect with others, and developing life skills necessary beyond the classroom.
For some, this is partly where the college experience enters the conversation. Though they know there will be acquired debt at the end of their college journey, the understanding of not only being able to pay it off by future career earnings but knowing that they earned and lived a meaningful college experience, makes it well worth their time and money.
Despite controversies over the true value of a college degree, there is no question that large portions of our society will continue to rely on college graduates and their education to functionally operate, in addition to those pursuing careers without college.
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