Earning a college degree opens up many opportunities. It can lead to higher salaries, better job prospects, and overall improved well-being. This isn’t just good for graduates; it has a positive impact on their families and communities, making society stronger.
However, confidence in higher education is low. Only 36% of Americans feel confident about the value of a college education, according to recent surveys. With rising tuition costs and increasing student debt, many are questioning whether college is worth it.
Despite these concerns, college remains a worthwhile investment for many. Research shows that college graduates typically earn more over their lifetimes compared to those without degrees. But outcomes can vary significantly based on race, gender, family income, and the type of college attended. This is why policymakers and college leaders should focus on making college more affordable and increasing graduation rates.
One way to improve affordability is by doubling the maximum amount of federal Pell Grants available. This change could help over 6 million students from low- and moderate-income backgrounds. Another effective strategy is to implement first-dollar free college programs. These programs cover tuition and fees upfront, regardless of other financial aid. They tend to provide more value than last-dollar programs, which only pay for tuition costs after other grants have been applied.
Improving graduation rates is also crucial. One way the federal government can help is by increasing funding for the Postsecondary Student Success Grant (PSSG). Other useful strategies include creating clearer pathways for community college students to transfer to four-year schools, supporting students who have left college, offering aid for living expenses, and fostering a sense of belonging among students.
Data can help institutions create targeted strategies that improve outcomes for all students. Studies show that students with financial stability during college are more likely to achieve higher earnings, especially at public four-year universities. This highlights the need for better emergency aid, financial literacy programs, and clearer information about college costs.
Additional research indicates that colleges with fewer part-time faculty often provide better economic returns for students. Alongside this, community colleges that offer bachelor’s degree programs or have partnerships with four-year institutions generally add more value to their students.
In states like Michigan, the economic benefits of attending public four-year universities vary based on several factors, including race, gender, and the type of major pursued. These disparities point to the need for targeted initiatives that promote equity and open access to in-demand fields.
Hispanic students in Texas also see positive outcomes, but there are still gaps, particularly among low-income students and women. As for rural institutions, although they may yield slightly lower post-graduation earnings, they often offer more affordable education, making them essential for expanding access to higher education.
Researchers play a vital role in uncovering inequities in education. More transparency about college costs and expected earnings can aid student and family decision-making. College leaders can use this data to identify areas that need improvement, such as costs and support services.
To rebuild trust in higher education, we must tackle these inequities directly. A focus on equity and the use of data-driven approaches can create pathways for success for all students, regardless of their background.
Diane Cheng is the vice president of research and policy at the Institute for Higher Education Policy (IHEP).
This piece was produced by The Hechinger Report, an independent news organization focusing on education, inequality, and innovation.
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Career pathways and economic mobility,College to careers,Data and research,Higher education access,Higher education affordability,Higher education completion
