“A majority of Americans don’t think a college degree is worth the cost,” wrote Wall Street Journal reporter Douglas Belkin in late March. That revelation was inspired by the results of a survey of over 1,000 adults by the highly respected research organization NORC (formerly National Opinion Research Center) at the University of Chicago, in conjunction with WSJ.
Worse yet for colleges, the proportion of Americans with unfavorable assessments of an undergraduate degree’s worth has been rising steadily and rather considerably over the past decade and probably longer. A decade ago, an already worrisome 40 percent thought colleges were “not worth the cost because people often graduate without specific job skills and with a large amount of debt to pay off.” Now that proportion has risen to 56 percent.
At one time, public dissatisfaction with college was far stronger among Republicans, rural citizens, and males than among Democrats, urban dwellers, and females. But even here the data are discouraging for universities, with significant upticks in negative reactions from previously supportive groups. To colleges, the most frightening trend should be that younger (near college-age) adults have become markedly less fervent believers in the positive economic advantages of a college degree.
Near-college-age adults have become less fervent believers in the economic advantages of a college degree.
Probably the most significant spokesperson for the higher-education community is Ted Mitchell, president of the American Council of Education, who concedes the new data are “sobering … and in some ways a wake-up call.”
To be sure, the operational impact of this negative attitudinal change no doubt varies considerably across the higher-education landscape. I doubt the administration and faculty at Harvard or Stanford are worrying much, but employees at mid- or lower-reputation schools should be concerned, as should present and prospective students and those marketing the bonds with which universities finance capital improvements and other needs. On the latter point, in December, Fitch Ratings indicated it “anticipates a deteriorating credit environment for U.S. Public Finance Higher Education in 2023 relative to 2022.”