Half of Americans Say College Isn’t Worth It, Survey Finds

The concept of a college degree as a gateway to a prosperous life has been a common notion. However, a recent survey from the Pew Research Center reveals that Americans have varying opinions on this belief, with data indicating an increase in earnings for individuals without degrees over the past ten years.

Only 25% of U.S. adults view having a four-year degree as crucial for securing a well-paying job in the current economic climate. Meanwhile, 40% of respondents consider it either somewhat important or not important at all.

In line with these sentiments, just 22% of adults believe that the expense of obtaining a bachelor’s degree justifies taking on student loans. Nearly half of the respondents feel that it’s worthwhile only if students can avoid going into debt.

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Given the labor and economic trends coupled with the steep rise in tuition costs and student debt levels, the lukewarm confidence among Americans is understandable. Over several decades until around 2014, the earnings of young men without degrees had been declining. However, the past decade has marked a significant shift, as per the Pew analysis.

There has been a stabilization in workforce participation among these young men, accompanied by an increase in their earnings. The percentage of them living in poverty has also declined notably. For instance, in 2011, 17% of young men with just a high school diploma were in poverty; by 2023, this figure had decreased to 12%. The prospects for young women also showed improvement in recent years.

These changing circumstances contribute to the evolving perceptions of the value of a college education. About half of Americans now believe that a four-year degree is less crucial today than in the past for securing a well-paying job, as indicated in the Pew report. Conversely, around one-third think it holds more significance now.

The skepticism towards the importance of a four-year degree is more noticeable among conservative individuals than those who align with Democrats or somewhat Democrats. A majority of Republicans (57%) consider a college degree less vital. Nonetheless, individuals from both political spectrums are more likely to perceive a decline in the significance of a college degree than an increase.

These findings emerge as the Biden administration endeavors to alleviate the federal student loan debts of certain borrowers, which presently exceed $1.6 trillion. Beyond the financial challenges of tuition costs, the college environment has been impacted this year by heightened tensions related to cultural conflicts on campus, ranging from restrictions on diversity programs to student demonstrations sparked by global events like the Israel-Hamas conflict. These factors have ignited discussions on the value of a college education.

Nevertheless, research indicates that the earnings of degree holders have experienced an upward trajectory. Disparities in income between college graduates and individuals with only high school diplomas or incomplete certifications persist.

While the job prospects for young men lacking degrees have improved over the past decade, their median annual earnings remain below the levels adjusted for inflation since 1973.

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