The College Board released an intriguing report Sept. 21 indicating that the value of an American college degree is steadily increasing. The 2010 "Education Pays: the Benefits of Higher Education for Individual and Society" report indicates that despite high unemployment, soaring tuition costs and rising student debt, workers with a college degree are financially advantaged compared to workers without a college diploma. Yet even as the benefits of a college degree rise, more Americans are finding that a bachelor's degree and the advantages it provides are often unreachable even to those with academic promise.
According to a July 2010 report issued by the College Board, the United States has fallen behind other nations in college completion rates, dropping from the No. 1 spot to 12th among 36 developed nations. In 2007, the United States college completion rate sat at 40 percent, trailing 16 percentage points behind Canada's. Canada has since taken over the No. 1 spot, followed by countries such as Belgium, Japan, Finland, Ireland, France, Switzerland and Australia. According to the College Board, 70 percent of U.S. high school graduates will enroll in college within two years of completing high school. Of the 70 percent who enroll in college, only 57 percent will complete a bachelor's degree in six years. In 2006, the Department of Education forecasted that 80 percent of students from the bottom twenty percent of their high school graduating classes will never earn a bachelor's degree. Minorities have been hit the worst by America's failing education system. According to the College Board, only 20 percent of Latinos and 30 percent of African Americans between the ages of 25 and 34 will graduate from college. The drop in college completion rates not only jeopardizes America's future economic competitiveness, but also disadvantages thousands of young Americans.
The reasons for America's educational decline are quite obvious. In particular, college is no longer accessible to many middle and lower class individuals. This decline can be largely attributed to the rising cost of college tuition at America's national universities and colleges. The College Board indicates that those from high income families are eight times more likely to finish college by the age of 24 than those from low income backgrounds. So while a college degree is economically advantageous, it is only accessible to those who can afford it in the first place. The economic advantages of a college degree are well-documented. In its report, the College Board found that students who achieve their college degrees earn on average $21, 900 more for a full-time salary than those who only have a high school diploma. The report indicates that the median wage for those with a college degree is $55,700. Those with a college degree were also more likely to remain employed amidst national economic hardship. The College Board found that in 2009, only 4.7 percent of college graduates were unemployed, compared with 9.7 percent for those with only a high school degree.\nStudent debt has also risen, driving many prospective college students to reconsider the benefits of a college degree. Rather than spend years paying off student loans, many students are opting out of college all together. Student debt is not a personal nightmare - it is a national one. The next in line of giant federal bubbles waiting to pop, student debt is a prime contributor to America's falling college completion rates. Check out FinAid.org and its newly created "Student Loan Debt Clock." As of publication time, current outstanding student federal and private loan debt sat at $857,398,856,507. Although not perfectly accurate - the site offers a disclaimer that the clock is for "entertainment purposes only," as the actual total for student debt is more volatile depending on the time of year - its message rings loud and clear. Mark Kantrowitz, founder of FinAid.org and FastWeb.com, says that total student loan debt outstanding has reached $850 billion as of 2010. This figure surpasses national credit card debt outstanding, which has been declining from $828 billion over recent months. To get the "golden ticket to success," more and more students are finding they must borrow beyond their means to pay for an education that may or may not guarantee a profitable job in the future.
American higher education is failing its students. The effects of this failed system are already apparent and will become even more defined within the coming years. America is not only lagging behind other nations, but losing an important pool of future young leaders. A person's background should not be the determinant of his future. No one can deny that a college degree is valuable for its economic, educational and emotional benefits. As the value of a college degree increases, American universities and the federal government must do all in their power to ensure that education is open to every young person and not just a shrinking few.
Ashley Chappo's column appears Fridays in The Cavalier Daily.
She can be reached at a.chappo@cavalierdaily.com.
Read More
ONIBUDO AND SAWAYA: Police, not students, were agents of chaos
By Naima Sawaya and Nathan Onibudo | 3 days agoSaturday, the state, not students nor protesters, brought violence to this campus.
IYER: Sports stadiums should sport more benefit to Virginia residents
By Arjun Iyer | 5 days agoPast stadiums in other states show that Virginia has the potential to succeed at such a construction project, provided that proper measures are undertaken.
KURTZWEIL: True financial aid must be transparent
By Paul Kurtzweil | April 29, 2024The implications and revelations of the lawsuit should inspire greater transparency at the University in order to ensure that financial aid is properly and equitably distributed.
