Post-secondary education is increasingly essential for today's and tomorrow's jobs. Georgetown University's Center on Education and the Workforce predicts most job openings, now and in the coming decade, will require education beyond high school.
Despite this, the value of a college degree is still debated. In fact, almost half of Americans do not think a college degree is necessary to get a good-paying job, according to the Pew Research Center. However, the long-term economic impact of earning a college degree is significant, and the benefits extend beyond finances to improved health and civic engagement.
This article shines a light on the powerful returns of a college degree – not just in dollars and cents, but in the expanded horizons, deeper understanding, and enriched life experiences it offers. We'll explore how the "college isn't for everyone" mantra can inadvertently steer talented individuals away from higher education, particularly those who could benefit the most from its transformative power.
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Economic and Professional Opportunity
College degree holders generally earn more and enjoy better career prospects. As the job market increasingly demands postsecondary education, middle-class stability is becoming less attainable for those working in blue-collar and skilled trade jobs that do not require a college degree.
The recent Education for What study by Lumina Foundation and Gallup College finds that college degree holders earn more than double what those with no postsecondary education do ($75,000 and $30,000 respectively). Additionally, these higher earners are more likely to work in careers where wages grow over time rather than remain stagnant. In fact, someone with a college degree can earn up to a million dollars more over the course of a lifetime than someone without.
The report After Everything: Projections of Jobs, Education, and Training Requirements through 2031 by Georgetown University’s Center on Education and the Workforce further emphasizes this point. Their findings indicate that by 2031, 72% of jobs will require some kind of post-secondary education (up from 68% in 2021).
The American workforce is increasingly bifurcated, making it significantly harder for those without postsecondary education to escape economic insecurity and achieve economic mobility. Growth in managerial and professional roles, which typically require higher levels of education, is outpacing job growth in blue-collar and skilled-trade sectors. This trend leaves fewer and fewer well-paying jobs available to workers without postsecondary credentials. As the Center on Education and the Workforce states, "Postsecondary education is no longer just the preferred pathway to middle-class jobs—it is, increasingly, the only pathway."
More than Money
The financial benefits and career prospects for degree holders make a strong case for collegeattendance, but the benefits go beyond the money. People with college degrees are likely to enjoy a higher quality of life in many key metrics, both in the near and long-term.
Participants in a Pell Institute and Lumina Foundation survey of students enrolled in federal TRIO programs (college success programs for students from disadvantaged backgrounds) said that college attendance offered personal and social rewards. In addition to the economic and professional value of a college degree, they also cite benefits including building a network, experiencing individual growth, and making their families proud. They also view their choice to further their education as an opportunity to contribute to society.
In a poll by Lumina Foundation and Gallup, college degree holders also report better health--61% of US adults with a bachelor’s degree rate their current health excellent or very good, compared with 43 % of those with no postsecondary education. Additionally, degree-holders aremore likely to do work that corresponds with their interests and have higher rates of civic engagement, including voting, volunteering, and giving to charity.
Who Should Attend College?
At SEED, we firmly believe that a college education should be accessible to all aspiring students.But not everyone gets the message that college is for them. While concerns about affordability and student debt are valid, the notion that college isn't for everyone often discourages students from underserved communities. This is deeply concerning, as a college degree can unlock significant opportunities for personal and professional growth, particularly for those from disadvantaged backgrounds.
In an article in The Hill, Louis Alvarado, Ph.D., Dean of Fordham Graduate School of Education, explains the inequity of the “college isn’t for everyone” message through his personal experience. Discouraged from his college aspirations by his guidance counselor, Alvarado was pushed toward vocational training—along with his fellow Latino, Black, and white students from low-income families. Meanwhile, he saw white students from affluent families given access to college prep courses. “College was a right for them but a privilege for the rest of us,” he says.Alvarado defied expectations, including those of his guidance counselor, and forged a distinguished academic career.
Alvarado's personal experience underscores a broader societal issue. As Ben Widalsky and Richard Whitmire point out in an article for Inside Higher Ed, "Unfortunately, everything from rising student debt to campus culture wars to high noncompletion rates has fueled a narrative suggesting that college may be overrated. And as happens so often in American life, this misperception has had the most damaging impact on low-income young people who stand to gain the most from postsecondary education.”
In a climate where confidence in college is called into question, those who can gain the most socioeconomically from a college degree are often the ones who hear the message the loudest—and miss out on a path to a brighter future. At SEED, we are committed to college access and success for all students. We believe that any student who wants to earn a college degree can achieve that goal—and deserves the opportunity to succeed.
To learn more about The SEED Foundation and our work visit, www.seedfoundation.com.