Is College Worth It?

What is the value of a traditional 4-year degree?

Last weekend I was asked to give a presentation at an open house. As I prepared to talk to a room full of prospective students and their loved ones, I couldn’t help but think:

But why are they here?

A simple Google search for “is it worth it to go to college” will flood you with headlines like:

• Many College Degrees Are Useless—Here Is What’s Worth Your Money

• Americans Are Losing Faith in the Value of College. Whose Fault Is That?

• Why Americans Have Lost Faith in the Value of College

• Nearly Half of Americans Say Having a College Degree Is Less Important Now Than It Was 20 Years Ago.

When you ask ChatGPT the question (what is the value of a 4-year degree), here’s the answer it gives: “A 4-year degree is still one of the most reliable ways to gain timeless human skills, increase earning potential, and build a foundation for career and life opportunities—but the ‘worth it’ comes down to choosing the right program and aligning it with your goals.”  It cautioned us to do a ‘reality check’ and think again about the return on investment and other alternatives like certificate programs, trade schools, and to consider entrepreneurship.

Chat’s response is a little more positive (sure), but you can still hear the undertones of doom and gloom. And as an educator and lifelong learner, those headlines and so-called “reality checks” sting… even though I get the hesitation.

So, what happened?

Let’s take a moment to reflect on where we’ve been and where we’re headed.

Perceptions have shifted. Just over a decade ago, according to a New York Times Magazine article I mentioned earlier, Americans felt pretty positive about higher education.

Public opinion polls in the early 2010s all told the same story:

• In one survey, 86% of college graduates said college had been a good investment.

• In another, 74% of young adults said a college education was “very important.”

• In a third, 60% of Americans said colleges and universities were having a positive impact on the country.

  
  

And parents? Ninety-six percent of Democratic parents and 99% of Republican parents expected their kids to attend college. In the fall of 2009, 70% of high school graduates went straight to college, which was the highest rate ever recorded.

Why? Largely financial. The 2008 recession devastated industries that had provided stable jobs for less-educated workers. A bachelor’s degree became particularly valuable in the labor market. At the time, someone with a degree was earning about two-thirds more than the typical high school graduate, a gap about twice as large as the one a generation earlier.

College seemed like a reliable runway to comfort and stability. Or, as I like to say, to a fulfilling life.

Now, not so much. The percentage of young adults who said a college degree is very important fell from 74% to 41%. Only a third of Americans now say they have a lot of confidence in higher education. Among Gen Z, 45% believe a high school diploma is enough to “ensure financial security.” And almost half of American parents say they’d actually prefer their children not to enroll in a four-year college.

Ugh.

Economic Shifts

But what really happened between 2009 and now? To answer that, I actually want to rewind way back to the 1760s (stay with me here, it will be quick). Back then, we were living in a skills-based economy. Labor and the trades ruled, period. Fast forward to the 1940s, and we’d shifted into a knowledge-based economy, where higher education and specialized knowledge became the golden ticket to opportunity.

Cool. But what does that mean for us today? Well, we’re living somewhere in between. An economy that’s both skills- and knowledge-based, but also influenced by technological advancements, globalization, and unknowns. 

So, Why Choose a 4-Year Degree?

Okay, we're done going down memory lane. But all of that leads me back to my presentation at open house and the ‘why’ behind this episode. 

I shared some of that doom and gloom (gently) with the group at open house. But what I really focused on and what I want to talk about today is what I personally (fully riddled with bias and privilege) believe is the true value of a 4-year degree.

The 'there is hope' piece.

So, here it goes.

This is My Pitch.

For four years of your life, you get the space and time to establish an identity and become self-aware.

How does that translate into the workplace? Especially now with a shifting economy and rapid technological change? Because self-awareness makes people adaptable and resilient. If you know who you are and you’re confident in your skills and abilities, many of which you can develop in college, you’ve got this. You can do this whole life thing.

Where else do you get the chance to explore who you are and what you’re interested in (with structure), but also the freedom to figure it out on your own?

It’s where you learn conflict management (like when your roommate keeps leaving dishes in the sink).

It's where you're challenged mentally, physically, and intellectually.

It’s where you deal with heartbreak for the first time. Or maybe, where you find love (fun fact: Between 20-25% of people meet their life partners on a college campus).

It’s where you take on your first student leadership role. 

It's where you fail. Safely.

Where you make it to a National Championship game, throw your fist in the air with your teammates, and feel that full-body rush of celebration (ahhh!).

Where you land an awesome internship, or realize you absolutely hate the major you chose.

That’s the stuff that matters. The good 'goo' (as I like to say).

And that brings us to what really matters, what you take with you long after graduation.

On The Big Deal Podcast with Codie Sanchez, her guest Ryan Streeter, director of the Civitas Institute at the University of Texas, said it best when asked about the value of college:

'You might get a job out of college because of your degree. But 10 years from now, where you are is going to be based on all these other things. That degree might get you your first job, maybe your second, but it’s the other things you learned that really make you capable in the workplace.' -Ryan Streeter

I couldn’t agree more.

Oh! And research shows that a college education is linked to higher earnings over one's lifetime. Higher education is linked to better pay at every level, with Bachelor's degree holders earning 31% more than those with an associate's degree and 84% more than those with a high school diploma.

If I didn’t choose to pursue a 4-year degree, I would:

1. Lack a strong sense of identity.

2. Still be working as a shift manager at Dunkin’ Donuts with nowhere to grow.

3. Be stuck in place. Stagnant. For life.

   
   

Grim? Yes. But true.

I didn’t talk about ROI or my $75k + in student loans because that’s the other “stuff." And yes, that part stinks. But my argument is this: Higher education didn’t just give me knowledge or get me a job, it gave me a life I could only dream of. That's a treasure.

Okay, are you nodding along with me, or shaking your head right now? Either way is fine. This is a polarizing topic.

If you’re nodding along, you’ll probably like what’s coming next. And if you’re shaking your head? Maybe stick with me a little longer, just because.

A Love Letter to Higher Education

In closing, I want to reshare a poem I wrote about higher education. I scribbled it in the Notes app on a flight home from a conference in Indianapolis a few months ago. It’s a little dramatic, but if you know me, me-you know I’m a little dramatic. I hope it resonates with fellow lovers of learning and captures just how transformational the process of earning a college degree was for me.

Here it goes!

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A Love Letter to Higher Education

By Michelle Conway

I’ll always remember our first date.

With open arms,

you met me where I was

A first-generation student,

a young woman unsure of herself and her abilities.

You warmly held my hand.

When the doubt crept in,

you squeezed it tighter.

We walked through the seasons together.

And as my intellect grew,

you encouraged me.

As I began to inquire,

you supported me.

You introduced me to other philosophers

new to me,

but all inspired by you.

Late nights and bloodshot eyes...

I cursed and loved you at the same time.

Am I meant for this?

“Yes,” the walls of historic buildings would whisper.

You’d wink at me, too.

As my confidence grew,

you both grounded and humbled me.

And in moments of weakness,

I always found my way back to you.

What a privilege it is

to fall in love with you.

And in my seeking,

you introduced me to lifelong friends

and colleagues who shared your glow.

Again and again,

you swept me off my feet.

And then, with you as my guide,

I planted mine

at the front of the classroom too.

And God,

I fell even more in love with you.

Arm in arm,

we remained in a state of awe and wonder.

And now, as I seek

once filled with hesitation

I proceed fiercely,

with both grace and tenacity.

You remember where I started,

but again,

you meet me right where I am.

Just like you did back then.

You,

Intellect and Inquiry,

are my very best friends.

And you, above all

are my love.

Xoxo

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If you made it to the end of this, thank you.

Okay. So, my final thoughts and the slide that I showed at the open house?

The value of a 4-year degree is the space and time to develop timeless human skills, build self-awareness, explore who you are, and use that foundation to thrive in any field and create a fulfilling life.

Happy fall semester, my friends.

Tune in. Take what you need. Pass it on. ✨