In under a single generation, American perspectives on university education have undergone a dramatic shift, with the immense expense and doubt regarding employment prospects transforming college into a considerable personal gamble.
TL;DR
- A majority of Americans now believe a four-year college education is not worth the cost due to debt and lack of job skills.
- Confidence in the value of a university degree has declined significantly across all demographics, including degree holders.
- Rising student debt and AI's impact on entry-level jobs are leading more young Americans to consider trade schools.
- Colleges and universities are perceived as out of touch and unaffordable, diminishing their connection with many Americans.
A recent recent poll from NBC News indicated that 63% of individuals who are registered to vote believe a four-year college education is “not worth the cost because people often graduate without specific job skills and with a large amount of debt to pay off.” This figure has risen from 47% in 2017 and 40% in 2013.
Concurrently, a mere 33% concurred with the notion that a university qualification is “worth the cost because people have a better chance to get a good job and earn more money over their lifetime.” This figure represents a decline from 49% in 2017 and 53% in 2013.
Even U.S. Citizens who have completed university studies changed their minds, with just 46% currently believing that acquiring one is justified by its expense, compared to 63% in 2013.
“It’s just remarkable to see attitudes on any issue shift this dramatically, and particularly on a central tenet of the American dream, which is a college degree. Americans used to view a college degree as aspirational — it provided an opportunity for a better life. And now that promise is really in doubt,” said Democratic pollster Jeff Horwitt of Hart Research Associates, who conducted the poll with Republican pollster Bill McInturff of Public Opinion Strategies.
“What is really surprising about it is that everybody has moved. It’s not just people who don’t have a college degree,” Horwitt added.
Indeed, sentiments among Republicans, independents, and Democrats have all moved away from pursuing a four-year degree, with this trend being particularly pronounced among Republicans.
Currently, 71% of Americans lacking a university education believe it's not financially justifiable, compared to 26% who hold the opposite view, a significant shift from 2013 when the numbers were nearly equal.
Current figures continue to indicate that individuals with college degrees, as a whole, achieve higher earnings and experience less joblessness compared to those without degrees.
However, joblessness among recent grads has been on the rise since 2022, which marked the release of OpenAI's ChatGPT, and it now surpasses the overall jobless rate.
Furthermore, an examination by Goldman Sachs indicated that the job market for individuals who have recently completed their studies has deteriorated to a degree where their traditional edge over non-degree peers is at historic lows.
With growing indications that AI is shrinking opportunities for entry-level positions, a greater number of young individuals in the U.S. Are exploring trade schools and pursuing careers in practical fields.
Student loan obligations continue to burden individuals for many years, as college expenses have doubled at public institutions and risen by 75% at private ones since 1995.
Preston Cooper, a senior fellow at the conservative American Enterprise Institute, informed NBC News that the enduring belief in the job market benefits of bachelor’s degrees has diminished.
“I think students are more wary about taking on the risk of a four-year or even a two-year degree,” he said. “They’re now more interested in any pathway that can get them into the labor force more quickly.”
Confidence in higher education has been waning for years. According to a Gallup Poll in September, only 35% said going to college is “very important” — a record low — down from 51% in 2019 and 75% in 2010.
Concurrently, the surge in student debt has undermined the value proposition: a Pew Research survey from the previous year revealed that a mere 22% believed the expense of a four-year education is justified despite borrowing, whereas 47% felt it's only beneficial if debt-free, and 29% concluded the cost is never worthwhile.
NBC's survey results suggest a less optimistic outlook when contrasted with a survey by Indeed from earlier in the year, which indicated that a third of all graduates said their degree was a “waste of money.” Furthermore, 51% of Gen Z individuals voiced regret, compared to 41% of millennials and a mere 20% of baby boomers.
“Colleges and universities have lost that connection they’ve had with a large swath of the American people based on affordability,” pollster Horwitt told NBC News. “They’re now seen as out of touch and not accessible to many Americans.”