Education is a hot topic these days, with many people questioning the value of a college degree. But the real question we should be asking is: what is college worth, especially for low- and moderate-income students?
A recent report by the College Futures Foundation and the HEA Group looked into the return on investment that California institutions offer their students. The findings were both encouraging and concerning. While most students did see a positive economic impact from their college education, some did not, and some even ended up making less than high school graduates.
One interesting discovery was that a student’s choice of major can have a significant impact on their economic return. Some programs lead to a strong financial payoff, while others offer little to no economic benefit. Public institutions in California generally show good outcomes, with nearly all programs allowing graduates to recoup their costs within five years.
However, private nonprofit colleges tend to take longer for students to see a return on their investment, and for-profit colleges sometimes show no economic benefit at all. This information is not meant to criticize any specific program but rather to highlight the need for further research and policy changes to ensure that students are getting the best value for their education.
One potential solution could be for institutions to provide clearer information to students about the costs of specific programs and the expected earning potential for graduates. College administrators could also focus on equipping students with the skills and credentials needed to succeed in their chosen career paths.
Ultimately, discussions about the value of higher education must continue, and improvements need to be made to ensure that all students have access to a quality education that leads to economic mobility and equity. By focusing on these goals, we can create a higher education system that benefits all Californians and drives a strong, inclusive economy.
Eloy Ortiz Oakley and Michael Itzkowitz, the authors of the report, emphasize the importance of postsecondary opportunity and the need for ongoing dialogue about the future of higher education. It is clear that change is needed to ensure that our education system is working for everyone.
