There is a growing need to evaluate higher education in America, especially in Tennessee. Many young adults question the value of a college degree due to sharply rising tuition costs and diminishing perceived benefits. Confidence in the value of a degree plummeted among women and senior citizens during the pandemic.
Recent surveys from gallop.com show that only 36 percent of Americans strongly believe in the value of higher education, and this skepticism is justified. With college costs rising faster than need-based financial aid, many students face significant loan debt, intensifying the debate over the true worth of a college degree.
UT President Randy Boyd stated that tuition rates at UT campuses have increased only 1 percent over the past five years, with UT Knoxville maintaining flat tuition for four years. Inflation rose from 1.4 percent to 3.2 percent during this time, lowering college costs. Notably, 47 percent of UT System students graduate debt-free; among those with debt, the average has decreased to $26,000, down 4.4 percent from five years ago.
A college education is a vital investment that opens up many opportunities. Graduates typically enjoy higher earnings, better career prospects, and improved well-being. These benefits also extend to families and communities, ultimately strengthening society.
Research demonstrates that attaining a college degree is generally a wise financial choice, as graduates typically earn more over their lifetimes than those without degrees. However, earnings can vary based on race, gender, socioeconomic status, and the type of institution. Therefore, policymakers and educators should prioritize initiatives that increase college affordability and strengthen support systems to promote student success.
In response to these challenges, federal and state governments should explore alternative pathways to higher education, such as certificate funding and work-based learning. However, many misconceptions about the value of higher education still need to be addressed.
Enrollment in Tennessee's four-year colleges has risen by 2.5 percent over the past five years. Within the University of Tennessee System, it has surged nearly 14 percent, from 52,000 to 59,000 students. The system aims to reach 71,000 students by 2030, showing a commitment to educational growth.
In the last decade, jobs requiring only a high school diploma decreased by 90,000, while those needing technical certifications increased by 49,000. However, the demand for positions requiring a four-year degree is even more significant, with 361,000 new jobs—over seven times more than those needing certification. This emphasizes the need for more graduates in essential fields like education, healthcare, engineering, and computer science.
On average, individuals with a bachelor's degree earn $1.5 million more over their lifetime than those with only a high school diploma and $1.1 million more than those with an associate degree. This highlights the importance of higher education for Tennesseans' futures, as lifetime earnings also impact retirement outcomes and Social Security benefits.
It’s important to acknowledge that college may not be the right choice for everyone. Just because something is valuable does not mean it will be valuable for you. While college can be a pathway to success, it is just one of many options available. When making your decision, consider your aspirations, interests, and passions.
Educators, policymakers, and community members should emphasize the importance of a college degree. By promoting the accessibility and benefits of higher education, we can help individuals achieve their goals and enhance the well-being of Tennesseans. Colleges must also improve their efforts to demonstrate their value and how they can positively impact students' lives.
JC Bowman,
Executive Director of Professional Educators of Tennessee