In recent times, America has been witnessing a seismic shift in the perception and value of higher education. Historically, a college degree had been regarded as a quintessential stepping stone to financial stability and a prosperous future. The early 2010s saw a high rate of affirmation from college graduates, with 86 percent considering their investment in college education to be worthwhile.[i]Additionally, 70 percent of high school graduates chose to pursue higher education directly after their graduation in 2009, showcasing the predominant belief in the benefits of a college education. The economic data around this time period significantly favored those with a bachelor’s degree, who were found to earn about two-thirds more than individuals with just a high school diploma. This earnings gap suggested that higher education could be a reliable pathway to greater financial security and prosperity.
Unfortunately, a stark contrast can be observed in recent years, as public sentiment regarding higher education has experienced a monumental shift. As of 2021, undergraduate enrollment figures plummeted to below 15.5 million, compared to over 18 million a decade earlier.[ii]Surveys conducted during this time reveal a staggering decline in the value attached to a college degree, with only 41 percent of young adults considering it very important, a dramatic decrease from the 74 percent recorded previously.[iii] This waning confidence is mirrored in the diminishing trust towards higher education institutions, with only a third of the American populace expressing a high degree of faith in them.[iv]
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