While high school seniors across the country are finalizing their college applications, more and more of their classmates are passing up on higher education. Fewer Americans than ever before believe college is worthwhile, with 45 percent of young adults saying that a high school diploma is all they need to ensure financial stability. This sentiment is misguided, but it is reflected in decreasing college enrollment. Today, the U.S. has a smaller percentage of college-age students in school than most other developed nations.
As a parent and a first-generation college graduate who has experienced a significant return on investment from my college degree, I'm worried. As a college president, I'm doing something about it.
The fastest growing jobs available to non-college-educated workers are mostly low-wage. Meanwhile, the "wage premium" for early-career college graduates is 52 percent—and that's projected to grow as the demand rises for graduates to fill well-paying jobs. Over their lifetimes, college graduates earn, on average, nearly $1 million more than high school graduates. At a time of growing income inequality, it seems confounding that more students are foregoing the opportunity to earn more.
Yet, it's not as surprising when you consider rising student loan debt and the attention it understandably gets. Student loan debt has grown roughly 270 percent since 2006, and relief efforts have stalled. Additionally, approximately 40 percent of college students drop out before graduating, compounding the financial burdens of any loans those students take. Furthermore, many young people have family or financial obligations that put a traditional college experience out of reach.
Higher education institutions can and must do more to address the inequality caused by these dynamics by creating more opportunities for students to enroll and graduate. This is even more urgent after the Supreme Court ruling banning race-based affirmative action; we need to work harder to address racial income and wealth gaps.
The College of Mount Saint Vincent in the Bronx, where I serve as president, has been prioritizing the enrollment of, and support for, students who face barriers to college enrollment and persistence. We have the nation's fourth highest percentage of students receiving federal Pell Grants, which go to students with exceptional financial need. We were recently ranked No. 1 in the northeast on U.S. News & World Report's list of Top Performers on Social Mobility.
With the cost of college skyrocketing, we commit to offering 100 percent of our first-year students scholarship aid, and we provide more than $37 million in scholarships per year to our over 2,000 undergraduate students. For years, Mount Saint Vincent has waived application fees, removing one more financial barrier. Our commitment to reducing costs results in our students graduating with one-third less in loan debt than the average New York college student.
But reducing the financial burden is not enough. Nationally, just over 60 percent of students at four-year institutions graduate in six years, and among low-income, first-generation students the rate plummets to about 10 percent. Students face serious barriers to persistence: many find the college experience stressful; mental health challenges post-pandemic have skyrocketed; others struggle academically. Dedicated advisors, in addition to a faculty advisor, who collaboratively support and guide students throughout their studies, and strategize a path to career success, are key to persistence.
Additionally, low-income learners are more likely to work longer hours to support themselves and their families, making the traditional college experience more challenging. Higher education institutions must give students more options to attend and stay in college. Amid the rise of online learning and the growth of alternative models, we have prioritized flexibility, offering an array of affordable graduate programs fully online and are in process of building out undergraduate offerings that are market-responsive for adults who want to change or advance in their careers.
In October, we announced the launch of Seton College, a new two-year college on our campus that results in associate degrees that include an array of options of certificates, in partnership with the Come to Believe Network. It's designed to provide pathways—priced so that students do not incur debt while completing their associate degree—for underserved students to receive four-year degrees.
Our efforts are paying off. More of our Pell-eligible students are graduating and our enrollment is steadily increasing, but I know we need to do more. According to a recent McKinsey study, nearly nine in 10 jobs projected to be created through 2030 will likely require postsecondary education. Not nearly enough students are enrolled in college to meet the future demand and the opportunity to benefit economically from these jobs. I challenge my fellow college and university presidents to take action to address this gap and create more opportunities for students to attend college.
Dr. Susan R. Burns is the president of the College of Mount Saint Vincent, which recently earned university status and will be named the University of Mount Saint Vincent beginning in January 2024.
The views expressed in this article are the writer's own.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
