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Back in 2010, three-quarters of Americans rated having a college degree as "very important." Today, only about a third (35%) believe that. A quarter of people believe it's "not too important."
“Has any institution fallen in esteem faster and further than higher education?” asked our friend Steve Moore in a recent edition of his Committee to Unleash Prosperity Hotline.
If recent trend lines in surveys by Gallup, US News and the New York Fed are any indication, the answer is a resounding NO.
And skepticism is growing strongest among people aged 18-34 and those who have college degrees, a signal that the status of college will fall further in the years ahead. The factors behind the fall, Steve cited, include the soaring cost of college, better-performing trade schools and the growth of alternatives from online learning to AI and competency-based "microcredentials."
With the wage premium for a college education declining, return on investment (ROI) is falling. And as tuition costs have soared far beyond inflation, the financial risk of a degree has increased. For a quarter of college graduates in recent decades, the economic payoff has been minimal or even negative.
Part of that risk is crippling student loan debt with many potential students (and parents) questioning whether college is worth the cost, with 47% of adults in a 2025 Pew Research survey saying a degree is only worth it if students can avoid taking out loans. The burden of student loans, which can hinder savings and homeownership, has caused many low-income students to forgo college altogether.
In 2023, enrollment in undergraduate certificate programs increased significantly, while bachelor's programs saw minimal growth. Many skilled trades, such as electricians and plumbers, offer job security, good pay, and opportunities for entrepreneurship. Enrollment in vocational programs at community colleges jumped by 16% in 2023 to meet the demand for these positions.
Bryan Caplan, an economist at George Mason University, says his work indicates that college is still worth pursuing for "A" students in high school. "B" students should focus on economics, engineering and other majors that deliver a strong return on investment.
It's high time for us to insist that normal economic return calculations apply to higher education, Steve proposed. Education expert Richard Vedder of Ohio University says that no industry/profession has had lower productivity gains than universities - with the possible exception of prostitution.
One place reform should start said Steve is with limiting tax-deductible donations to the 100 most well-endowed elite universities, which today act more like investment banks that happen to have classrooms and students.
And the campus craziness hasn’t helped the reputation of Higher Education. Auditors at OpenTheBooks.com tallied the federal payments to Columbia and other elite universities in a five-year period from 2018 through 2022. The tally? Elite universities have collected $45 billion in taxpayer funds since 2018.
Columbia is exhibit A. The school “received $5.8 billion in federal contracts and grants during a period when their endowment increased from $10.5 billion to $13.3 billion (2018-2022).”
According to Open the Books, “American taxpayers contribute more to these universities than the students and their families do through tuition payments.”
Meanwhile, tuition, fueled by student loan dollars, has continued to rise, putting the American dream of homeownership and family seemingly out of reach of many students who borrowed fantastic sums of money to pursue degrees that will never produce the kind of salary necessary to pay back the loan and lead a comfortable middle-class lifestyle.
- US Education
- public education
- college degree
- public opinion
- return on investment
- college loans
- college debt
- graduation rates
- student loans
- college endowments
- certificate programs
- trades
- vocational programs
- donations
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