'The College Backlash is a Mirage'

Public opinion surveys paint a picture of Americans souring dramatically on higher education, as Pew found that the share of adults calling college "very important" dropped from 70% in 2013 to just 35% today, and NBC polling shows that 63% now believe a degree is "not worth the cost," up from 40% over the same period. Yet enrollment data tells a different story. Four-year institutions awarded 2 million bachelor's degrees in 2023, up from 1.6 million in 2010, and the fraction of 25-year-olds holding a bachelor's degree has steadily increased for the past 15 years. The economic case remains strong. The average bachelor's degree holder earns about 70% more than a high-school graduate of similar work experience, and after factoring in financial aid, the cost of attending a public four-year college has fallen by more than 20% since 2015. Even after accounting for student-debt payments, college graduates net about $8,000 more annually than those without degrees. Part of the disconnect may stem from misunderstanding how college pricing works. Nearly half of U.S. adults believe everyone pays the same tuition, though fewer than 20% of families actually pay the published sticker price.

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