Editor’s Note: This op-ed is by Karen Gross, president of Southern Vermont College in Bennington. It originally appeared in the Burlington Free Press.
I was worried. The recent push for a more educated population was getting considerable pushback. Books, articles, the popular press and pundits were regularly suggesting that a college degree was overrated. The arguments went something like this: The debt burden for a collegiate education is so great as to be unconscionable and is most assuredly unsustainable by families and our government. Add to that the perception that the benefits of a bachelor’s degree (economic, academic and otherwise) are exaggerated.
As is often the case, unfortunately, rhetoric and hyperbole tend to crowd out the facts. The piece in the June 26 New York Times Sunday Review section headlined “Even for Cashiers, College Pays Off” by David Leonhardt provides much needed data and compellingly explains why college matters for many of America’s youths.
On the dollar front, the debt burden is assuaged by the demonstrable improvement in earnings that college graduates obtain when compared to their high school educated counterparts, even in jobs that do not mandate a bachelor’s degree. Stated in conventional business terms, the return on investment on a college degree is high — higher than for stocks and real estate, both of which have no shortage of investors despite recent appreciable market downturns.
In addition to making the case purely based on quantifiable dollar gains, Leonhardt recognizes the non-monetary but hugely important and oft-overlooked gains of higher education: a healthier, happier, more egalitarian citizenry with important skills such as perseverance and discipline. In short, our nation needs an educated populous for democracy to flourish.
At the end of the day, we keep asking whether, as a value proposition, higher education is worth the candle. In my view, the answer can be stated quite simply. While colleges and universities are far from perfect, those who graduate with a four-year degree from these institutions do better for themselves, their families and our local and national communities than those who do not.
It is time to spend our time on how to improve that value proposition rather than asking whether a four-year degree even has value. Tempus fugit (time flies).
