Americans have begun questioning the value of a college degree in this recession. A sentiment exists among some people that the loans and sky-high tuition do not make higher education worth it — cynics might say we paying tens of thousands of dollars for a piece of paper.
However, a college degree is still relevant in today’s economy. According to collegestats.org, the Census Bureau issued a press release that reported the annual earnings of college graduate in 2008, which was in the middle of the recession, were on average $26,000 more than those who did not seek higher education.
Also, looking to the Bureau of Labor Statistics’ latest job report, for the month of October, shows that college graduates have an unemployment rate of 4.7 percent, much below the national unemployment rate of 9.6 percent. Those who only have a high school diploma, though, have an unemployment rate of 10.1 percent.
Even though empirical data suggests that a bachelor’s degree is worth the four years it takes to graduate, some students remain discouraged when applying to college. This is a result of the influx of applications across the country.
Those at the helm of higher education treat it as a business. The Chronicle of Higher Education reported that the nation’s top universities are receiving record numbers of applications, but the access to these top universities has not increased. This is the result of aggressive campaigns by the admissions offices at various universities. The College Board, the evil geniuses behind the PSAT and the SAT, sell over 80 million names of students to 1,200 schools for 32 cents a name.
For instance, Sally Nuamah detailed her story of hope turned defeat for The Chronicle. A Harvard admissions representative contacted her and encouraged her to apply. Nuamah, whose parents have little money, applied to Harvard and then later received a rejection letter.
It’s intrinsically wrong to lead someone to believe they have a good shot at getting into an Ivy League school, then rejecting them. A former Dartmouth dean said this could leave prospective students cynical.
"When people keep hearing that they're not good enough, this has an undermining psychological effect," Karl M. Furstenberg, a former dean of admissions and financial aid at Darmouth College, told The Chronicle.
Stanford received 32,022 applications for this fall’s undergraduate class, an all-time high. However, Stanford only accepted 7 percent of those applicants. UCLA received an eye-popping 57,670 applications this year. According to U.S. News and World Report, UCLA has an acceptance rate of 22 percent. Although its rate is much higher than Stanford’s, it’s nowhere near ASU’s 90 percent acceptance rate.
According to ASU News, this fall 70,440 students are enrolled at the University. That is over 2,000 more than last fall. A school that has this many students is bearing the brunt of the growth in higher education. With an enrollment of over 70,000 students, it is time that other schools around the country follow suit.
We have expanded tax credits and Pell grants that can be used toward higher education over the past two years, but having money in the bank means nothing if students cannot find a university to attend. Embracing students of all backgrounds and skills will produce the citizens America needs to drive this country forward.
Reach the reporter at andrew.hedlund@asu.edu