Is College Worth The Cost? 13 Key Findings from Pew Research Center
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The value of a college education has been hotly debated in recent years, as rising tuition costs, mounting student debt, and a rapidly changing job market have led many to question whether the benefits of a degree still outweigh the costs. In an effort to explore this complex issue, the Pew Research Center conducted a comprehensive survey of U.S. adults and analyzed government data on the economic outcomes for young workers.
The findings provide a detailed look at public perceptions of the importance of a college degree, trends in earnings and employment, and how views vary by political affiliation. These insights paint a nuanced picture of the current state of higher education in America and its impact on individuals and society. Here are 13 key takeaways from the Pew Research Center’s study on the value of a college degree.
Only 22% Say College Is Worth the Cost If Loans Are Needed
The survey found that a mere 22% of U.S. adults believe the cost of a four-year college degree is worth it if someone has to take out loans to pay for it. This suggests that the high cost of college and the burden of student debt are making many Americans question the value of a degree.
47% Say College Is Worth It Only If No Loans Are Required
Nearly half (47%) of respondents said that college is worth the cost only if someone can afford it without taking out loans. This highlights the financial strain that many students and families face when pursuing higher education.
29% Say College Is Not Worth the Cost At All
A significant portion of Americans (29%) believe that college is not worth the cost, period. This indicates a growing skepticism about the return on investment of a college degree, even as many jobs continue to require one.
Only 25% Say a College Degree Is Extremely or Very Important for a Well-Paying Job
Just one-quarter of U.S. adults say that having a four-year college degree is extremely or very important in order to secure a well-paying job in today’s economy. This suggests that many Americans believe there are viable career paths that don’t necessarily require a college education.
35% Say a College Degree Is Somewhat Important for a Well-Paying Job
About a third of respondents (35%) say that a college degree is somewhat important for getting a well-paying job. This indicates that while a degree may not be seen as absolutely essential, it’s still viewed as a valuable asset in the job market.
40% Say a College Degree Is Not Too or Not At All Important for a Well-Paying Job
A substantial 40% of U.S. adults believe that having a four-year college degree is not too or not at all important for landing a well-paying job. This points to a growing perception that skills, experience, and other factors may be just as important as a degree in determining career success.
49% Say a College Degree Is Less Important Now Than 20 Years Ago
Roughly half of Americans (49%) say that having a four-year college degree is less important for getting a well-paying job today than it was 20 years ago. This suggests a shift in perceptions about the necessity of a college education in the modern workforce.
Earnings Have Risen for Young Workers Without a Degree
The analysis of government data found that after decades of declining wages, young U.S. workers (ages 25-34) without a bachelor’s degree have seen their earnings increase over the past 10 years. This improvement in economic outcomes may be influencing perceptions about the value of a college degree.
Poverty Rates Have Fallen for Young Adults Without a Degree
Among young adults without a college degree who are living independently, the share living in poverty has fallen significantly over the past decade. For example, 12% of young men with a high school diploma were in poverty in 2023, down from a peak of 17% in 2011.
College Graduates Are More Likely to Say Their Education Was Useful for Getting a Well-Paying Job
Four-year college graduates (58%) are much more likely than those without a degree (26%) to say their education was extremely or very useful in providing the skills and knowledge needed to obtain a well-paying job. This suggests that while perceptions of the value of college may be mixed, those who have earned degrees tend to see them as beneficial.
Republicans Are More Likely to Question the Importance of College
The survey found significant partisan differences in views on the value of a college degree. Republicans are more likely than Democrats to say that a degree is not too or not at all important for securing a well-paying job (50% vs. 30%), that a degree is less important now than 20 years ago (57% vs. 43%), and that someone without a degree can get a well-paying job (42% vs. 26%).
Labor Force Participation Has Stabilized for Young Men Without a Degree
The analysis found that after decades of decline, the share of young men without a college degree who are working or looking for work has stabilized over the past decade. This trend suggests improving economic prospects for this group.
Full-Time, Full-Year Employment Has Increased for Young Women Across Education Levels
The share of employed young women working full-time, year-round has steadily increased over the decades, regardless of educational attainment. Today, the shares of women working full-time, full-year are at record highs across all education levels.
Ongoing Debate
These findings paint a complex picture of the perceived value of a college education in the United States. While many Americans express doubts about the cost and necessity of a four-year degree, the data also shows improving economic outcomes for young adults both with and without college educations. As the labor market continues to evolve, the question of whether college is “worth it” will likely remain a topic of ongoing debate and discussion.
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