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What is the Value of a College Education Today?

What is the Value of a College Education Today?. President Jill Tiefenthaler. Myth #1. You no longer need a college degree to be successful. Forbes edition on The Richest People in America, January, 2012 – “Think you need a college degree to become a business star--think again.”.

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What is the Value of a College Education Today?

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  1. What is the Value of a College Education Today? President Jill Tiefenthaler

  2. Myth #1 You no longer need a college degree to be successful.

  3. Forbes edition on The Richest People in America, January, 2012 – “Think you need a college degree to become a business star--think again.” • Despite the hype, 85% of those on the list have at least a college degree.

  4. College-to-High School Weekly Wage Premium, 1963–2008 SOURCE: The College Board, Trends in Higher Education 2010, Figure 1.7a

  5. Unemployment Rate and Weekly Earnings, by education

  6. Myth #2 More than half of recent college graduates are unemployed.

  7. Unemployment Rates by Education Level, 1992–2009 SOURCE: The College Board, Education Pays 2010, Figure 1.10a

  8. Unemployment rate for young college graduates, by gender, 1989–2012* *Latest 12-month average: April 2011–March 2012. Unemployment Rate for Recent Graduates SOURCE: Economic Policy Institute, “The Class of 2012: Labor market for young graduates remains grim,” Figure G

  9. Unemployment and underemployment rates for young college graduates, 1994–2012* *Latest 12-month average: April 2011–March 2012. Unemployment/Underemployment for Recent College Graduates SOURCE: Economic Policy Institute, “The Class of 2012: Labor market for young graduates remains grim,” Figure I

  10. Unemployment/Underemployment Rate for Recent High School Graduates Unemployment and underemployment rates of young high school graduates, 1994–2012* *Latest 12-month average: April 2011–March 2012. SOURCE: Economic Policy Institute, “The Class of 2012: Labor market for young graduates remains grim,” Figure D

  11. Myth #3 College costs too much. It isn’t worth the investment.

  12. Estimated Cumulative Earnings Net of Loan Repayment for Tuition and Fees, by Education SOURCE: The College Board, Education Pays 2010, Figure 1.3

  13. Distribution of Full-Time Undergraduates at Four-Year Institutions by Tuition and Fees, 2012-2013 SOURCE: The College Board, Trends in College Pricing 2012, Figure 2

  14. Myth #4 Increasing tuition has created a student loan debt crisis. Students are drowning in mounds of debt that they can’t repay.

  15. American Debt – Type 2011

  16. Growth of Loan Dollars by type, Constant 2010 Dollars SOURCE: The College Board, Trends in Student Aid 2011, Figure 4.

  17. Average Debt Bachelor’s Recipients, Public Schools, 2010 Dollars SOURCE: The College Board, Trends in Student Aid 2011, Figure 10A.

  18. Average Debt Bachelor’s Recipients, Private Schools, 2010 Dollars

  19. National Student Loan Default Rate SOURCE: U.S. Department of Education, www2.ed.gov/offices/OSFAP/defaultmanagement/defaultrates.html.

  20. Federal Student Loan Two-Year and Three-Year Cohort Default Rates by Sector SOURCE: Department of Education (studentaid.ed.gov/about/data-center/student/default); Table: The College Board, Trends in Student Aid 2012, Figure 9B.

  21. Myth #5 For-profit colleges are more efficient than traditional privates and publics and will bring much needed competition to higher education. Your text here.

  22. Four-year Graduation Rates, by sector SOURCE: The Education Trust 2010; “For-profit Data Summary,” IPEDS First Look 2008-09, Table 5. Graduation rates at Title IV institutions, by race/ethnicity, level and control of institution, gender, and degree at the institution where the students started as full-time, first-time students: United States, cohort year 2002.

  23. Average Published Undergraduate Charges by Sector, 2012-13 SOURCE: The College Board, Trends in College Pricing 2012, Table 1A

  24. Median Debt, by sector SOURCE: The Education Trust, Subprime Opportunity: The Unfulfilled Promise of For-profit Colleges and Universities (November 2010), Figure 3

  25. Cumulative Debt: Students Who Left without Completing a Degree by Sector and Length of Enrollment Amount Borrowed by Students Who First Enrolled in 2003-04 and Left Without Completing a Degree or Certificate by 2009, by Institutional Sector and Length of Enrollment (with Percentages of Students in Each Sector Within Enrollment Category) SOURCE: The College Board, Trends in Student Aid 2012, Figure 11C

  26. Myth #6 The whole industry is inefficient. Tuition keeps going up because higher education can’t control costs.

  27. Average Annual Percentage Increase beyond Inflation,1981-82 to 2011-12 Source:The College Board, Annual Survey of Colleges; NCES, Integrated Postsecondary Education Data System (PEDS).

  28. Inflation-Adjusted Published Tuition and Fees,1981-82 to 2011-12 Source:The College Board, Annual Survey of Colleges; NCES, Integrated Postsecondary Education Data System (PEDS).

  29. Distribution of Undergraduate Enrollment by Sector, 2009-2010 Source: The College Board, Trends in College Pricing 2011

  30. TUITION = COST/Student – SUBSIDY The Higher Education Subsidy

  31. Annual Percentage Changes in State Appropriations per Full-Time Equivalent (FTE) and in T&Fs at Public Four-Year Institutions, Inflation Adjusted Sources: The College Board, Annual Survey of Colleges; Illinois State University, Grapevine reports; NCES, Digest of Education Statistics 2008, Table 219.

  32. Resident Student’s Share of College CostAll Governing Boards $9,636 $9,154 SOURCE: NCHEMS, Colorado Commission on Higher Education, “Some Basic Facts about Colorado Higher Education”

  33. Colorado College’s Selectivity over Time

  34. Myth #7 Even if the public tuition is increasing faster in recent years, they are still more affordable than private colleges.

  35. Average Published Undergraduate Charges, by Carnegie Classification SOURCE: The College Board, Trends in College Pricing 2012, Table 1B

  36. “Calculating the Cost of College” SOURCE: New York Times, “Calculating the Cost of College,” http://www.nytimes.com/interactive/2013/01/16/education/calculating-the-cost-of-college.html

  37. Myth #8 Online education is the disruptive innovation that changes everything. It will lower costs, increase accessibility and make traditional colleges irrelevant.

  38. Myth #9 Liberal Arts colleges are irrelevant in this STEM world.

  39. Myth #10 The best and brightest students attend our nation’s elite institutions.

  40. Percentage Growth in Mean Family Income by Quintile in Constant 2010 Dollars Sources: U.S. Census Bureau, Current Population Survey, Table F-1, Table F-3, and FINC-01; calculations by the authors.

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