The Value of a College Degree, Revisited

More students attend college, but many are not ready for college coursework. Too many would appear to have been given top grades in spite of not demonstrating equivalent performance on standardized tests. The United States needs to have top schools and top students in order to compete in the economy.

Education is an economic issue. Education is a force in social equity. Education leads to a higher standard of living.

We know that a college degree confers a lot of benefits. There is more job security for people with a college degree. The unemployment rate for people with college degrees is less than 5 percent, even in this recession. 

Education is a proxy for skill. Skilled workers make more money. Still, it is a combination of education and experience that makes the difference. Plenty of graduates are not seeing any value in their degrees, even though they know that they want to go to college. College is a risky proposition, particularly if you aren’t going to an Ivy League school or a top public university. One in twelve students defaults on their student loans within the first two years after graduation. People believe in college. High school graduation rates are increasing, as are enrollment rates.  The same isn’t true for college graduation rates.

The Census Bureau’s Statistical Abstract has some fascinating data on the academic performance of high school students. Their sampling of student grades from 2008 suggests that we have created a culture of grade inflation in high school. Here are a few facts from their study:

• 67 percent of high school graduates enrolled in college in 2008. Only 45 percent enrolled in 1960, and just 51 percent in 1970.
• Of those that enroll, only 4.8 percent had a GPA of less than B+.
• Forty-one percent said that they were regularly “bored in class.”
• Average SAT scores have not changed in decades. Math scores are up two points in the last decade, but reading scores are down four points.
• Almost 77 percent said that it was very important that they are very well off financially. In 1970, only 36.2 percent answered that this was important.  The big shift took place in the 1970s.

The results would suggest that going to college is becoming a more frequent path for our students. Unfortunately, the results show that many have been passed without being challenged. The result is evident in how they do once they get to college. Many need remedial work and many do not graduate.  Students are paying more to take on the risk of college. The average debt load for a student that gets loans in college is almost $25,000. Is this working?

Case in Point

In spite of her national reputation and her demonstrated performance in kick-starting the public school system in the District of Columbia, there are indications that Michelle Rhee will be released from her position as the chancellor of the public schools in the nation’s capital. Rhee has introduced a “tough love” platform that has shaken up the system. It was needed, as the public schools in Washington have been criminaly neglectful for decades. Rhee has important credentials for some of the institutional hurdles. She was a success as a former teacher, she is a minority woman, and she has a rock star personality. She’s married to a former NBA all-star, too.

Rhee’s problems are also her virtues. She closed several poorly performing public schools. She laid off 266 teachers. She forced the school system to hold itself accountable. This produced some enemiesThe recent defeat of Adrian Fenty in DC’s mayoral race has been laid at her feet, as she was linked to his administration and her reputation created baggage for Fenty.