- 05 Sep 2023 17:01
#15285738
Four million fewer teenagers enrolled at a college in 2022 than in 2012. For many, the price tag has simply grown too exorbitant to justify the cost. From 2010 to 2022, college tuition rose an average of 12% a year, while overall inflation only increased an average of 2.6% each year. Today it costs at least $104,108 on average to attend four years of public university -- and $223,360 for a private university.
At the same time, the salaries students can expect to earn after graduation haven't kept up with the cost of college. A 2019 report from the Pew Research Center found that earnings for young college-educated workers had remained mostly flat over the past 50 years. Four years after graduating, according to recent data from the Higher Education Authority, a third of students earn less than $40,000 -- lower than the average salary of $44,356 that workers with only a high-school diploma earn. Factor in the average student debt of $33,500 that college graduates owe after they leave school, and many graduates will spend years catching up with their degree-less counterparts. This student-debt-driven financial hole is leaving more young graduates with a lower net worth than previous generations.
Some Gen Z Are Not Going to College Amid Rising Tuition (businessinsider.com), Charlotte Lytton, Sep 5, 2023
https://www.businessinsider.com/gen-z-n ... ach%20year.
US college enrolment trends were falling even before COVID-19 struck.
Of those US students opting out, nearly 50% said they failed to see an adequate return on the time and investment required for college study.
In 2022, 4 million fewer people in America enrolled at a college than ten years ago. The COVID-19 pandemic further accelerated the decline in US college enrolment, with a 10% decrease in sign-ups.
For those students who still believe in the value of college, completing their studies is not guaranteed -- one-third of students are dropping out. To make matters worse, many of these students still hold a substantial amount of debt, despite having no credentials to show for it. The best available data from the National Center for Education Statistics concluded that 38-39% of students who took out student loans between 2012-2017 did not finish college during that timeframe.
As of 2022, the average student loan debt-per-borrower is $37,113 and in a 2022 poll, 51% of US adults agreed that the cost of higher education "impacted their ability to pursue education after high school."
US college enrolment is dropping, can this be reversed? Daniel Rosensweig, World Economic Forum, Jan 19, 2023
https://www.weforum.org/agenda/2023/01/ ... d-davos23/
At the same time, the salaries students can expect to earn after graduation haven't kept up with the cost of college. A 2019 report from the Pew Research Center found that earnings for young college-educated workers had remained mostly flat over the past 50 years. Four years after graduating, according to recent data from the Higher Education Authority, a third of students earn less than $40,000 -- lower than the average salary of $44,356 that workers with only a high-school diploma earn. Factor in the average student debt of $33,500 that college graduates owe after they leave school, and many graduates will spend years catching up with their degree-less counterparts. This student-debt-driven financial hole is leaving more young graduates with a lower net worth than previous generations.
Some Gen Z Are Not Going to College Amid Rising Tuition (businessinsider.com), Charlotte Lytton, Sep 5, 2023
https://www.businessinsider.com/gen-z-n ... ach%20year.
US college enrolment trends were falling even before COVID-19 struck.
Of those US students opting out, nearly 50% said they failed to see an adequate return on the time and investment required for college study.
In 2022, 4 million fewer people in America enrolled at a college than ten years ago. The COVID-19 pandemic further accelerated the decline in US college enrolment, with a 10% decrease in sign-ups.
For those students who still believe in the value of college, completing their studies is not guaranteed -- one-third of students are dropping out. To make matters worse, many of these students still hold a substantial amount of debt, despite having no credentials to show for it. The best available data from the National Center for Education Statistics concluded that 38-39% of students who took out student loans between 2012-2017 did not finish college during that timeframe.
As of 2022, the average student loan debt-per-borrower is $37,113 and in a 2022 poll, 51% of US adults agreed that the cost of higher education "impacted their ability to pursue education after high school."
US college enrolment is dropping, can this be reversed? Daniel Rosensweig, World Economic Forum, Jan 19, 2023
https://www.weforum.org/agenda/2023/01/ ... d-davos23/