Monthly Archives: June 2012
Found 2 posts.
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June 24, 2012
Is Going to College Worth it?
A US Treasury Department press release points to a report that shows that it is, at least in economic terms. But that really isn’t the question that most students and parents are asking; their question is, why is it so expensive, how can we pay, and does it make sense to take out huge loans to attend?A new report released today by the U.S. Department of the Treasury, with the U.S. Department of Education, examines the economic case for higher education.
- There is substantial evidence that education raises earnings. The median weekly earnings for a full-time, full-year bachelor’s degree holder in 2011 was 64 percent higher than those for a high school graduate ($1,053 compared to $638).
- The earnings differential grew steadily through the 1980s and 1990s. Recent evidence suggests that today’s earnings gap is the highest it has been since 1915, the earliest year for which there are estimates of the college wage gap.
Higher education is important for intergenerational mobility. Without a degree, children born to parents in the bottom income quintile have a 45 percent chance of remaining there as adults. With a degree, they have less than a 20 percent chance of staying in the bottom quintile of the income distribution.
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June 9, 2012
By 2025 the Lumina Foundation wants to see 60% of Americans with college degrees—right now that figure is 40%. Lumina is using its one-billion dollar endowment to fund research and programs that will increase the number of graduates by 23 million! They suggest a 5% increase—about 150,000 graduates— each year between now and 2025.
There are about 20 million students enrolled in the country’s colleges and universities. And, according to the National Center for Education Statistics about 57% of students who start college for the first time in 2002 completed a degree program in six years. So clearly, keeping students in school is one of the foundation’s main objectives.
Beyond that, Lumina thinks higher education needs to increase overall access and affordability, target adult learners, appeal to first generation college prospects, and support traditionally underrepresented groups.
How can the current higher education system meet this challenge? It can’t. Private residential colleges and universities aren’t going to throw open their doors and let in more students—their reputation is based on who and how many they exclude! Funding cuts at public universities limit their capacity to take on additional students.
If you support Lumina’s goal then the search is on for systems and approaches that will help 23 million more Americans enrich their lives through higher education.
Read more about the foundation’s plan at: http://www.luminafoundation.org/wp-content/uploads/2011/02/Lumina_Strategic_Plan.pdf