If you weren’t already worried about U.S. higher education, you should be now. When asked how important a college education is today, 41% of U.S. adults aged 18-29 say “very important,” which is down a whopping 45% since 2013 when 74% said the same. These new Gallup findings point to a potential disaster – looming on the very near horizon – for higher education, our country and in particular, our youth. But instead of perseverating over the very bad news here, let’s break down the two biggest problems behind this drop and highlight some opportunities to address them.
#1: College Cost
The cost of college is out of control – with tuition up roughly 400% since 1990 and rising more than twice the rate of the Consumer Price Index (CPI). Higher education institutions, with the help of states, the federal government and employers need to reign it in, period. This won’t be done by simply adding more money to financial aid. It has to be done by actual reductions in the cost of a college education, which – yes – means cuts to expenses. Purdue University is leading the way here by showing that you can increase your competitiveness while keeping tuition flat for 8 straight years. Where there’s a will there’s a way. Until now, higher ed hasn’t had the will to reduce expenses. Now, it has no choice.