New data out today from the national Gallup-Purdue Index (GPI) popped up in our news feed:
In the face of mounting debt, only half of all alumni… “strongly agree” their university education was worth the cost.
It took me aback to think that 15,000 of the 30,000 college grads included in this comprehensive annual study now question the value of their degree. When college is a dream for so many parents that begins to swirl in our heads concurrent with thinking of baby names, I wonder, how did this go so wrong for so many?
Here are a few findings from the GPI that explain the dismal disappointment for many:
1. High Student Debt – 63% of alumni who graduated 2006-15 used student loans and have a median debt of $30,000.
2. Private for-profit universities – only 26% of these graduates feel their college degrees were worth the cost; they also report higher levels of student debt.
3. Plans put on hold – with loans to pay back, plans for further training or advanced degrees, buying a house or a car, or starting a business were more likely put on hold.
Students who report having supportive relationships with professors and mentors, an internship, involvement in extracurricular activities, and a project that took longer than a semester to complete had the highest satisfaction with their degrees.
Parents of high school and college students interested in learning more can read more here.