Key Points
- New survey reveals only 36% of Americans believe higher education is fine as it is.
- Despite declining confidence, 75% still see higher education as a good investment.
- Over 80% consider the cost of attending college a major barrier.
The 2024 Varying Degrees survey reveals a significant drop in confidence in the higher education system.
Only 36% of respondents believe the current state of higher education is satisfactory. This marks a decline from previous years, highlighting growing concerns about the system's effectiveness. The perception of higher education providing a good return on investment has also declined, with 75% of Americans affirming this belief, compared to nearly 80% in 2019.
Despite the waning confidence, the majority of Americans still recognize the value of higher education. Over 70% of respondents want their children or family members to pursue some form of postsecondary education. Additionally, more than 75% believe that the value of an associate and a bachelor’s degree is worth the financial burden, even if it means taking out loans.
College Affordability
College affordability remains a critical issue, with more than 80% of Americans citing the cost of attending college as the main barrier to enrollment.
The survey indicates a shift in opinion regarding government responsibility for funding higher education. While fewer Americans now believe it is primarily the government's responsibility, a significant majority still support increased state and federal funding to make higher education more affordable.
This includes support for need-based grants and federal-state partnerships to reduce tuition costs at public colleges.
Bipartisan Agreement On Crisis
Interestingly, the survey highlights areas of bipartisan agreement on higher education issues.
Both Democrats and Republicans acknowledge the current system's flaws and the financial barriers it poses. Despite these shared concerns, political divides persist, particularly regarding the government's role in funding higher education.
A substantial majority of Democrats believe the government should take primary responsibility, whereas Republicans lean towards individual financial responsibility.
The survey also underscores the importance of higher education affordability in the upcoming election. More than 70% of Americans, including 85% of Democrats and 66% of Republicans, consider candidates' stances on this issue crucial to their voting decisions.
This widespread concern suggests that higher education policy could be a significant factor in the political discourse leading up to the 2024 election.
You can find the full survey and data here.
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Editor: Colin Graves
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.