A recent survey by New America reveals a 5% drop in confidence in higher education among US adults, with only 36% believing universities are fine the way they are. The “Varying Degrees 2024” report shows a partisan divide, with 39% of Republicans and 36% of Democrats agreeing. Despite this, 75% of adults believe a postsecondary degree is worth the investment, although this share has decreased from 80% in 2019.
The survey highlights concerns about financial stability, with 28% believing a bachelor’s degree is necessary, while 26% think a high school diploma is enough. However, research suggests an associate degree can also lead to financial stability, even with student loans.
Rising college costs are a significant factor, with tuition and fees increasing by 169% from 1980 to 2020, according to Georgetown University. The average tuition at private colleges has reached $40,000 per year, with top institutions like Harvard costing over $95,000.
A separate Pew Research Center study found that most Americans question the financial value of higher education, believing it’s only worth it without student loans. Nearly half of respondents said a four-year college degree is less important for a high-paying job than it was 20 years ago. As costs continue to rise, Americans are reevaluating the importance and affordability of higher education.
