A recent survey conducted by NBC News found that two-thirds of Americans believe that a costly four-year college degree is not worth it. Many graduates often find themselves burdened with debt upon graduation, yet lack the necessary job skills to support themselves.
According to the survey, 63% of Americans interviewed think that a four-year college degree “is not worth it because people often graduate without any concrete job skills, but with substantial debt.”
Only 33% of registered voters agree that a four-year college degree “is worth it because people have better chances of finding good jobs and earning higher incomes over their lifetime.”
This shift in attitudes among Americans marks a significant change. In a survey from 2017, Americans were split on this issue, with 49% agreeing and 47% disagreeing, whereas in 2013, a majority of 53% still believed college was a worthy investment.
This dramatic change over the past 12 years can be attributed to the skyrocketing tuition fees, rapid changes in the modern economy, and the potential impact of artificial intelligence (AI) among other significant trends.
According to CNBC data, for the 2024-2025 academic year, the average tuition, fees, and room and board at private four-year colleges amount to around $58,600 per year.
Adjusted for inflation, data from the College Board shows that in-state tuition at public universities has doubled since 1995, while tuition at private colleges has risen by 75%.
Jessica Burns, a 38-year-old resident of Iowa, revealed to NBC that due to her husband attending a private college, they will be “permanently saddled with student loan debt,” underscoring the significant financial impact of high tuition fees on millennial families.
Democratic polling expert Jeff Horwitt, who assisted in the survey, remarked to NBC that this shift is “significant,” as a college degree was once a core tenet of the “American Dream,” but its promise of providing a better life is now widely questioned.
Horwitt emphasized, “What’s really surprising is that everyone has changed their views, not just people without college degrees.”
In fact, among voters with college degrees, only 46% believe the degree is worthwhile, down from 63% in 2013. In contrast, among those without college degrees, a staggering 71% believe it is not worth it.
Public confidence in higher education has not only decreased in terms of cost-benefit analysis. Gallup polls also indicate a significant decline in public confidence in higher education over the past decade, despite a slight rebound last year.
Preston Cooper, a senior researcher at the American Enterprise Institute, told NBC that the narrative that “a college degree always pays off” has shown enough cracks over time. He believes that the public’s confidence in the affordability and value of higher education has significantly declined due to the high costs and discrepancies in the market value of certain degrees.