Greater accessibility boosts value of college degree

This week, highereducation leaders from across the country — public and private, big and small — are gathering at Bloomberg Philanthropies with a shared mission: enroll an additional 50,000 students from lowand middle-income families at our nation’s top institutions over the next decade.

This unprecedented, nationwide effort of 95 (and counting) colleges and universities is known as the American Talent Initiative — and for good reason. While the students we aim to attract come from a wide variety of backgrounds, they share a common bond of being among the best and brightest high-school graduates our nation has to offer. For many reasons, however, these same students do not apply to four-year institutions despite higher graduation rates and potential for earnings.

Many will forgo higher education altogether. Why? The issue is naturally complex, and our initiative continues to explore in-depth the many factors involved. One important area of focus is understanding the foundational value of higher education — to students, families and the communities in which we live.

Educational icon Clark Kerr wrote, “Higher education has become the center of new knowledge and of skills based on knowledge, and knowledge now makes the world go round as never before.” Today, when we think of the most innovative, entrepreneurial, healthy regions around the world, and particularly in this country, they center around our colleges and universities.

Yet the value of a college degree continues to receive scrutiny in the public square.

Value is often defined by the way institutions balance access, affordability and excellence for their students. While that balance remains vital to the future of higher education, data shows that a college education is already among the very best investments that an individual can make. Another report, co-authored by an Ohio State professor, concludes that a four-year college education provided Americans with a 12- to 14-percent private rate of return on their investment during the 2000s — a better rate than in the 1980s or ’90s.

Where we have fallen short is providing ever-greater access to an affordable, excellent education. While ability is broadly distributed across ZIP codes, opportunity is not. Education must be a viable pursuit for every individual and family regardless of their neighborhood or economic background.

Research shows that too many are unable to make this important investment. In fall 2017, 20 million students were expected to attend colleges and universities in the United States, including more than 13 million at four-year institutions. That leaves millions on the outside looking in — or not looking at all. Specifically, it leaves out talented low- and middleincome students.

We, as educators, must be committed to solving this challenge. The American Talent Initiative is one step in a long-term journey, studying what works, looking to implement and scale solutions across institutions and — just as vitally — sharing innovative ways to better support students once they enroll.

At the same time, we recognize the need for innovation in controlling costs. Faced with a nationwide trend of decreased funding to support higher education, identifying new and sustainable sources of support is vital. Operational excellence and resource stewardship are equally critical factors — and key to our continuing work to open our doors even wider to individuals and families in our communities.

America’s colleges and universities will continue to research and create. We will continue to teach. We will continue to produce and share knowledge that advances and uplifts lives.

Higher education, from the founding of our first universities to the lifechanging ideas emerging daily on today’s campuses, has helped to make America the strongest country in the world. It will continue to make us strong over the next generation and well beyond.

It is fundamental to who we are. More immediately, it is fundamental to our nation’s future success.