Is college worth it?

Teens are debating it on social media. Professors are wondering what it means for their job security. And university administrators are dusting off their marketing plans to make sure they’re not swept up in the recent closure trend.

Based only on the issue of income, the answer to the “worth it” question seems like a resounding yes.

But it’s not the question we should be asking. It’s too simple, and it fails to acknowledge the many successful pathways presented to students in high school, from technical schools to industry-recognized credentials to two-year and four-year colleges. The better question is how can we improve the collegiate graduation rate for those who choose to pursue higher education?

Longitudinal studies and short-term data bear out the challenge.

A new report released by the Institute for Education Sciences followed 23,000 students who started high school in 2009. While 75% of the students enrolled in college after graduating in 2013, 40% didn’t complete their degree within eight years.

The National Student Clearinghouse Research Center recently reported a 3% decline in the number of undergraduate degree earners in the 2022-23 academic year. That’s the steepest decline ever recorded.

Let’s face it — everyone ends up in a career, but unless we provide learners with the right support during their formative years, they might waste their own time and money going down a path they won’t complete. At ExcelinEd, we believe pathway navigation is a key tool toward helping students figure out what they want to do after high school and how their experience after high school will help them progress towards their goals.

For those who pursue a two-year or four-year college degree, there are many tools policymakers can deploy right now to ensure those who start make it across the finish line.

One of the most successful ways to improve the number of students graduating are Last Dollar and Last Mile financial aid programs.

Last Dollar programs cover the remaining financial balance for struggling students to finish their degree. Last Mile programs provide funding for students to sign up for the remaining classes if they leave college with a small number of credits needed to graduate — typically 25% or fewer credits.

Rhode Island, Tennessee, Utah and many others have Last Dollar and Last Mile programs currently in effect. North Carolina has a particularly interesting approach to its program, as students can apply for “emergency funding” after finishing 50% or more of their credits to pay for unexpected hardships like housing, medical care, car repairs and more. We know that paying for tuition is only part of the cost that a student incurs.

Another option is reverse transfer credential programs.

Many students transfer from a two-year institution to a four-year institution. Unfortunately, many learners don’t finish their two-year or four-year degrees. Challenges include issues such as how many four-year institutions will not accept all the credits earned before transferring, which can lead to students dropping out or being unable to fund additional years of college expense. Ensuring acceptance of credits within public institutions — College Articulation Agreements — is another important policy for states to pursue.

Reverse transfer credential programs allow students to earn an associate degree while working toward a bachelor’s degree, or simply to earn the associate degree because they have enough credits. These programs help close the gap between the percent of high school graduates heading to college and the number who complete a degree, providing students with more ways to personalize their own unique pathway.

Reverse transfer credential programs are currently in place in states such as Colorado, Florida, Missouri and Texas.

If policymakers utilize successful policy solutions available to incentivize students to continue pursuing their postsecondary education, we should be able to address and possibly reverse the significant drop in college completion. With these and other policies in place, students will have more and clearer pathways toward a college education ultimately leading to a career that pays a family-sustaining wage.

Adriana Harrington is the managing director of policy at ExcelinEd, an education policy nonprofit. Adriana has nearly 15 years of experience in education, including working for the Tennessee Department of Education and being a former high school social studies teacher.

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