Message from higher ed: still a good investment

College recruitment officers are facing a perception problem. Students and their parents believe that four-year bachelor’s degree programs cost too much and cause people to incur insurmountable debt. Enrollment officers are trying to communicate that the media reports about these issues contrast with the positive outcomes that their schools create.

According to a recent Gallup survey, an increasing proportion of U.S. adults said they have little or no confidence in the value of higher education. Survey respondents were nearly equally divided among those who have a great deal or quite a lot of confidence (36%), some confidence (32%), or little or no confidence (32%) in higher education. Respondents cited factors including colleges being overly expensive and not teaching relevant skills. In 2015, when Gallup first measured confidence in higher education, 57% had a great deal or quite a lot of confidence, and 10% had little or none.

The challenge is to rebuild this confidence, and communicate to students and parents that higher education is worth the price. “More people are buying into the narrative that college is too expensive,” said Tony Frank, chancellor of the Colorado State University system. “The data are unambiguous. There is no data showing a college degree is not the greatest return on investment.”

One measure of ROI is career earnings. According to the U.S. Bureau of Labor Statistics, workers with bachelor’s degrees had median weekly earnings of $1,493 in 2023, compared to $1,058 for people with associate’s degrees and $992 for people with some college but no degree. The unemployment rate was 2.2% for people with bachelor’s degrees, 2.7% for associate’s degrees, and 3.3% for some college, no degree.

Debunking the narrative

Confidence is important in college recruitment. “It’s an indicator of what parents and students understand about the value of education,” said Tony Cabasco, vice president for enrollment at Colorado College. “That understanding has a direct impact on students’ and parents’ view of where they want to go to college and how much they are willing to invest in college education.”

Institutions of higher learning are highlighting their efforts to make college more affordable. In 2019, Colorado College launched Colorado Pledge, a financial aid initiative. Families that have adjusted gross incomes of less than $250,000 can pay the same amount or less than the cost of attending CU Boulder, or approximately $37,308.

College representatives are working to dispel the college-is-too-expensive narrative, which they say is misleading and can have adverse effects. “Confidence in higher education can impact funding, can influence whether students pursue education after high school and relates directly to our mission of educating the next generation,” said Nicole Mueksch, spokesperson at University of Colorado Boulder

Mueksch, citing PayScale, noted that the median starting salary of CU Boulder graduates with bachelor’s degrees is $73,700, and the median midcareer salary for CU Boulder graduates with a bachelor’s degree is $143,200.

Students might not consider midcareer salaries because they see job opportunities in the current economy and are not thinking about the future. “People wake up and they’re 30 or 40 years old, and they do not have a degree, so they’re not considered for promotions in their companies,” said Todd Rinehart, vice chancellor for enrollment at University of Denver. “They have a family now, or they want to switch fields but don’t have a degree.”

As for the rising tuition prices, Rinehart said, people should not try to evaluate return on investment on sticker price, but on net price, which subtracts scholarships.

According to the CollegeBoard Trends in Pricing Report, in 2023-24, average estimated budgets for tuition and fees, housing and food, books and supplies, transportation and other personal expenses for full-time undergraduate students ranged from $28,840 for public four-year in-state students to $46,730 for public four-year out-of-state students and $60,420 for private nonprofit four-year students.

CollegeBoard also reported that in 2022-23, undergraduate students received an average of $15,480 per full-time equivalent (FTE) student in financial aid: $10,680 in grants, $3,860 in federal loans, $850 in education tax credits and deductions, and $90 in Federal Work-Study (FWS).

“The questioning of the value of a bachelor’s degree has been going on for a while now, and it seems to have increased with the pandemic,” Rinehart said. “We can show you much data over time that having a bachelor’s degree does lead to greater returns.”

In addition to showing data, DU promotes its 4D Experience, or four dimensions of education that students gain: advancing intellectual growth, pursuing careers and lives of purpose, promoting well-being, and exploring character. “We don’t want families to think it’s transactional, come get a degree and you get a job,” Rinehart said. “We will help you develop those skills that help you be successful for the rest of your life.”

More than book smart

The lifetime benefits theme is part of the messaging at Metropolitan State University of Denver. “We are not only providing students with an education; we are changing lives,” said chief enrollment officer Long Huynh. “We are helping them in moving up in social mobility, getting out of poverty, and really starting a new life.”

The average age of undergraduate students at MSU Denver is 25, and staff work closely with these nontraditional learners to help them navigate financial aid, participate in hybrid learning, connect with employers and hear success stories from alumni. “Our approach has been a personalized approach,” Huynh said. “We’re meeting students where they are and one student at a time.” MSU Denver’s fall enrollment was 2% higher than last year, due to increased student retention and expanded concurrent enrollment programs, in which high school students take college courses.

At Colorado School of Mines, the focus is on opportunities available for students of engineering and applied science. “We are STEM only, that’s all we do,” said Lori Kester, associate provost of enrollment management. “We really focus on that career readiness and that career outcome for students.”

The career center at Mines is very strong, Kester said, and students are aware of it from day one. The school also focuses on making sure students will be the right fit. In addition to attracting traditional students, Mines partners with community colleges to provide students with opportunities to transfer, through pathways programs such as Mines Academy at Red Rocks Community College, and others.

Providing flexibility around online learning is another way to remain relevant for students of all ages. “I think that students that went through virtual high school during the pandemic learned I can handle this, but I can’t handle it for everything,” said Chris Beiswanger, executive director of enrollment management at University of Colorado Colorado Springs. “Adults say, I don’t have the luxury of going to campus and meeting people every time. I need flexibility to do this on my terms.”

As for offering affordable tuition, UCCS notes on its website that students on average graduate with a debt load of approximately $25,500, compared to the national average of $35,000, and recommends utilizing scholarships, financial aid programs and on-campus employment options, to help defray the costs of education.

UCCS also keeps an eye on which programs are generating increased interest. “We are seeing a rise in students wanting to be therapists and mental health counselors, and you can’t do that without an advanced education,” Beiswanger said. “College is still a floor raiser. That’s still the promise and aspiration of higher education.”

Approaching the Enrollment Cliff

Higher education will soon face the “enrollment cliff.” The term refers to the shrinking college-age population that will occur over the next few years, due to decreased birthrates during the 2008 recession. Fewer high school graduates will result in fewer applicants to colleges and universities, but area leaders are not worried.

“It’s more of a slope,” said Tony Frank, chancellor of the CSU System. “A cliff sounds like you walk up and you’re surprised. Anyone surprised by declines in enrollment, which have been happening the last few years, hasn’t been paying attention.”

CSU has responded by meeting the shifting demands. Students want to study subjects they are passionate about, and parents want affordability, quality and safety. The university examined whether to eliminate certain programs that had low enrollment, and made some high-profile investments in buildings, as enrollment can be affected by potential students’ first impressions of the campus.

“Enrollment has gone back up, resident and non-resident,” Frank said. “A lot of success is rooted in questions we asked 15 years ago.”

At Colorado College, the focus has been to recruit from a national population of high school graduates. For the 2023-24 school year, 21.6% of enrolled students were from Colorado, 11.8% from the West, and 5.8% from the Southwest. The rest were from other states, and 5.9% international.

“We are looking to shore up our position in the Rocky Mountain West and West, make sure we are the college of choice in the region,” said Tony Cabasco, vice president for enrollment. “At the same time, we recruit students across the nation.”

At CU Boulder, the preferred term is “demographic decline.” “Equating that decline to a cliff-like drop is not reflective of the data,” said university spokesperson Nicole Mueksch. While the number of high school graduates is expected to decrease in coming years, the minoritized population, which is increasing as the U.S. population becomes more diverse, is having increased rates of college participation.

CU Boulder admissions professionals visited 300 more high schools during this fall travel season compared to last year, and faculty and staff will continue to develop and offer programs that will meet future students’ needs. “The demographic decline will create additional competition between colleges and universities,” Mueksch said. “All of higher education will have to continue to innovate to offer programs that are meaningful to prospective students and that will prepare them for the future.”