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Is college worth it? It could be so, but students need to have better information about what a university education can lead to.
According to a recent report in Colorado, residents who have completed college fare significantly better than their counterparts. In fact, those who complete a bachelor’s degree outearn residents with only a high school diploma by several hundred dollars per week.
The 2023 Annual Higher Education Return on Investment Report commissioned by lawmakers provides a high-level look at how Colorado students fare if they earn an associate degree, associate degree or bachelor’s degree. This year’s report shows that debt taken on by college graduates has declined and job demand is expected to grow, but wage gaps remain for college-educated residents.
Data shows that white and Asian American graduates earn more than black and Hispanic graduates.
Advocates said the information in the report is necessary to help students decide whether or not they should go to college. They also say the state could go further by offering more information students can use, including which college programs benefit them most.
The report helps build a collective understanding of what students can expect if they go to college, said Ednium’s Tiray Esquibel, executive director of the alumni group. In recent years, students, especially those from low-income backgrounds, have increasingly wondered whether they will go to college due to rising tuition fees and debt.
Esquibel said more data helps students not only decide whether they want to attend, but which college to attend. His organization provides Denver Public Schools graduates with resources to prepare themselves for college and careers.
He said he hears from students who want to understand whether they will be able to care for their family or give back to their community by going to college. They don’t want to be stuck with high debt and no support once they graduate.
“Students should be able to ask: ‘If I make this investment, what will I get out of it?’” Esquibel said. “I don’t know anyone who can invest four years and perhaps tens of thousands of dollars without being able to ask the question: What can I expect?”
Here are three takeaways from this year’s report.
Graduates leave with less debt
This year’s report reaffirms that higher education continues to matter.
About 91% of jobs in Colorado that have the potential to provide an income that can support a family of three require some education beyond high school – either an associate degree, associate degree, or bachelor’s degree.
However, student debt can reduce students’ ability to earn enough money to support themselves.
The good news is that the total amount of debt among graduates of public colleges and universities in Colorado has decreased in recent years. Colorado students who earn bachelor’s degrees carry an average debt load of $25,200 in 2022, down $1,300 from 2016. Community college graduates leave with about $12,900 in debt, down $900 over the same time period.
Van Scholes, senior policy director at the Keystone Policy Center, said the data surprised him, but it shows there’s a greater return on going to college now. The nonprofit works with policy leaders on controversial topics to reach common ground.
“I think this is a really bright light for Colorado,” he said.
Job growth in Colorado continues to look promising
Across Colorado, job growth among the most in-demand jobs will continue to grow at 1.3% over the next five years.
The health care and social assistance jobs sector – which includes nurses, youth and family social workers – is expected to see the largest increases, growing by more than 35,000 jobs.
But Colorado has struggled to fill many jobs, with two jobs available for every unemployed person.
Katie Zaback, vice president of policy at Colorado Succeeds, said she hopes the data will be shared widely across the state and in a way that is useful to students. Colorado Succeeds is a coalition of business leaders interested in improving education and training for students.
“We need to do more to help students understand what these programs are, what kind of jobs they lead to, and what the demand is for different jobs so they can make smart choices about what they want to pursue,” she said.
There are still large gaps regarding who benefits most
The report shows that Black and Latino Coloradans who graduate with bachelor’s degrees earn less than their peers.
The report says these pay gaps have decreased slightly in the past decade. But the state must also do more to promote integration into the state’s workforce, according to the report.
Esquibel said equitable access to information about college should be key to attracting more students from low-income backgrounds who are interested in what college has to offer.
He said he hopes the report will not only be read by policymakers, but presented in a way that is accessible to teachers, students and families.
“We are seeing a large group of students who come from low-income backgrounds turning away from college because no one can give them a concrete sense of what their return on investment will be,” he said.
Jason Gonzalez Reporter covering higher education and the Colorado Legislature. Chalkbeat Colorado partners with Open campus Concerning coverage of higher education. Contact Jason on jgonzales@chalkbeat.org.
A new report has delved into the value of college for residents of Colorado, shedding light on the economic and social benefits of pursuing higher education in the state. The report outlines the return on investment for individuals who choose to pursue a college degree and the overall positive impact on the state’s economy. With an emphasis on the long-term benefits of higher education, the report aims to inform and inspire Colorado residents to consider the value of pursuing a college education.