The following opinion piece was submitted by Mary B. Hawkins, Ph.D., president of Bellevue University

The value of holding a degree has never been greater. With the majority of new jobs created expected to require some form of post-secondary education, it has never been more important for Americans to attain the education necessary to fill the high-tech, high-skill jobs of the future. The United States Census Bureau reports those with a degree will average a lifetime income of $2,048,204, while those without a degree average $1,116,600.

While most Americans understand the benefits of earning a degree, going further into debt weighs heavily on the minds of many considering going back to school. Recent data released from the Federal Reserve Bank of New York indicates that the nation’s total student loan debt recently surpassed one trillion dollars, more than all credit cards in the country combined. This high debt associated with earning a degree in many programs must be reduced and replaced with more affordable options. It is the responsibility of colleges and universities to increase financial accessibility to higher education by making it more affordable for men and women of all ages to earn a degree.

The truth of the matter is that Americans feel that many degree programs cost more than they should. As reported by a recent Bellevue University study “The Search for Affordable Alternatives: Rising Costs and Massive Student Loan Debt Put College Out of Reach for Many,” over two-thirds of Americans (68 percent) believe that degree programs currently cost more than they are worth. Additionally, 36 percent of the nation said that the cost of a degree has risen disproportionally to its value in the last five years. Students want to ensure they are getting the most out of the money they are investing into degree programs.

Unfortunately, many of the rising costs associated with getting a degree—student fees, room and board, and extracurricular fees—are not directly related to gaining the workforce skills and professional competencies necessary for success in the workplace. According to the College Board, costs associated with learning have increased as much as 130 percent in the last 20 years, while Americans are seeking degree programs that won’t push them further into debt than necessary.  As “The Search for Affordable Alternatives” reports, debt is still fresh on the minds of Americans:

• Nearly two-thirds, 64 percent, of Americans said that their level of debt has increased or stayed the same in the last three years.
• 55 percent of Americans said they would only pursue a degree if it would not put them into significant debt.

Making degree programs more affordable also makes them more attractive to potential students. As reported by “The Search for Affordable Alternatives,” 76 percent of Americans said that affordable costs would be important to them if they were to pursue a degree. As household budgets tighten because of rising costs, high unemployment, and hesitancy regarding debt, more students are going to turn to degree programs that provide a high-quality education at an affordable cost. The resources that students put into degree programs, both their time and money, need to be directly reflected in the preparedness they feel upon graduation. With the economy growing and the job market changing, many Americans are searching for affordable degree programs that will prepare them for the high-tech, high-skill jobs of the future.

About the Author

Today’s guest article comes from Dr. Mary B. Hawkins is the President of Bellevue University. One of the nation’s best-known authorities on adult education, Dr. Mary B. Hawkins has observed the American education scene for more than 30 years and is keenly aware that the future of American prosperity relies on a better-educated workforce. She is known for leading the charge to make higher education accessible to everyone. Her expertise has been featured in USA Today, Fox Business, New York Post, Wall Street Journal, LA Times, onlindegrees.com, national radio shows, pickthebrain.com, KUNS-TV Seattle, and dozens more.

About Bellevue University

Bellevue University is a recognized national leader in providing post-secondary education opportunities for working students. A private, non-profit institution, Bellevue University serves students at learning sites in three states, as well as worldwide through its award-winning online learning platform. Bellevue University is accredited by The Higher Learning Commission of the North Central Association of Colleges and Schools. For more information, visit www.bellevue.edu.