Eighty-five percent of parents see one path to success for their kids—go to college to earn a bachelor’s degree. Yet, while 70% of high-school graduates will follow that path, only about 30% will earn a degree ten years later.
Great expectations gone awry.
Most young persons that enroll say they plan to get a four-year degree eventually, but few actually do (self-control trap*). Once students take a break—a euphemism for drop out—family and work can make a return to school seem even harder than finishing it in the first place. Like Amelia Earhart and cheap gas, they never come back.
With underwriting from the Bill & Melinda Gates Foundation, researchers at Public Agenda surveyed more than 600 young Americans, ages 22 to 30, who dropped out of college. They examined why young people are motivated enough to start college, somehow find sufficient resources to enroll, but do not complete their degree. Their report, titled With Their Whole Lives Ahead of Them (2009), found that for many students the decision was dictated by four realities:
- Work/school balance. Full-time jobs, commutes, and children or parents who need care were by far the hardest challenge. Among adults ages 18 to 34 who are not in school and do not have a bachelor’s degree, two-thirds said a major reason for not continuing their education is the need to support a family.
- Financial problems. Some students who depended on part-time jobs to make ends meet saw those opportunities disappear. Others had family income drop due to layoffs or were unable to borrow the money needed to cover increasing college costs.
- Poor preparation. Finishing high school without being ready for college was another major reason why students drop out. Academic preparation is the most effective means of increasing the odds that students will receive their degrees, researchers say.
- Ineptitude. Students may not fully recognize the impact that dropping out without a diploma will have on their future personal economic success (projection trap*).
The high cost of failure.
The decision to pay tens of thousands of dollars for higher education is the first big decision most young people take, and one that, for better or worse, will shape the rest of their lives. But failing to complete one’s education carries a huge cost. If you took out college loans, you must still repay your debts. So, forget about buying a new car or a house.
Then there is lost income. In The Rising Cost of Not Going to College (2014), Pew Research found that college graduates aged 25 to 32 who are working full time earn about $17,500 more annually than their peers who have only a high school diploma. On average, a college graduate will earn $2.3 million over a lifetime compared to $1.3 million for those with a high school diploma, reports Georgetown University’s Center on Education and the Workforce (2011). That’s a big chunk of change, Chester—what could you do with a cool million more?
Your passport to opportunity.
“There are people who make claims that higher education is not a good use of your time: they’re just wrong,” says Google Chairman Eric Schmidt. For the vast majority of students, college is worth it no matter what their goal, argues Schmidt. “I appreciate it’s expensive and we need to fix that,” he says, “but figure out a way to do it.”
Research confirms that the best odds for degree attainment are when four years in high school are followed immediately by four years of full-time attendance in a four-year college (see: Who need Harvard?). Any departure from the traditional path has huge consequences to the likelihood of students succeeding. Don’t let college be where your dreams are put on hold!
Looking back, I wish I had gotten that degree. Four years seemed like a thousand years then. But I wish I would have just put in my four years.
~ Andy B., college dropout
* Questionable beliefs can “trap” our better judgment, leading to poor decisions and unintended consequences. In the self-control trap, we often fail to follow through on our intentions. In the projection trap, we often underappreciate how different tomorrow’s preferences will be from today’s. Learn more about this, and other traps, in the Young Person’s Guide to Wisdom, Power, and Life Success.
Image credit: “Lonely teenage girl” by Mitar Gavric, licensed from 123rf.com (2015).
