Narrowing America's Equal Chance Disparity: Prioritize Closing Opportunity Gap Over Widening It
College decision time is here once again, and this year, things are looking different. Instead of deciding where to attend college for the class of 2029, many high school seniors are contemplating whether they should even go to college at all.
The drop in college enrollment isn't a recent occurrence. Since 2010, over 650 colleges have shut their doors due to a decline in demand. The immediate enrollment rate, which measures the percentage of graduating high school seniors who enroll at a college the following fall, has been on a downward trend since 2009, with rates returning to levels as low as those seen in the 1990s.
Why the Drop in College Enrollment?
The primary reason for the falling enrollment is the increased cost of a college education. From 1980 to 2020, the cost of college rose roughly 1,000%, which is three times the rate of inflation over the same period. In today's money, college is three times more expensive than it was just a generation ago! Not surprisingly, when something's price triples, people take notice. In a recent survey, only 22% of US adults thought a college education was worth taking out loans for. Unsurprisingly, this financial burden is affecting lower-income families the most, widening the opportunity gap.
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The Impact on Different Demographic Groups
The college enrollment decline disproportionately affects specific demographic groups. Wealthier students have nearly a 100% chance of attending college, while those born into the poorest families have only a 30% chance. This impedes social mobility and contributes to the growing income inequality in the US.
Two Critical Questions
The question is, why should we care about this growing gap, and what can we do about it?
First, we should care because the opportunity gap means we're all missing out on many groundbreaking discoveries that could construct a better and more secure future. The rich have a vested interest in bridging this gap, as it will open doors to new ideas and innovations.
America's strength lies in its diversity and its willingness to take in people who otherwise might not have had opportunities. Our message to the world has always been, "We'll take your leftovers." But if we let the opportunity gap widen, we'll miss out on much of the raw talent hidden within those huddled masses. We need to take action to bridge this gap and recover our nation's commitment to providing opportunities for all.
The solution is simple: make college tuition-free. Many schools in the US have endowments worth over $1 billion. With this wealth, they could easily stop charging tuition and still maintain a balanced budget. For the schools lacking multi-billion-dollar endowments, a one-time $1 billion gift from the top 1% of American families could solve this problem.
In conclusion, the drop in college enrollment is due to the rising costs of a college education and the financial burden it places on families. This decline in enrollment disproportionately affects lower-income families and widens the opportunity gap in the US. As a society, we should care about this trend and prioritize making college affordable for all to ensure a better and more prosperous future. By making college tuition-free, we can take action, bridge the opportunity gap, and reap the benefits of a more diverse and innovative society.
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[1] Dyson, C., et al. (2019). Crisis in the Middle: Rising Debt and the Erosion of the Middle Class. Indiana University.[2] Baum, S., et al. (2020). Trends in College Pricing 2020. The College Board.[3] Carnevale, A.P., et al. (2019). The Economic Value of College Majors: Ranking of Postsecondary Degrees by Median Earnings Ten Years After Graduation. Georgetown University.[4] Lewis, J., et al. (2020). Planned Giving: A Preliminary Analysis of Endowments and Tuition Revenue. Federal Reserve Bank of St. Louis.[5] Conference of State Legislatures. (2021). Declining State Support for Higher Education Facts and Figures.[6] Chetty, R., et al. (2020). The Economic Mobility of Young Adults in the United States: Evidence from a Decade of Data. National Bureau of Economic Research.
- The rising cost of higher education, which has increased by over 1,000% since 1980, is a significant factor behind the drop in college enrollment, particularly affecting lower-income families and contributing to income inequality.
- The disproportionate impact of the college enrollment decline on specific demographic groups is impeding social mobility, with wealthier students nearly guaranteed college attendance compared to those from the poorest families, who have only a 30% chance.
- To address these concerns and bridge the opportunity gap, it's proposed that college tuition be made free, using the wealth of universities' endowments or a one-time $1 billion gift from the top 1% of American families to ensure inclusive access to higher education and a more prosperous future.
