THE POINT OF COLLEGE

Soon after the 2008-9 financial crash tanked the economy, Americans' unflagging faith in higher education started to falter. By 2011, more than half of college graduates were unor underemployed. The economy rebounded and the conversation faded, only to be revived again by the epic fallout from the pandemic. This time, the college degree's comeuppance has been more profound.

- JENNY ANDERSON

In 2019, Americans ranked “preparing for college” 10th on a survey conducted by Populace, a nonpartisan think tank, which asks respondents every year to rank answers to the question “What is the purpose of education?” In 2022, respondents ranked it 47th out of 57 items.

“The value proposition of college may not be what it once was,” says Todd Rose, co-founder of Populace. He’s clear that the data say not that it’s not valuable, but rather that a prioritization of careers, and the pursuit of meaningful work, has surpassed it. People want it to be on the menu, but not to be the menu.

In 2009, 70% of recent high school graduates enrolled in college. In 2021, that figure was 61.8%, about where it was in 1994. What happened?

In the Populace study, the No. 1 purpose for the fourth year in a row was that “students develop practical tangible skills” such as managing one’s finances and preparing meals. Other highly ranked measures included thinking critically to solve problems and make decisions, and demonstrating character. Being prepared for a career ranked sixth, up from 27th before the pandemic.