Despite high-cost toll, Pell Institute study finds students of color believe higher education well worth the investment

With the release of the new study, what are the top key messages for institutions of higher learning, policymakers, education researchers, and philanthropic foundations?

Breen: The key takeaway is that we should broaden our understanding of the value of higher education by recognizing and addressing the barriers marginalized students face, so they can fully benefit from and maximize the benefits associated with their attendance and attainment. Institutions, policymakers, and philanthropic foundations should work to remove obstacles that limit access not only to economic mobility, but also to personal and social growth. This requires investing in affordability efforts, mentoring opportunities, TRIO programs, and paid learning opportunities to ensure that Black, Latinx, and Indigenous students can thrive without unsustainable debt.

It's also crucial to apply an equity lens and view students as whole individuals with intersecting identities that influence how they experience and value their education. We found that their perceptions of value were deeply personal and unique, driven by their lived experiences, identities, upbringing, and culture. Using a holistic approach when working with students will provide us with additional insights on how to forward and tap into existing programs and practices that best align with their needs.

What are perhaps the most surprising findings in the new research?

Brunt: One surprising observation was the consistency in responses. Most participants shared similar feelings about their college experiences, regardless of their backgrounds. This indicates that, despite the rising costs, students still believe that college is 'worth it.'

Breen: The new research also reaffirms what we’ve long understood about the multifaceted value of higher education for historically marginalized students. What stands out is the need to translate these insights into actionable programs and policies that capitalize on the benefits students see in their college experience. This includes increasing investment in interventions that benefit students, like participating in TRIO programs at their respective institutions.  Top of Form

Student debt continues to rise for many, along with tuition rates at most colleges and universities. These realities are prompting some to question the value of higher education. How would you go about convincing naysayers that they’re wrong?

Breen: It's important to acknowledge that concerns about student loan debt and rising tuition rates are absolutely valid, particularly for historically marginalized populations such as Black borrowers who are disproportionately impacted by these financial burdens. The data clearly demonstrates the need for systemic reform in higher education financing. When financial barriers are reduced or removed, the holistic benefits of higher education become more accessible.

College is not just an economic investment; it cultivates critical thinking, problem-solving, and interpersonal skills that are essential for navigating complex, real-world challenges. Students also gain access to new networks and opportunities to engage with diverse perspectives and ideas, which are invaluable in both their personal and professional development. If we focus solely on the cost and neglect these other benefits, we risk overlooking the transformative potential of higher education. By addressing affordability and making systemic changes, we unlock the full range of advantages that college offers.  

Aside from the potential value to individual students, in what ways does higher education contribute to the public good and how can that message be best conveyed?

Brunt: Higher education contributes to the public good by increasing employment opportunities for graduates, which leads to higher tax revenues. When more people are employed and earning higher wages, they pay more in taxes, which, in turn, supports essential public services and infrastructure. This not only benefits individuals but also strengthens the overall economy, providing resources that help improve communities and the country as a whole.

People with more education are also more likely to vote, volunteer, and are less likely to commit crimes. So, considering the snowball effect, with more people receiving the holistic benefits of higher education and becoming positive influences for friends, family members, and potential children, these loved ones become the next set of college-educated role models. This increase in college-educated people contributes to our nation’s economic and civic well-being.