New Report Highlights if there’s Value of a College Degree in Colorado
A recent report commissioned by lawmakers in Colorado has shed some light on whether there are advantages with obtaining a college degree.
The findings reveal that residents who complete a bachelor's degree significantly out earn their counterparts with only a high school diploma, by several hundred dollars a week.
The 2023 Higher Education Return on Investment Report, provides a comprehensive overview of how Colorado students fare based on their educational attainment, whether it be a college certificate, associate degree, or bachelor's degree.
While this year's report shows a decline in the debt held by college graduates and predicts growth in in-demand jobs, there are still pay gaps that exist for college-educated individuals.
According to the data, white and Asian American graduates tend to earn more than Black and Hispanic graduates. This information is crucial for students who are contemplating whether pursuing a college education is the right choice for them. Progressives argue that the state should take further action by providing students with more detailed information, such as which college programs offer the most benefits.
The report reinforces the importance of higher education, as approximately 91% of Colorado jobs that can provide a sustainable income for a family of three require some level of education beyond high school.
However, student debt remains a concern, as it can hinder students' ability to earn enough money to support themselves.
The good news is that the report shows a decline in the total amount of debt among Colorado public college and university graduates in recent years. In 2022, bachelor's degree holders carried an average debt load of $25,200, a decrease of $1,300 compared to 2016. Community college graduates, on the other hand, leave with an average debt of about $12,900, down by $900 during the same time period.
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Job growth in Colorado is expected to continue, with the top in-demand sectors projected to grow by 1.3% over the next five years. The healthcare and social assistance job sector, which includes professions like nurses and youth and family social workers, is set to experience the greatest increase, with over 35,000 new jobs anticipated.
Colorado has faced challenges in filling many job vacancies, with two available jobs for every unemployed person. This emphasizes the need for individuals to pursue higher education and acquire the necessary skills to meet the demands of the job market.