Public sentiment about higher education altered considerably over the past decade. More Americans are questioning the value of a 4-year degree. And I have to confess that even I—someone who has spent my career enmeshed in higher education—have come to understand and, to some extent, share their perspective.

It wasn’t long ago that I felt differently. I remember in 2012, when Rick Santorum called President Obama a “snob” for wanting “everybody to go to college.” My higher education (and, yes, political) bias compelled me to discount Santorum’s statement immediately. While his delivery was crass and inflammatory, I can look back now and admit that he had a point—at least within the context of traditional education and the 4-year degree.

Rethinking the Value of a 4-Year Degree 

The value of a college education, and specifically a 4-year bachelor’s degree, is somewhat in the eye of the beholder. I don’t agree with evaluating the cost of college solely against a monetary ROI. The college experience, the safe space a campus can provide, the opportunities for exploration and personal growth: those are benefits that don’t have a price tag attached.

However, the economic factors and related trends are impossible to ignore. Over time, several factors have contributed to my new perspective on the value of a 4-year degree:

1. Rising college costs and ballooning student debt balances

With college tuition costs rising year over year and student loan debt in the US totaling nearly $1.8 trillion, borrowers are understandably “struggling under the weight of education debt.” The return on investment simply isn’t what it used to be, especially for non-STEM careers like social work and teaching.

2. Difficulty balancing school with work and family 

Earning a 4-year degree requires not only a significant financial investment but also a large investment of time. Many wage-earners responsible for supporting themselves or their families can’t commit to pursuing a 4-year degree full-time. These folks may prefer to follow alternative pathways, like obtaining microcredentials.

3. The concept of “just enough” education 

Can a traditional college education lead to positive outcomes cognitively, mentally, financially, and otherwise? Yes. Is it the only path to a prosperous future? Absolutely not. I’ve come to really appreciate the concept of “just enough” education, which acknowledges that people can be successful entrepreneurs, tradespeople, and more without a 4-year degree. Moreover, the rapid pace of change in technology means that learners may be better off dividing their investment in education over a period of years to keep up with the latest trends.

4. A shift toward skills-based hiring 

In recent years, major companies like IBM, Dell, and Google have ditched the prerequisite that employees need a college degree. This move makes perfect sense, considering only 37.7% of people in the US have a bachelor’s degree or higher; it’s not in any business’s interest to lock out nearly two-thirds of Americans from their workforce. The corporate world is making a statement about the value of a college degree, and their preferences inevitably impact the perception of higher education.

5. Getting out of the bubble

This factor is quite personal for me, but changing my environment has done much to broaden my perspective. After spending years in the Greater Boston area, a hub of academia teeming with colleges and universities, I relocated to upstate New York. Comparatively, there are fewer college degrees per capita, but no less intelligence, warmth, or success. I’ve seen firsthand that while college can be crucial for socioeconomic mobility, it does not predetermine happiness or fulfillment.

Higher Education Still Plays a Crucial Role in American Life 

Despite these factors, I don’t for a second believe higher education’s role in society will soon be obsolete. On the contrary: it has the potential to positively impact every person in this country (and the many individuals who come here from around the globe to experience the best higher education system in the world). We just need to adapt how we think about it and apply it to people’s lives.

There is much to criticize about higher ed in America. Still, colleges and universities remain some of the most important institutions in our society. Higher education comprises many opportunities for learning, and its value extends well beyond serving as an avenue for obtaining a 4-year degree. From research institutions making groundbreaking discoveries to community colleges teaching technical skills to universities providing online training to adults already in the workforce, there is so much potential for serving different people with different needs.

Failure to embrace these opportunities could be catastrophic. I foresee some schools that resist change closing down in the next 10-15 years. Enrollment rates are on the decline. And the latest in higher education news reports that students and their families are putting off college decisions amid a delayed rollout of the revised FAFSA form.

Higher ed faces an uphill battle to maintain its relevance in a changing world. Now is the time to show our communities all that it has to offer and offer multiple pathways for integrating into their lives.

I’ll continue to share higher education news and opinions here and on LinkedIn. I’d love to hear your thoughts, so please don’t hesitate to reach out.