As the nation’s collective student loan debt burden continues to surpass all other types of debt besides mortgages, it’s becoming less likely that borrowing money to go to school will result in a college degree.
That’s according to new report from the centrist think tank Third Way, which said it found “stunning levels of institutional failure” in looking at outcomes for the roughly 1.7 million students who take out hefty loans to pay for school each year.
“Analyzing data from the Department of Education’s College Scorecard, we found that nearly half of these students aren’t graduating, many students aren’t earning sufficient incomes even years after enrollment, and far too many are unable to repay their loans,” the organization said in its report.
According to the findings, full-time freshman students attending typical four-year private, non-profit colleges have only a 55 percent chance of graduating within six years. Students who fail to earn a degree within six years are unlikely to finish at all.
Of the students who do graduate, only 63 percent earn more than $25,000 a year six years after graduation.
“This degree of institutional failure goes well beyond the current discussion about rising tuition costs to the very essence of what colleges spend billions of dollars purporting to do: provide an education worthy of the time and cost associated with it,” wrote the report authors Tamara Hiler, Lanae Erickson Hatalsky and Megan John. “And this analysis begs the question, what can be done about the quality crisis in our nation’s colleges?”
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