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How does free college decrease the value of a degree?

It could be argued that college being free could actually decrease the value of a college degree. Since everyone can afford one, it may become more commonplace and could lower salaries for those who already have a bachelor's and those who graduate.
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Does free college decrease the value of education?

Tuition-free college doesn't necessarily equate to a better education. In fact, it may diminish quality. For one, free college promises to boost enrollment, which could lead to overcrowding and require universities to expand infrastructures, add faculty, and bolster student services to accommodate enrollment growth.
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What are the negative effects of free college?

The possibility of a decline in educational quality in free college programs is a major source of worry. Institutions may become overcrowded when more students enroll, using their limited resources. Less individualized attention for students in larger classes may have an impact on how well they learn.
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How much money would be lost if college was free?

Less than 1% of the $5.3 trillion annual federal budget could be used to make college free for all. A First-Dollar tuition-free program would cost $58 billion the year it is implemented. Over an 11-year time frame, a First-Dollar Tuition-Free program would cost a total of $800 billion.
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Has the value of a college degree decreased?

The Declining Value of College Degrees

And according to Gallup, the percentage of U.S. adults ages 18 to 29 who view college education as “very important” dropped from 74% to 41% in just six years.
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Growing Number Of Americans Questioning The Value Of College Degree

Why are degrees losing value?

College degrees weren't common a few decades ago, so when someone had one, it helped them stand out while applying for different positions. However, with access to student loans and scholarships, more people than ever before have attended college, and now a degree no longer holds the value it did before.
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What is the devaluation of a college degree?

Credential inflation refers to the devaluation of educational or academic credentials over time and a corresponding decrease in the expected advantage given a degree holder in the job market. Credential inflation is thus similar to price inflation, and describes the declining value of earned certificates and degrees.
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How would free college affect the job market?

Economic Growth and Innovation

Investments in the education sector, especially when free college is offered, can have an exponential impact on a country's economic structure. A workforce with a strong foundation in higher education always increases productivity, resulting in total economic prosperity.
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Who would benefit most from free college tuition?

Using nationally representative data on in-state students at public institutions, I find that students from higher income families would receive a disproportionate share of the benefits of free college, largely because they tend to attend more expensive institutions.
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Why is college tuition so expensive?

Lack of regulation of tuition costs, along with increased expenses, raises total costs for students. Administrative overhead and demand for more student services also increase costs.
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What are 3 reasons college should not be free?

To summarize, here are the 7 reasons why free college is a bad idea:
  • Student loan defaults will increase.
  • Completion rates will decrease.
  • Property taxes will increase.
  • Persistence among college students will decrease.
  • Private colleges will suffer enrollment declines and financial hardships.
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Would free college hurt the economy?

To rebuild America's economy in a way that offers everyone an equal chance to get ahead, federal support for free college tuition should be a priority in any economic recovery plan in 2021. Research shows that the private and public economic benefit of free community college tuition would outweigh the cost.
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Would free college deepen inequality?

In practice, free college programs are often regressive and can do more to exacerbate inequality than solve it. While the design of the particular program matters, free college initiatives nearly always fail to address the needs of low-income students and shift resources to the upper middle class.
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How would free college negatively affect the quality of education?

Free College Would Negatively Affect the Quality of Education. Cutting spending on other areas, such as education research and development to accommodate more students could also compromise the quality of teaching.
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Who benefits the most from college?

In other words, individuals with relatively disadvantaged social backgrounds, or those with the lowest probability of completing college, benefit the most, rather than the least, from completing college.
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What are the positive externalities of free higher education?

While not always easy to measure, according to Walter McMahon, the positive externalities to education typically include better health outcomes for the population, lower levels of crime, a cleaner environment and a more stable, democratic government.
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How would tuition free college reduce social stratification?

Also, when more people have access to a college education, the number of employable people for high-skilled jobs increases. This means that more people will join the workforce, which could help lessen the wealth gap between the upper, middle, and lower classes.
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Is the benefits of college worth the cost?

College graduates still enjoy higher earnings than the average U.S. worker. The U.S. Bureau of Labor Statistics (BLS) reports that in 2022, bachelor's degree holders took home a median wage of $1,432 per week, while workers with just a high school diploma earned only $853. That's a difference of 68%.
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How does college benefit you?

Increased Marketability

Having a bachelor's degree will keep you in demand as the need for skilled, college-educated workers continues to rise. Over 80 percent of jobs in four of the fastest-growing occupations—healthcare, STEM, education, and government services—demand postsecondary education.
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Why should college tuition be lowered?

Many students will have to take out loans because of the high college tuition prices, therefore leaving them in a lot of debt. This will lead to a build-up of stress and a lack of financial stability. That will then cause them to make less-sound financial decisions and be held back from financial growth.
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How does college affect the economy?

Why Is Education Considered an Economic Good? Education tends to raise productivity and creativity, as well as stimulate entrepreneurship and technological breakthroughs. All of these factors lead to greater output and economic growth.
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What is the most regretted college degree?

Here are the top 10 most regretted college majors, based on the number of graduates who would choose a different major if they could do it over:
  • Journalism: 87%
  • Sociology: 72%
  • Liberal arts & general studies: 72%
  • Communications: 64%
  • Education: 61%
  • Marketing management & research: 60%
  • Medical/clinical assisting: 58%
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Does university degree still have value?

College is a good investment

By 2021, the difference had grown to 62 percent (and closer to 90% for workers with graduate degrees). Currently, California workers with a bachelor's degree earn a median annual wage of $81,000.
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Are degrees still valuable?

On average, individuals with a bachelor's degree, over their lifetimes, will make $1.2 million more than those without a college degree. More importantly, they have had a lifetime of benefits including healthcare for themselves and their families, as well as retirement.
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