For decades, American’s young adults obtained more college degrees than those in other countries. Today, the U.S. college graduation rate ranks 12th out of 36 developed nations.
The U.S.’s inability to produce more college graduates isn’t just a threat to the future of our young people: it could, if not remedied, weaken the country’s ability to compete in a global marketplace.
Only 40 percent of young Americans 25 to 34 have at least an associate degree, compared to 56 percent of young adults in Canada, the world leader in college graduation rates. For people of color, the college completion rate is even lower: only 30 percent of blacks and 20 percent of Latinos 25 to 34 have an associate degree or higher.
College graduates earn more over the course of their lifetime than those who only have a high school diploma. This extra money not only results in a better standard of living for degree holders but also includes a benefit for the American economy. If fewer people finish college, the result will be less revenue generated through property, income and other taxes.
Last year, President Obama announced the College Grad Initiative, which called for five million more college graduates by 2020. Strong in theory, we need to hear more on how and when this plan will be funded and implemented.
To ensure our young people travel smoothly from pre-school to college to college graduation, we need to monitor and assist them every step of the way through public, private and community partnerships.
The Bill and Melinda Gates Foundation has pledged $110 million towards improving remedial programs at community colleges to ensure those students have the support they need to complete their education. More philanthropic organizations must step up the way Gates did and work locally and nationally, at the elementary, high school and college levels, to ensure students have the academic and social tools they need to succeed in school. Additionally, the government must fully fund education support programs; an idea without dollars behind it is useless.
There has been much talk lately about investing in America. The best way to do that is to invest in our young people.
