WELCOME College Success through Financial Literacy.

WELCOMECollege Success through

Financial Literacy

The Value of a College Education

Dr. William L. VanderburghExecutive Director

Office for Faculty Development and Student SuccessWichita State University

My Plan Today

1. Higher Ed: Needs vs. Current Situation2. Why students drop out (and how we can help)3. Completing college is beneficial4. Chief value of college: “transferrable skills”

Aspirational Goals

“By 2020, America will once again have the highest proportion of college graduates in the world.”

– President Barack Obama, February 24, 2009

Hard Facts

• USA rankso 27th of 29 wealthy countries in proportion of

science/engineering graduateso 48th of 133 nations in quality of math and science

instruction

• Employers are already having a hard time finding enough skilled workers, and it is predicted to get worse.

National Persistence and Graduation Rates

• At “four-year” universities:– Only about 75% of freshmen return for a second year.– Only about 50% of freshmen earn a degree within six years

of starting college.

• The statistics are even worse at community colleges

The Greatest Tragedy in Higher Ed

The Greatest Tragedy in Higher Ed

• A huge proportion of students who borrow for college fail to earn a degree, leaving them with the double whammy of student debt and no credential to help them pay it off.

Academically Adrift, Arum and Roska (2011)

“How much are students actually learning in contemporary higher education? The answer for many undergraduates, we have concluded, is not much.”

“Three semesters of college education. . .have a barely noticeable effect on students’ skills in critical thinking, complex reasoning, and writing.”

We need more college graduates,

and they need to be better educated.

11 Reasons for Dropping Out1. Homesickness and feeling that you don’t fit in.2. Educational burnout.3. Academic unpreparedness.4. Personal or family issues. 5. Financial constraints.6. Too much fun — but not enough education. 7. The school isn’t a good academic fit for the student. 8. Setting sights on the wrong major. 9. No guidance or mentors.10. External demands, particularly within part time or full time

employment.11. External reasons (weather, romantic partner, etc.)

12 Factors Influencing Drop-OutNon-Academic

1. Academic goals2. Academic self-confidence3. Academic-related skills4. Contextual influences5. Institutional commitment6. Social support7. Socioeconomic status8. Achievement motivation9. General self-concept

Academic

1. ACT Score2. HS GPA

Effect strength:Strong

ModerateWeak

One way it matters…

“Given time and money, college was worth it.” (89% “yes” across 22 institutions—2010 ACE study)

Why do employers and graduates think a college degree is valuable?

• College isn’t (just) job training.– Personal growth. (What kind of life do I want, what

kind of person do I want to be, how will I make the world a better place?)

– Completing college demonstrates fortitude, commitment, resilience, ability.

– Learn to learn.– TRANSFERABLE SKILLS

The “I”-shaped professional of the past

The “T”-shaped professional of the future

The “System of Systems”1. Transportation2. Water3. Food4. Energy5. Information6. Buildings7. Retail8. Banking9. Healthcare10. Education11. Cities12. States13. Nations

The “T”-shaped professional of the future

Some Transferrable Skills College Teaches

• Written and oral communication• Teamwork and leadership• Critical thinking and judgment• Project management• Global understanding; perspective; understanding

organizational culture• Research skills, willingness and ability to learn independently• Ability to innovate; ability to navigate “grey areas”

No single major has the market cornered on transferrable skills

– Breadth of exposure in college is important, as is conscious development of skills, attitudes and experiences.

– The traditional “liberal arts” teach many of these skills extremely well, even if those majors don’t lead directly to careers.• Contrary to popular stereotype, philosophy majors do

extremely well in the world of work.

Our Challenge

• Help students, especially those from underrepresented groups, find ways to afford going to college—and to excel while they are there—so that the value of college is maximized for individuals and society.