The college experience today differs greatly from the college experience of the past. Prior to the mid-twentieth century when federal institutions began making comparisons among schools based 
on education and value, the presence of minimal student advising and student services led to low retention and graduation rates, even among the homogenous population (Thelin, 2015). In the twenty-first century, students and parents demand posh and expansive living quarters, omnipresent technology, and creature comforts along with a well-rounded education (for further information, see http://abcnews.go.com/Nightline/video/nightline-luxury-university-colleges-offer-water-parks-upscale-26174791). Colleges battle between keeping tuition and fees affordable and catering to the students’ demands.
Roughly one third of high school graduates attend college. Universities seek to mimic the population through diversifying the campus. In the past, colleges relied on Affirmative Action as a way to diversify the student body. However, recent colleges find alternative solutions to enhance diversity such as considering income, native language, grades, class rank, and overcoming obstacles (Carnevale & Rose, 2003; Gonzalez, 2014). Nonetheless, Blacks and Latinos remain underrepresented on the American college campus. Employers often require a bachelor’s degree for entry-level jobs. This demand leads to a job-market over saturated with people holding a bachelor’s degree. The supply of educated workers exceeds the demand; subsequently, college graduates find difficulty in obtaining a job remunerating enough to pay back student loans comfortably. The inability to gain higher compensation as well as the vast number of students seeking a college degree fuel the debt crisis, which serves as America’s largest personal debt problem. (for more information see Student Debt Crisis at https://www.youtube.com/watch?v=4sbBTyxNOMc)
If parents and students perceive college as expensive, then why do students continue to pour into campuses? Students want the money and the college experience. “A typical bachelor’s degree recipient earns about 66 percent more than a high-school graduate during a 40-year career” (Selingo, 2012). Therefore, money motivates student consumers to obtain an undergraduate degree. The experience also drives students. The college experience involves more than textbooks, homework, and classrooms. Universities provide student services and social involvements to balance the education and provide a co-curricular transcript aimed at helping graduates secure a profitable job. The college campus and student demands changed over the past few decades. Savvy traditional students know what the college experience looks like. Students today prefer expansive living quarters, entertainment areas, world-class cuisine, and shopping to compete with the homes, gyms, restaurants, and malls to which students are accustomed. Additionally, universities wish to provide living-learning communities, fraternities, sororities, student government, and other service and causal organizations and activities to students. These amenities and services in addition to technology hardware, software, and staff make it difficult for universities to curtail costs.
Colleges continue to compete for students and students continue to pursue a college education complete with the “experience.” It remains difficult to assess the true value of a college education since college involves more than exams and textbooks experienced with a sage on the stage. The college experience provides students with leadership and inclusion opportunities, service projects, maturation time, and self-discovery. The perceived value gap exists between what students and parents pay for tuition and fees versus the financial and societal gains of degree attainment. Research shows that people who hold a bachelor’s degree tend to earn more over a lifetime career. Therefore, while cumbersome, student loan debt should even out with compensation in a person’s working lifetime. However, it remains difficult to assess the true value of an education when one considers the co-curricular activities, the leadership opportunities, the critical thinking skills, and the self-development. As college student attendance and campus amenities grow, how will colleges find a balance to keep costs low and still please their customers?
Jasmine Majkowski, MA
Doctoral Student, Doctorate in Leadership Program at Hardin-Simmons University
Adjunct Instructor, McMurry University and Hardin Simmons University
References
Carnevale, A. P., & Rose, S. J. (2003). Socioeconomic status, race/ethnicity, and selective college
admissions. New York, NY: Report for the Century Foundation.
Gonzalez, M. (2014, July 7). How the University of Colorado overcame a threat to diversity. Retrieved
Selingo, J. J. (2012, January 12). The value gap [Web log comment]. Retrieved from
http://www.huffingtonpost.com/jeff-selingo/the-value-gap_b_1201395.html
Thelin, J. R. (2015). Why did college cost so little? Affordability and higher education a century ago.
Society, 52(6), 585-589.
Ponderings 