In 1947, the Truman Commission proposed that financial barriers should never stop a promising student from accessing a college education. In 1965, the Higher Education Act aimed to turn this vision into reality by expanding access. But today, the path
to prosperity through a bachelor’s degree is strewn with obstacles for many prospective students. At the same time, the narrative surrounding “non-traditional” credentials like associate degrees and professional certifications continues to undermine
their promise as viable options for achieving success.
Let’s look at the stats: more than 60% of Americans over 25 don’t have a bachelor’s degree. Yet the wage gap between those with and without one keeps growing. The cost of that particular credential keeps rising too, putting it out of reach for many.
At New Futures, we believe it's time to rethink the one-size-fits-all approach to higher education. While bachelor’s degrees undeniably hold value, they are not a viable solution for every career
aspiration or life circumstance, especially not as a first step. A four-year degree opens doors, but it’s not the only path to realizing a career.
Consider community colleges and associate degrees. These institutions serve over 10 million students annually, making up nearly half of all undergraduates. They offer accessible, affordable education and train a diverse, skilled workforce. Graduates enter
the job market quickly, ready to make positive contributions to both the economy and their communities. Short-term certificates pack a career-boosting punch, too. Whether industry-backed or stackable, professional certifications let people efficiently
gain expertise in areas like data analytics, hospitality management, and web development. And for students who choose to continue on to complete a four-year degree, they are able to earn more funds while in school by completing a short-term credential
first.
At New Futures, we've seen this firsthand. We are the only organization in our region supporting systemically excluded young people as they leverage the opportunities of shorter-term post-secondary degrees to pursue high-growth careers and financial stability.
To date, New Futures Scholars have earned 420 degrees and certifications and nearly 90% of our Scholars complete their credentials.
Financially supporting our scholars to pursue these credentials, paired with highly trained proactive advisors, has helped us move our scholars into professional roles in their chosen fields—many of whom have better earning potential in careers that do
not require a four-year commitment. As a result, our alumni have a higher financial well-being than the average American.
But even as alternative credentials' value rises, bachelor’s degrees remain atop the pedestal. Degree inflation has become a contributor to the various skill gaps present in our national workforce. In an article earlier this year, Forbes discussed this
problem and highlighted how it creates issues in our economy. They pointed to a study from CompTIA that examined nearly 500,000 entry level job postings, revealing that nearly 60% of them required four-year degrees. In a world where almost all
job applications are online, this automatically excludes the majority of the population who lack a degree or hold credentials less than a four-year degree.
While this issue remains significant, there have been a few examples of degree deflation. Larry Hogan, former governor of Maryland, declared in 2022 that many jobs statewide were doing away with degree requirements. While this is a step in the right direction, to see a greater impact, more employers across the nation would need to follow suit. This point is
not to suggest that all jobs should eliminate education requirements. Instead, it suggests that many jobs shift focus on specific skill-based credentials.
Tech giants like Alphabet and Salesforce are now addressing skills gaps in-house, creating their own credentials and proprietary training programs. These types of industry certificates give people the exact skills needed for an evolving job market and
reinforce the idea that a four-year degree is not the only measure of a potential employee’s value.
So where does this leave us? With the need for versatility, efficiency, and a greater investment in alternative postsecondary options. A bachelor’s degree remains a solid choice for many. But it should not eclipse shorter, faster pathways to skills offered
by associate degrees and professional certificates. Ultimately, skills are the currency that matters most to employers.
We have fought for equity of access for decades. But equality means meeting people where they are, not where we want them to be. It means opportunity and multiple routes to success.
Higher education institutions and employers have tremendous power to influence the evolution of the postsecondary landscape. It’s time to break free from convention and reshape education and workforce into systems that celebrate the many paths to purpose
and prosperity. The future starts now.
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