As President Joe Biden’s $2 trillion social spending package has made its way through Congress, some of Democrats’ most ambitious higher-education plans, such as wide-scale student-loan forgiveness, have been abandoned. One comparatively modest provision has survived, however: a $500 million investment to help students already enrolled in college complete their degrees. Congress would be wise to preserve it.
Nearly 40% of U.S. undergraduates fail to complete their degrees within six years, with the problem most acute among minorities and those enrolled in two-year community colleges. More than seven in 10 Black community-college students fail to earn credentials within six years, with half leaving school altogether. Black and Latino students who attend four-year schools fare slightly better, but still lag far behind other groups. Just half of Black students enrolled in four-year public institutions earn degrees within six years, compared with 80% of Asians and 73% of white students.
Failing to finish college within a reasonable time carries long-term costs. Fewer than 15% of those who leave school before earning a degree ever re-enroll. Students with some college but no degree have lower average salaries and higher unemployment rates than those who graduate; they’re also three times more likely to default on their loans. Stagnant completion rates may be worsening labor shortages in fields such as nursing, manufacturing and construction.
A variety of factors can impede a student’s path to graduation. Poor preparation is one: As many as 60% of all first-year students have to take remedial courses before they even begin earning college credits, losing time many never make up. Adult learners, who make up 40% of current college students, often see their academic progress derailed by child care and work demands. Unplanned financial setbacks can make the cost of school prohibitive for low-income students, even for some who have nearly finished their degrees.
