Transcript Welcome to the Conference!

WELCOME
College Success through
Financial Literacy
The Value of a College Education
Dr. William L. Vanderburgh
Executive Director
Office for Faculty Development and Student Success
Wichita State University
My Plan Today
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Higher Ed: Needs vs. Current Situation
Why students drop out (and how we can help)
Completing college is beneficial
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 ranks
o 27th of 29 wealthy countries in proportion of
science/engineering graduates
o 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 Out
1. 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-Out
Non-Academic
Academic
1. Academic goals
2. Academic self-confidence
3. Academic-related skills
1. ACT Score
2. HS GPA
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Contextual influences
Institutional commitment
Social support
Socioeconomic status
Achievement motivation
General self-concept
Effect strength:
Strong
Moderate
Weak
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”
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Transportation
Water
Food
Energy
Information
Buildings
Retail
Banking
Healthcare
Education
Cities
States
Nations
The “T”-shaped professional of the future
Some Transferrable Skills College Teaches
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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.