Just how much do you get with a college diploma? A new report says quite a lot, actually.
According to data compiled by the University of Utah’s Kem C. Gardner Policy Institute, the salary gap between high school graduates and those with a bachelor’s degree in Utah is almost $20,000 a year.
In addition to higher salaries, college graduates also enjoy better economic stability, better health outcomes and are more civically engaged than those who chose to not pursue higher education.
“What I've always loved about higher education is that it has this remarkable transformational power in individuals,” said University of Utah President Taylor Randall during a Feb. 14 breakfast presenting the findings.
“Numbers are great and it bears out, but it's really the ideas and the passion underneath it that are driving all of those results that you see.”
But that rosy economic outlook doesn’t always translate to feelings on campus. Gov. Spencer Cox recently signed a law that eliminates diversity, equity and inclusion programs at K-12 schools, public universities and government agencies. That, combined with continued sentiment against DEI programs and affirmative action, have led to a feeling of unease for some on campus.
“My fear is that now, although the name might be removed, it's easier for a lot of people to forget that there are people who are not similar to them,” said Abukar Hassan, a first-generation college student and a finance major at the University of Utah.
“These are people who come from a very difficult background. How do you make sure that you still obtain [them] and make sure those students are still involved within the university and these public institutions?”
Despite state laws changing and national conservative sentiment against institutions of higher ed, Utah’s university presidents are still working toward their mission of providing a high-quality education to everyone.
“We're still charged with doing that, even with the changes that the legislature is talking about,” said Weber State University President Brad Mortensen.
“We abide by the laws that they pass, but we will also always figure out a way to make sure that that same creed that was developed at Weber State 135 years ago is still open so that we can serve all of our students, regardless of their race, ethnicity, background and first-generation status, income, status — any of that.”
At Utah State University, President Elizabeth Cantwell said her student body is “willing to engage” with lawmakers on these topics and how they are addressed on campus.
“They are ready to be out in the conversation and I think we need to give them a lot of credit because they know they have to live this for a long time.”
Beyond the state’s current politics at the Legislature, Utah’s economy remains robust. The unemployment rate has been under 3% since April 2021 and opportunities are ripe for jobs — though housing is becoming a larger worry.
What that looks like for a student like Hassan is universities partnering with local businesses and entrepreneurs “to make sure not only that students are staying in Utah, but these employers are actually taking the time to understand and are willing to keep these students in our state.”
And ensuring the success of all students is in the best interests of everyone.
According to the Gardner report, the higher pay and economic mobility afforded to college grads boost the state economy through higher tax revenue and more individual spending.
But the cost of tuition is also a hot topic. And one that university leaders are also watching, – especially since the return on investment, at least for an in-state student at the University of Utah where tuition is $9,400 per year, looks good.
“The multiplier in terms of salaries is enormous,” Randall said. “Our starting salaries are close to $65,000, which puts you at the 67th percentile of individual income in the United States. And so it pays for itself relatively quickly.”
According to Randall, fewer than half of the university’s student body has had to take out loans in recent years. Instead, federal aid and scholarships are becoming more of the norm.
Even with growing options for financial aid, students are still eager for more resources when it comes to paying for their education.
“I do wish that it was a little more transparent in what kind of funding they offer,” said Alysha Allgood, a chemical engineering student at the University of Utah.
“Finding scholarships is kind of like pulling teeth. You have to go through so many rabbit holes just to find anything. So making those more accessible, like right out the gate, would be very nice.”
