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A Fracturing Social Contract? How Perceptions of the Value of Higher Education are Changing

Author

Listed:
  • Stuart J. Heckman

    (Kansas State University)

  • Jodi C. Letkiewicz

    (York University)

  • Kyoung Tae Kim

    (The University of Alabama)

Abstract

This study leverages two national datasets to assess the changing value perceptions of higher education. Human capital and social contract theories are used to frame the analysis and discussion around the shifting perceptions. The study finds that, in 2016, approval rates for education borrowing dropped to the lowest level since 1992. Respondents who are younger, have debt, and are more willing to take risks are more likely to approve of borrowing. Women and Blacks are more likely to approve of borrowing. Women are more likely to indicate that the cost of higher education is not worth it. Income, education, and homeownership were associated with the belief that education was worth the cost, while having student loans was associated with the belief that education was not worth the cost. The results indicate that the social contract regarding higher education may be fracturing for specific groups in the US—specifically for women and those who need to borrow to finance their education. Implications for policymakers are discussed.

Suggested Citation

  • Stuart J. Heckman & Jodi C. Letkiewicz & Kyoung Tae Kim, 2023. "A Fracturing Social Contract? How Perceptions of the Value of Higher Education are Changing," Journal of Family and Economic Issues, Springer, vol. 44(1), pages 156-174, March.
    • Handle: RePEc:kap:jfamec:v:44:y:2023:i:1:d:10.1007_s10834-021-09811-2
    DOI: 10.1007/s10834-021-09811-2
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