Is a college degree still a golden ticket to success, or has it become a path to financial despair?

Millions of Americans are skeptical about the value and cost of college. A new poll by Gallup and the Lumina Foundation found that most people are unhappy with the U.S. higher education system. The survey revealed only 36 percent of adults express high confidence in higher education, down from 57 percent in 2015. This declining confidence aligns with a drop in college enrollment as people grapple with student debt and skyrocketing tuition.

The survey asked new, detailed questions to uncover why confidence in colleges is falling.

More than two-thirds (67 percent) of respondents said college is headed in the “wrong direction,” while only 31 percent felt it was moving in the right direction. Almost one-third of respondents cited cost as the main issue, and 24 percent felt students are not learning the skills needed for success.

Another study showed that tuition at public four-year colleges has increased by 38 percent and by 29 percent at private institutions over the past two decades, even after adjusting for inflation (DavidLerner.com). Because of these increases, student debt in the nation has ballooned to nearly $1.8 trillion, affecting 44 million borrowers (Center for Global Higher Education).

College costs have created a national crisis. Experts warn that fewer college graduates could worsen labor shortages in important fields such as healthcare and information technology.

Some think skipping college and going straight into the workforce is the easier solution. Not so fast. Those who skip college often earn 75 percent less over their lifetime compared to those with bachelor’s degrees, according to Georgetown University’s Center on Education and the Workforce. And during economic downturns, those without degrees are more likely to lose jobs.

“It is sad to see that confidence [in college] hasn’t grown at all,” says Courtney Brown, vice president at Lumina, an education nonprofit focused on increasing the number of students seeking post-high school education. “What’s shocking to me is that the people who have low or no confidence is actually increasing.”

The skyrocketing cost of college has led many to question whether higher education is truly the gateway to a better life.

Misplaced Priorities

Imagine investing tens of thousands of dollars, only to end up trapped in debt, with your dreams overshadowed by endless loan payments. This is not just a hypothetical for many Americans.

Student debt is not just a number—its impact can delay key life milestones and affect people’s lives in various other ways.

Debt-burdened young adults delay marriage, homeownership and starting families—decisions that hurt the economy by slowing housing markets and reducing consumer spending. The pressure to secure high-paying jobs forces people into careers that do not match their passions or talents, leading to job dissatisfaction and a workforce focused on survival rather than contributing meaningfully to society (The Center for Law and Social Policy).

Sadly, those from lower-income backgrounds bear the heaviest burden, often forced into lifelong debt and financial insecurity due to a lack of financial education.

The psychological toll of this financial strain can be tremendous. Studies show that student debt fuels anxiety and depression. One survey by Student Loan Planner revealed 1 in 16 respondents had suicidal thoughts due to student loans.

Clearly, we need an education system that values deeper, lasting things beyond financial gain.

Pursuit of Material Success

The escalating costs of higher education symbolize more than financial strain—they reveal society’s obsession with materialism.

From an early age, people are conditioned to believe that prestigious degrees, high-paying jobs and social status are the keys to success. This narrative drives families to invest heavily in higher education, often risking their financial stability to pursue economic prosperity.

Our society’s emphasis on making a lot of money is evident in college major selections. Students take on debt for degrees in fields like business, engineering and technology, perceived to offer higher financial rewards. While these fields are important, the pressure to secure a high-paying job often overshadows personal interests and talents. Many students graduate with better financial stability but little personal fulfillment.

Crushing student debt drives this conundrum.

Some argue that prioritizing high-paying careers ensures financial security. However, material success often leads to long-term dissatisfaction if pursued at the expense of personal growth. Education should enrich lives, not drag them into misery. This crisis proves our education system is failing both economically and morally.

True Purpose of Education

The pursuit of material success at all costs has become a dominant force in educational decisions. Are too many people focused on the wrong goal? What if education’s true purpose is to develop character, not secure a high-paying job?

Our Editor-in-Chief David C. Pack explained in his booklet The Laws to Success: “People do not instinctively know everything necessary to function successfully in life. They must continually acquire more knowledge throughout their lives to address new challenges and demands made upon them. This is the single biggest difference between men and animals. Human beings must educate themselves—gain knowledge—in order to do or achieve anything of worth in life. They must learn throughout life, continually acquiring more knowledge. This is itself fundamental knowledge.”

Mr. Pack further explained: “The advanced fields of chemistry, biology, geology, astronomy, engineering, history, medicine and many more are now available for study, because men have searched out and acquired vast amounts of information in these fields. Colleges and universities around the world teach them, requiring students to study, which allows them to educate themselves in their chosen profession.

“But understand. In order to achieve a true education in right morals and principles, one must learn how to live—not just how to earn a living. There is a big difference! Learning morals, spiritual principles and laws—and the great law of cause and effect—are all extremely important in receiving a well-rounded education sufficient to prepare one to achieve true success.”

The true purpose of education is to learn how to live in all aspects of life, not just to earn a living!

Divine Text

The Bible provides a clear perspective on the true purpose of education. From a biblical standpoint, education should develop the whole person—mentally, physically and spiritually.

In Proverbs 4:7, we are told, “Wisdom is the principal thing; therefore get wisdom: and with all your getting get understanding.” Wisdom goes beyond facts to how we must apply them to life. Proverbs 16:16 says, “How much better is it to get wisdom than gold! And to get understanding rather…than silver!”

This proverb highlights the true value of education—not wealth, but the pursuit of wisdom.

The Bible also warns against a materialistic worldview.

Many know the saying, “money is the root of all evil.” This comes from I Timothy 6:10: “The love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.”

Loving money above all else has dire consequences.

The student debt crisis, with its psychological and societal toll, is proof of these dangers. The constant pressure to fulfill financial obligations while pursuing goals creates a sense of entrapment, overshadowing the joy of learning.

When education is reduced to a transaction, it loses its power. Students may graduate with degrees but lack the wisdom and character that true education should teach.

Reorienting Priorities

Recognizing that education should not be solely about securing wealth or status is the starting point for reorienting our priorities.

Those who want a true, meaningful education must rethink their approach. Students and families should choose educational paths that align with their values and goals, not just the most lucrative options. This may involve going to college, but it may not. Developing the whole person is a vital focus—intellectually, morally and spiritually.

Mentorship programs can guide students in career and character development. Expanding scholarships, promoting community colleges and trade schools, and encouraging gap years are all steps that reduce student debt.

Some may skip traditional schools altogether. Online courses and self-paced programs offer education at a fraction of the cost. Promoting financial literacy among students is also essential. By pursuing affordable, meaningful education, people can reclaim its true purpose.

The rewards of material success are fleeting. What really matters is the enduring value of character.

For more on education and six other time-tested laws of success, read The Laws to Success.

This article contains information from The Associated Press.