Despite declining overall enrollment, a college degree remains a powerful engine for opportunity, as evidenced by the 2023 median weekly earnings of $1,432 for bachelor's holders—a 75% premium over high school graduates.
Key Takeaways
- In 2021-22, total undergraduate enrollment in degree-granting institutions was 15.4 million, down 2.7% from 2019-20.
- Fall 2022 enrollment in public 4-year institutions reached 6.1 million undergraduates, representing 39.6% of total undergraduate enrollment.
- In 2021-22, 8.5 million students were enrolled full-time in undergraduate programs at degree-granting institutions.
- The 6-year graduation rate for first-time, full-time bachelor's students starting in fall 2015 was 64% at public 4-year institutions.
- For fall 2016 cohort, 4-year graduation rate at private nonprofit 4-year institutions was 53%.
- Associate's degree 3-year graduation rate for 2019 starters at public 2-year colleges was 34%.
- In Q4 2022, unemployment rate for bachelor's degree holders aged 25+ was 2.2%.
- 84% of 25-34 year olds with bachelor's employed full-time in 2022.
- College graduates aged 25-64 have 3.7% unemployment vs. 5.5% high school grads.
- Median weekly earnings for bachelor's degree holders aged 25+ were $1,432 in 2022.
- Master's degree median annual earnings: $81,000 for ages 25-64 in 2022.
- Engineering bachelor's grads median starting salary: $70,000 in 2023.
- In 2020-21, business field awarded 375,000 bachelor's degrees, 19% of total.
- Health professions conferred 278,000 bachelor's degrees in 2020-21, 14% share.
- Social sciences & history bachelor's: 155,000 degrees, 8% of total.
Undergraduate enrollment declined last year while graduation rates and post degree employment remained strong.
Demographics
- In 2020-21, business field awarded 375,000 bachelor's degrees, 19% of total.
- Health professions conferred 278,000 bachelor's degrees in 2020-21, 14% share.
- Social sciences & history bachelor's: 155,000 degrees, 8% of total.
- Psychology bachelor's degrees: 127,000 awarded in 2020-21.
- Biological sciences bachelor's: 131,000 degrees conferred.
- Engineering bachelor's: 123,000 degrees, 6% of all bachelor's.
- Education bachelor's declined to 81,000 in 2020-21.
- Visual & performing arts bachelor's: 90,000 degrees.
- Communications bachelor's: 94,000 awarded.
- Computer sciences bachelor's surged to 102,000 in 2020-21.
- Women received 58% of all bachelor's degrees in 2020-21.
- Men earned 42% of bachelor's, but 54% of engineering degrees.
- 12% of bachelor's degrees went to Hispanic students in 2020-21.
- Black students conferred 10% of bachelor's degrees.
- Asian students: 11% of bachelor's recipients.
- White students: 64% of bachelor's degree recipients in 2020-21.
- Master's in education: 177,000 degrees, 21% of master's total.
- Business master's: 192,000 degrees conferred.
- Health professions master's: 130,000 degrees.
- Public administration & services master's: 45,000.
- Doctoral degrees in health: 92,000 professional practice.
- 27% of doctoral degrees to women in science & engineering.
- Age distribution: 22% of bachelor's recipients under 23.
- Associate's degrees: 39% to women in health fields.
- International students: 5% of total degree recipients.
Demographics Interpretation
We see a nation training itself, with business and health leading the pragmatic charge while the arts and humanities hold the line, all framed by persistent gender and racial imbalances that show exactly who is—and isn't—getting a seat at the future's table.
Employment
- In Q4 2022, unemployment rate for bachelor's degree holders aged 25+ was 2.2%.
- 84% of 25-34 year olds with bachelor's employed full-time in 2022.
- College graduates aged 25-64 have 3.7% unemployment vs. 5.5% high school grads.
- 74% labor force participation rate for associate degree holders 25+ in 2022.
- STEM bachelor's grads had 92% employment rate within 1 year post-graduation.
- Master's degree holders employment rate: 91% for ages 25-64 in 2022.
- Underemployment rate for recent college grads (BA/BS) was 41% in 2022.
- 68% of 2016 bachelor's recipients employed full-time 1 year after graduation.
- Doctoral degree holders unemployment: 1.2% in 2022 for ages 25+.
- HBCU graduates employment rate 6 years post-enrollment: 75%.
- Women with bachelor's degrees had 76% full-time employment rate in 2022.
- Engineering grads employment within 6 months: 95% in 2022 surveys.
- Part-time employment among recent grads: 18% for bachelor's holders.
- Black college grads unemployment rate: 5.5% vs. 3.5% white in 2022.
- 82% of community college associate's grads employed 1 year later.
- Median job tenure for bachelor's holders: 5.2 years in 2022.
- Gig economy participation among degree holders: 15% primary job.
- Health professions grads employment rate: 93% within 6 months.
- Unemployment for master's in education: 2.8% in 2022.
- 70% of arts majors employed in field-related jobs 5 years post-grad.
- Remote work adoption among college grads: 38% in 2022.
- Hispanic bachelor's holders employment rate: 85% ages 25-34.
- Entrepreneurship rate among degree holders: 10% self-employed.
- Law degree (JD) bar passage employment: 88% in 2022.
Employment Interpretation
The data paints a reassuring yet sobering portrait: while a degree is statistically your best bet for avoiding unemployment, its real value hinges on what you study, who you are, and whether landing a job means landing a good one.
Enrollment
- In 2021-22, total undergraduate enrollment in degree-granting institutions was 15.4 million, down 2.7% from 2019-20.
- Fall 2022 enrollment in public 4-year institutions reached 6.1 million undergraduates, representing 39.6% of total undergraduate enrollment.
- In 2021-22, 8.5 million students were enrolled full-time in undergraduate programs at degree-granting institutions.
- Female undergraduate enrollment in 2021-22 was 8.7 million, comprising 56.5% of total undergraduates.
- Black or African American undergraduate enrollment in fall 2021 was 2.1 million, or 13.8% of total.
- In 2022, first-time freshman enrollment at 4-year institutions increased by 4.4% to 1.1 million.
- Community college enrollment in fall 2022 was 4.7 million, down 7.4% from pre-pandemic levels.
- Hispanic/Latino undergraduate enrollment grew to 3.3 million in 2021-22, 21.4% of total.
- Online undergraduate enrollment in 2021-22 accounted for 45% of total students at degree-granting institutions.
- In fall 2022, enrollment in graduate programs totaled 3.2 million students.
- Age 18-24 undergraduate enrollment rate in 2021 was 40.1% for recent high school graduates.
- Public 2-year institutions enrolled 4.9 million undergraduates in 2021-22, 31.8% of total.
- Asian undergraduate enrollment in 2021-22 was 1.0 million, or 6.5% of total undergraduates.
- Part-time undergraduate enrollment was 6.3 million in 2021-22, 40.9% of total.
- Fall 2022 saw 1.4 million first-time undergraduates enroll across all sectors.
- In 2021-22, private nonprofit 4-year institutions had 2.7 million undergraduates.
- White undergraduate enrollment totaled 8.4 million in 2021-22, 54.5% of total.
- Enrollment in for-profit institutions dropped to 0.6 million undergraduates in 2021-22.
- Graduate enrollment among females was 1.8 million in 2021-22, 57% of total graduates.
- In 2022, postsecondary enrollment for ages 25-34 was 4.1 million.
- Fall 2021 international student enrollment was 914,095, 77% undergraduates.
- In 2021-22, 2.3 million undergraduates were enrolled in STEM fields.
- Enrollment at HBCUs reached 277,000 undergraduates in fall 2022.
- Male undergraduate enrollment declined to 6.2 million in 2021-22, 40.2% of total.
- In 2022, dual enrollment in high school and college programs involved 1.4 million students.
- Private for-profit 4-year enrollment was 0.3 million undergraduates in 2021-22.
- Enrollment in health professions undergraduate programs grew 5% to 1.2 million in 2021-22.
- Fall 2022 enrollment decline was sharpest at public 2-year institutions, down 8%.
- In 2021-22, 55% of undergraduates were independent students without parental support.
- Graduate enrollment in public universities was 1.9 million in fall 2022.
Enrollment Interpretation
While overall college enrollment is down, the student body is becoming more diverse, more online, and older, suggesting higher education is undergoing a recession of tradition rather than of purpose.
Graduation
- The 6-year graduation rate for first-time, full-time bachelor's students starting in fall 2015 was 64% at public 4-year institutions.
- For fall 2016 cohort, 4-year graduation rate at private nonprofit 4-year institutions was 53%.
- Associate's degree 3-year graduation rate for 2019 starters at public 2-year colleges was 34%.
- Bachelor's degree attainment within 150% time for 2016 cohort was 63% overall.
- In 2020-21, 2.1 million bachelor's degrees were conferred, up 1% from prior year.
- Female bachelor's graduation rate was 67% for 2015 cohort vs. 60% for males.
- At HBCUs, 6-year bachelor's graduation rate averaged 38% for 2015 cohort.
- Master's degrees conferred in 2020-21 totaled 843,000, with 25% in education.
- 8-year graduation rate for bachelor's at public 4-year was 66% for fall 2014 starters.
- Transfer-out rate for 2018 cohort at public 2-year was 15% within 3 years.
- Doctoral degrees awarded in 2020-21 were 207,000, 12% increase since 2011.
- First-time bachelor's seekers 6-year rate at private for-profit 4-year was 29% in 2015 cohort.
- In 2020-21, 1.0 million associate's degrees conferred, 40% in liberal arts.
- Pell Grant recipients' 6-year bachelor's rate was 54% vs. 72% non-recipients.
- Black students' 6-year bachelor's rate at 4-year institutions was 46% for 2015 cohort.
- Hispanic 6-year graduation rate for bachelor's was 55% in 2015 cohort.
- STEM bachelor's degrees conferred rose to 756,000 in 2020-21, 36% of total.
- Graduate certificate programs saw 20,000 completions in 2020-21.
- 150% normal time completion for associate's at public 2-year was 42% for 2019 cohort.
- Female master's conferral rate was 60% of total 843,000 in 2020-21.
- Retention rate for fall 2021 first-time bachelor's was 76% sophomore year.
- Doctoral professional practice degrees conferred: 202,000 in 2020-21.
- 6-year rate for full-time bachelor's starters at private nonprofit: 68%.
- Still-enrolled rate after 6 years for 2015 bachelor's cohort: 12%.
- Business bachelor's degrees: 391,000 conferred in 2020-21, 19% of total.
- Graduation rate gap between low-income and high-income students: 25 percentage points.
- Research doctoral degrees: 55,000 awarded in 2020-21.
- 3-year associate's rate for part-time students at 2-year: 14%.
Graduation Interpretation
The sobering map of American higher education reveals a landscape of determined but unequal progress, where a student's chances of crossing the finish line depend heavily on the intersection of race, income, gender, and institutional type.
Salary
- Median weekly earnings for bachelor's degree holders aged 25+ were $1,432 in 2022.
- Master's degree median annual earnings: $81,000 for ages 25-64 in 2022.
- Engineering bachelor's grads median starting salary: $70,000 in 2023.
- Associate degree median weekly earnings: $900 in Q4 2022.
- Doctoral degree holders earned median $1,885 weekly in 2022.
- Business administration bachelor's median salary: $65,000 mid-career.
- Computer science grads 10-year earnings premium: $2.5 million over high school.
- Female bachelor's holders earned 82 cents per dollar of male counterparts in 2022.
- Nursing BSN median salary: $81,000 annually in 2022.
- MBA graduates median base salary: $115,000 in 2023.
- Humanities bachelor's mid-career median: $70,000.
- PhD in economics median salary: $110,000.
- Lifetime earnings for bachelor's: $2.8 million vs. $1.6 million high school.
- Education master's median earnings: $62,000 ages 25-64.
- ROI for petroleum engineering degree: 831% over 20 years.
- Black college grads median earnings: $48,000 vs. $62,000 white.
- Early career salary for data science master's: $125,000.
- Associate's in IT median salary: $55,000.
- Law school JD median private sector salary: $190,000.
- Arts bachelor's median earnings 10 years out: $52,000.
- Median salary premium for STEM master's: 25% over bachelor's.
- Public administration master's median: $75,000 mid-career.
Salary Interpretation
While the numbers reveal a landscape where a master's degree often unlocks higher earnings, they also starkly remind us that the return on your educational investment varies dramatically—whether you're plumbing for oil, arguing a case, or pondering a sonnet—and is still shadowed by persistent inequities in pay and opportunity.
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