Breaking Through Stagnant Completion Rates

America’s higher education system has faced a myriad of issues in the past decade. Among the most threatening to these institutions is stagnating completion rates, which have declined across all types of four-year colleges. Since 2015, the six-year completion window for incoming students has plateaued around 63%. And while the global pandemic didn’t help these numbers, there are plenty more factors as to why it is occurring. 

 

So why are so many institutions getting a failing grade on completion rates? The main reason might boil down to another f-word — finances. As tuition rises across the nation and financial aid lags, many middle to lower-class students are being priced out of a college degree. Fewer students can or want to afford to take out loans and would rather jump straight into the workforce. Many see an alternative path to work that doesn’t require four years of expensive tuition.

 

Another unaddressed issue is access and equity. Disparities in access to quality education can affect completion rates, and students from disadvantaged backgrounds may face additional barriers, such as inadequate preparation in a K-12 education, limited resources, and a lack of support systems. This is especially true for black students, who according to one study, have seen their completion rates drop into the 40th percentile. 

 

Higher learning institutions have a vested interest in increasing their completion rates for several reasons. First, a higher completion rate provides positive material for prospective students that they will receive enough academic support to finish their degrees once they arrive on campus. It also has a positive impact once these are off campus, as your alumni base will grow substantially, opening your school up to a larger pool of potential donors and future monetary support. The more alumni you can claim, the stronger your institution will look for students who make decisions based on how big the alumni support system is. And finally, a higher completion rate looks positive to peer institutions who decide on school rankings each year. 

 

So what can be done to keep students in school long enough to get a degree? Higher education should be for those who deserve to be there, not only those who can afford to. If your institution has a particularly deep alumni base, focus on targeted fundraising efforts to create endowed scholarships for students who would typically rely on financial aid. Donors that Heavy has spoken to in the past relay that these students who attend on scholarship typically come with a better work ethic and are more likely to give back once they’ve graduated, and finding more avenues for them to thrive is key. Another tactic is to be upfront with these students during the application process about how they can access different forms of financial aid. Students who have the best understanding of what a school is offering the moment they are accepted can be key to retaining their commitment.