Why Is Getting a College Degree Worth It

A college degree from the University of North Carolina system delivers positive lifetime ROI for 94% of graduates, a figure calculated by Deloitte, Burning Glass Institute, and RPK Group across nearly every degree program in the 17-campus system. In Episode 10 of Higher Ed Chats, host Scott Miller speaks with Andrew Kelly, who leads strategy at the UNC System, about what that data actually means, why it matters right now, and how one of the country's most diverse public university systems is making the case for degree value in concrete, measurable terms.

The conversation starts with a reality that enrollment teams know well: declining demographics and a growing share of students who genuinely aren't sure a degree is worth the cost. As Kelly puts it, "It's not just demographics. It's also value proposition questions that students have. And so not only, even if you have fewer students, but then more of those students are also saying, I'm not sure what the value of this is for me." That's a two-front problem, and the UNC System's response has been to publish the evidence rather than repeat the talking points.

The ROI study at the center of this episode is more than a headline number. 90% of UNC students from lower-income backgrounds experienced at least one increment of economic mobility over a 20-year career window, tracked by matching FAFSA records to labor market outcomes. Kelly describes seeing students move from the lowest income group on FAFSA into some of the highest income groups in the labor market. That's not anecdotal. It's a reproducible methodology that other systems could adopt.

Affordability comes up as the other half of the argument. UNC is entering its eighth consecutive year without a tuition increase for in-state undergraduates. NC Promise, available at four campuses including HBCUs and a Native American-serving institution, caps tuition at $500 per semester for in-state students. These aren't marketing slogans. They're the structural commitments that make the ROI case credible.

The episode also covers a genuinely interesting policy debate: why American higher education costs more than European systems, and whether "free tuition" is the solution skeptics think it is. Kelly's answer draws on Scotland as a case study, where removing fees constrained access for lower-income students rather than expanding it. Open-access systems cost more than tracked ones, and the tradeoff is worth understanding.

For higher ed professionals, this episode is a masterclass in building a degree value narrative that holds up to scrutiny.

Who’s in the episode?

Dr. Andrew Kelly is Executive Vice President at the 17-campus University of North Carolina System, spearheading strategy and policy efforts across the system. He also serves as a higher ed policy expert, leading a range of initiatives focused on enhancing affordability, student success, and economic impact.

Scott Miller is the host of Keystone Higher Ed Chats and the Executive Director of Keystone's international division, bringing over 11 years of EdTech experience to conversations about global education.

After graduating from DePauw University, living and working in different cultures showed him that stepping outside your comfort zone doesn't just broaden your horizons; it reshapes them entirely. That belief in the transformative power of international experiences brought Scott to Keystone in 2010, where he's spent over a decade (and counting) helping higher education institutions reach students worldwide.

On Keystone Higher Ed Chats, Scott speaks with thought-leaders in the industry about what he's most passionate about: how education changes lives, how cultural experiences broaden perspectives at any age, and how Keystone's mission—connecting students with their ideal higher education institution—makes those life-changing moments possible.

Timestamps & Takeaways

Timestamps

Takeaways

Build a degree ROI study, the UNC model is the template
The UNC system partnered with Deloitte, Burning Glass Institute, and RPK Group to calculate net lifetime return on investment for nearly every degree program across all 17 campuses. The methodology: lifetime earnings above a high school diploma, minus what students actually paid. The result was 94% of programs delivering positive ROI. That's not a marketing claim; it's an audited dataset. Institutions that want to answer the "is college worth it?" question credibly need to do the math, publish it, and make it searchable.

Economic mobility data is your most persuasive enrollment argument
As Andrew Kelly explained, 90% of UNC students from lower-income backgrounds experienced at least one increment of economic mobility over a 20-year career window, tracked by matching FAFSA data against labor market outcomes. Many moved from the lowest income group on FAFSA to some of the highest groups in the labor market. That's the story prospective students and their families actually need to hear, especially first-generation students weighing whether the cost is worth it.

Enrollment pressure is two problems, not one, and institutions must solve both
Kelly was direct on this point: "It's not just demographics. It's also value proposition questions that students have." The headcount decline from demographic shifts gets most of the attention in strategy rooms, but a growing share of the students who do exist aren't convinced college is worth the investment. Institutions facing both problems at once need a separate strategy for each. Demographic pressure calls for pipeline work; value proposition skepticism calls for proof.

Translate affordability commitments into specific, verifiable numbers
The UNC system's affordability story works because it's concrete: eight consecutive years with no in-state tuition increase, a four-year tuition lock, and NC Promise at $500/semester at four campuses (Elizabeth City State, Western Carolina, UNC Pembroke, and Fayetteville State, including HBCUs and a Native American-serving institution). These aren't aspirational statements. They're specific, verifiable, and easy to communicate. If your institution has made real affordability commitments, audit how they're currently described in recruitment materials and sharpen the language.

The US vs. Europe cost comparison requires better framing
A common objection from internationally-minded prospective students is that European universities are far cheaper or even free. Kelly's response: American higher ed chose open access over the tracked, rationed model that underpins most European systems. Scotland's experience after reintroducing free tuition is instructive. Removing fees constrained access for lower-income students because the number of funded slots couldn't expand to match demand. "Free" and "accessible" aren't the same thing. Institutions recruiting across Europe or targeting internationally mobile students should address this directly rather than letting the cost comparison stand unchallenged.

Consider a Project Kitty Hawk-style model for adult learners with some college credit
UNC's Project Kitty Hawk is a nonprofit ed-tech entity built to serve adults over 25 who have some college credit but no degree. What makes it distinct from OPM providers: it's fee-for-service rather than revenue-share, and academic decision rights stay on campus. The project is already in-market through ECU and NC Central. For institutions sitting on large pools of stopped-out adult learners, which is most institutions, this model offers a way to re-engage that segment without ceding program control to a third-party provider.

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Why Is Getting a College Degree Worth It

Who’s in the episode?

Andrew Kelly

Scott Miller

Timestamps & Takeaways

Timestamps

Takeaways

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