Is the value of a university degree worth the cost? A major debate is underway across America over that very question.

That skills can be more important than degrees is a large part of it. Another is the high cost of degrees as student debt has reached an all-time high at $1.62 trillion.

The U.S. Government, the nation’s largest employer, has begun moving away from reliance on degrees. The Office of Personnel Management announced in April that it will rely more on skills assessments for tens of thousands of IT jobs than on degrees. This continues an effort begun by former President Donald Trump in 2020 and continued by the Biden administration to focus federal hiring practices on skills and competencies instead of degrees.

In Mississippi, the emphasis on skills and competencies also grows. The Ascent to 55% initiative promoted by the Mississippi Economic Council and Accelerate Mississippi likens the value of such to community college and universities degrees. The initiative promotes achieving a 55% attainment rate of “postsecondary degrees, certifications, or credentials” by 2030.

Lt. Gov. Delbert Hosemann, a champion of free community college tuition, preaches that skills and credentials can result in high paying careers without a university degree.

Cost is a big issue in Mississippi too.

“Mississippi has the biggest student debt problem in the country,” Wallet Hub reported last month. “The average amount owed by people with student loan debt equals about 58% of the median income in the state, the highest rate in the U.S. In addition, Mississippi has the third-highest default rate on student debt, which shows that people are having trouble paying off what they borrow.”

All of this contrasts with historic data that continues to show those with university degrees have higher earnings than those without. The U.S. Bureau of Labor Statistics reported in 2022 that those with bachelor’s degrees earned a median wage of $1,432 per week compared to $853 for those with only a high school diploma. And Mississippi’s bottom rankings in educational achievement come in part from a low ratio of adults with university degrees.

The Wallet Hub report identified a key reason student borrowers struggle with their loans. “They are having a hard time finding jobs. Mississippi has the second-worst availability of jobs to students, and the fourth-lowest share of paid internships.”

Compounding the problem – Mississippi has the lowest average wages while in-state tuition and fees at our public universities come in at 20th from the bottom.

Proving value for their degrees is the great challenge for our universities going forward.

Crawford is a syndicated columnist from Jackson.