Barry Maloney
Updated: December 9, 2024
Advice
Guest column: A bachelor's degree has never been more valuable or affordable
By Barry Maloney
The higher education marketplace can be daunting for prospective students and their families. The sticker price of some private colleges is nearing $100,000 a year. Some smaller privates have merged with other colleges or closed, leaving students scrambling to complete their education. Community college may be free, but if the goal is a bachelor’s degree, a four-year university might be the right place.
A bachelor’s degree continues to pay off in wages and wealth accumulation. A May 2024 Pew Research Center study found young men with a college degree earned 71% more than young men with only a high school education. Women with college degrees earn 79% more than those with just a high school diploma. The study found households headed by a young college graduate had a median net worth of $120,000 in 2022, vs. $30,700 for those headed by a young high school graduate.
Over a lifetime, these numbers add up.
As Worcester’s only public university that grants bachelor’s and master’s degrees, we know how life changing a four-year degree can be, especially for our many first-generation college students.
Your Mass. public higher education system now has more affordable pathways available, thanks to investments by the Gov. Maura Healey Administration and the Legislature. For those seeking associates degrees, community college is now free for nearly everyone, and bachelor’s degree-granting public universities can offer free college to students who meet certain eligibility criteria. Worcester State ValuePlus is our version, and Massachusetts residents who earn less than $75,000 per year are likely to qualify.
In addition, Worcester State provides generous financial aid and robust merit scholarships for other students. Currently, 78% of Worcester State students receive some form of aid with an average annual award of $10,111, covering nearly all of our in-state tuition and fees.
With community college now free for nearly everyone in the state, Worcester State stands ready to welcome transfer students who have completed their associates degree and want to earn a bachelor’s degree. We have numerous academic program agreements with Quinsigamond Community College in Worcester and other community colleges enabling students to make a seamless transition to a bachelor’s degree. Transfer students who meet eligibility criteria can qualify for ValuePlus, and once here, receive the support services available to all students, such as intensive advising, on-site counseling, and office hours with faculty members, 70% of whom are full-time. We are here to help.
Beyond Worcester State ValuePlus and traditional financial aid, students will find the university has opportunities and programs in place to remove financial barriers. For instance, all students enrolled full time are eligible to apply for more than 400 donor-funded scholarship awards totaling $1.8 million offered by the Worcester State Foundation.
In addition, the foundation offers stipends for students completing internships, stipends for student teachers, as well as support for student research, student travel to academic conferences, and study away. If a student faces an unexpected hardship putting their progress at risk, they can apply to the Worcester State Student Emergency Fund.
The university offers hundreds of course sections utilizing free or low-cost textbooks and course materials. During the 2023-24 academic year, Worcester State students saved $2 million in textbooks and course materials by enrolling in more than 1,000 such courses.
I urge all families to consider a four-year degree before writing it off as too expensive. If you want to simplify an often complex process, look to your public institutions. Whether you start first at a community college or at a four-year university, earn that bachelor’s degree. The value it will add to your wallet will be measurable, and the value it can add to your life – by broadening horizons, opening minds – is incalculable.
Barry Maloney is president of Worcester State University.
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