A 2023 Gates Foundation survey of high school students and high school graduates who chose not to enroll in college found that both groups felt there was greater value in taking a course to receive a license or professional certificate than getting a two- or four-year degree.

Michael Horn, an author and lecturer on education, said, increasingly “Parents are really focused on return on investment, making sure this makes financial sense.”

For demographic and cultural reasons, many colleges are seeing declining enrollment. Reversing this trend must include efforts to lower prices. This will likely mean cutting expenses.