Webinar - Degrees of Value: A Multidimensional View of College ROI

What does college return on investment look like when we consider more than earnings alone and through the experiences of adult learners who paused their education and later returned to complete their degrees?

In this webinar, California Competes’s Dr. Emi Fujita-Conrads shared findings from the latest installment of our Degrees of Value research series that examines the financial, personal, and social value Californians gain when they earn a credential, as well as the policies and supports that can make completion more attainable and meaningful.

A panel of leaders then discussed what these findings mean for institutions and state policy:

Diego Arambula – Vice President of Educational Transformation, Carnegie Foundation for the Advancement of Teaching, and Chair, California State University Board of Trustees
Dr. Kate Mahar – Associate Vice President of Innovation and Strategic Initiatives, Shasta College, and Executive Director, Shasta College Attainment and Innovation Lab for Equity (SCAILE)
Juan Aguilar – Research Analyst, American River College (former California Competes intern and comebacker student)
Dr. Rowena M. Tomaneng – Deputy Chancellor, California Community Colleges (Moderator)

Key Takeaways

The value of college extends well beyond earnings alone. Comebackers reported raises, promotions, and higher-paying jobs. They also described durable skills such as greater self-confidence, a broader view of the world, and better opportunities for their children. Purely economic measures miss much of what adults weigh when deciding to enroll, persist, and finish. A multidimensional view of ROI helps the state design policies around what students actually value, not only what is currently measured.
Making college worthwhile for adults means reducing what it costs them. Most comebackers worked full time while caring for children or relatives, which meant forgone wages, added childcare costs, and missed time with family. Lost credits and extended time to degree drove up debt. Strategies that lower these burdens include:
- Offering flexibility on deadlines when unforeseen circumstances arise
- Providing on-campus childcare
- Connecting students to emergency grants, zero-cost textbooks, and public benefits
- Removing Cal Grant age and time-out-of-high-school restrictions
Institutions must be redesigned for the students they serve today. Higher education was built for 18-year-olds whose full-time job is college. As Shasta College learned from listening to returning students, “we can’t invite them back to the institution that didn’t serve them well in the first place.” Eight-week block courses, consistent schedules, online options, and credit for prior learning help adults balance school with work and family. Flexibility works best when it is paired with human connection, including case management, a single point of contact, and cohorts that build community.
Measuring learning, not seat time, opens new pathways for adult learners. As Diego Arambula noted, the credit hour “is a measure of time, not necessarily a measure of learning.” Shifting toward learning-based measures makes room for competency-based education, credit for prior learning, and experiential learning. These models also raise a tension: the faster path to completion that adult learners need could cost them the time with peers and faculty that produces many of college’s personal and social benefits. The challenge is to build flexibility that preserves those benefits rather than trading them away. The use of AI could potentially help by supplementing faculty judgment when evaluating prior learning and credit transfer across institutions.
Location shapes the payoff of a credential. Earnings gains can be more limited in rural regions with fewer local opportunities. A degree’s value also includes benefits like job security, and greater choice, and students need transparent information about career pathways and where those opportunities are located.

“I think the biggest value [of higher education] is being able to pursue something that you’re passionate about. Now, instead of struggling to make ends meet and working a really difficult third shift, I enjoy what I do, and I love clocking in every day.”