By Eric Delli Bovi
Public confidence in the worth of a four-year degree is at a new low, but the financial reality remains clear: A college education is still the most reliable path to economic mobility and generational wealth. Yet, traditional financial aid has not kept pace with soaring college costs. The Pullman Scholars program offers a proven alternative model, creating value for students, our city and our nation.
Only one-third of U.S. adults now tell Gallup that a college education is very important–a record lack of confidence. However, strong evidence shows that over the long run, individuals with a bachelor’s degree achieve consistently higher earnings and lower unemployment rates. In 2025, the median weekly earnings for workers with at least a bachelor’s degree were $1,543, two-thirds higher than those with only a high school diploma, according to the Bureau of Labor Statistics. The National Center for Education Statistics finds that unemployment among college grads has held at more than half the high-school rate, indicating job stability and high demand.
In the long run, prime-age workers aged 25 to 54 with a bachelor’s degree earn about 70% more at the median than high school graduates, in current data from Georgetown’s Center on Education and the Workforce, with unemployment rates of just 2.9% vs. 6.2%.
Wealth data reinforces the long-term advantage of a degree: At the close of 2024, the St. Louis Federal Reserve reported that households headed by a college graduate hold $2.17 million in average wealth compared to $652,000 for those with some college education, $481,000 for high school graduates and $192,000 for those with less than a high school diploma. Put another way, high school-only households hold just $0.22 in wealth for every $1.00 held by households led by college graduates.
Still, just 1 in 4 adults tell Pew researchers that a degree is extremely or very important in landing a well-paying job. A big reason is student loan debt, an astounding $1.64 trillion burden that weighs on 1 in 4 adults under 40. Student debt puts home ownership out of reach for many people in their 20s and 30s, delays their retirement savings and leaves them more vulnerable to economic setbacks.
The fall in esteem has been steepest among adults under 30, when artificial intelligence and other labor-saving technologies threaten entry-level career prospects. As experienced workers retire, AI will not bridge a looming shortfall in workers with a postsecondary education, which Georgetown’s Center on Education and the Workforce estimates will reach 4.5 million by 2032, most critically among STEM careers critical to the nation’s health, as well as the teachers who will shape future generations. Scholarships play an integral role in closing the skills gap.
Our monthly check-ins with current Pullman scholars confirm the sea change. The days are long gone when a summer job alone could pay a tuition bill, which in highly selective programs is almost always above $65,000 a year. The financial burden ratchets up expectations that throw even high achievers off balance. The Pullman program has responded with new ways to prepare scholars for the new pressures awaiting them in their studies and a disrupted world.
College Raises Academic, Personal and Parental Stakes
Bachelor’s degree candidates face constant academic pressure, financial strain and family obligations. Two-thirds of Pullman scholars pursue challenging fields in science, technology, engineering and mathematics, including computer science, nursing, psychology and biomedical engineering. But many enter college without any specified major or clear course of study. Nearly half of STEM students change their majors or drop out, according to the National Center for Education Statistics. The attrition is even higher in the humanities and education.
Rigorous coursework and an unfamiliar, less structured environment leaves students in many fields feeling lost and isolated. The “four-year degree” is a misnomer for most U.S. students; only 48% graduate in four years and 64% within six years. Personal or family issues often pull them away from their studies. Black and Hispanic students are more likely to leave school, as well as first-generation students. Over the past decade, the challenge of the Pullman program has been to help scholars face these headwinds.
But handing over financial aid is not enough. The Pullman Class of 2029 began interacting with fellow scholars at the May symposium before starting their freshman year. Young alumni take the lead in a scaled up series of advisory programs. Monthly webinars supplement the annual spring symposium, with tips on budgeting, business etiquette and interview techniques. These programs are vital for the first in their family to continue their studies past high school, or those with few models for their new roles.
The scholarship program develops coping skills that range from forming effective study habits to choosing the right knife and fork in formal dining. The programs are a bonding experience as well, allowing students to share their experiences and realize that they are not facing their challenges alone.
When monthly check-ins began to reveal anxieties that demanded a professional response, all scholars were given on-demand access to the BetterHelp therapy program. These wrap-around services should prove especially critical for first-generation students, many of them immigrants, as they spend time away from family in new social settings under intense academic pressure.
The Success of Student Supports
The proof of the Pullman program is its success in keeping scholars on track. In the past five years, 84% of scholars have earned degrees within four years and 95% within six years. Whatever their course of study, they excel: The average cumulative grade-point average after the spring 2025 term was 3.54. Finally, 70% report graduating debt-free, giving them a head start on savings and giving them more resilience in a challenging entry-level job market.
By providing significant financial and non-financial student support, Pullman has created a model for philanthropic giving that we hope can be replicated throughout higher education. Continued economic uncertainty, new federal caps on parental borrowing and reduced funding for Minority Serving Institutions make this a time for educational foundations to evaluate how effectively their programs serve recipients.
For 75 years and counting, GPEF has given 12,000 Cook County scholars the knowledge to change the trajectory of their families and communities. As GPEF engages younger alumni and helps scholars face present-day challenges, its time-tested approach provides an effective model for a more personal and empowering scholarship that will assure America’s continued security and prosperity.
Eric Delli Bovi is executive director of the George M. Pullman Educational Foundation (GPEF).
