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A new report shows fewer Colorado college students are graduating with debt — and the debt they do have on average is thousands less than 10 years ago.
The numbers compiled within the state’s seventh Return on Investment report released on Thursday also highlights that a college education continues to help residents stay employed and get jobs with higher wages.
Overall, the report provides a data trove that seeks to show college is worth the time and money. The report breaks down numerous facts and figures that include college enrollment, how many years it takes students to complete a postsecondary education, college costs, and debt figures.
In a letter included within the report, Colorado Department of Higher Education Executive Director Angie Paccione said residents face a big decision in going to college, but it’s worth the investment.
“Postsecondary education continues to help people earn more money and support families and communities across the state,” Pacciones writes in the letter.
The report, compiled with the most recent data from the 2022-23 school year, is released annually to help lawmakers and families understand the value of a college education. In recent years, public skepticism over whether college is necessary has persisted despite data showing there’s a clear return.
This year’s report shows that about 43% of undergraduates, or students earning an associate or bachelor’s degree, left college with debt in the 2022-23 school year. That’s down from 61% of graduates in the 2013-14 school year.
On average, those students with debt who earned a bachelor’s degree graduated with about $24,700 in loans. Meanwhile, students who completed an associate degree left with about $13,100 in loans.
The total debt that graduates statewide hold has also decreased to $241.6 million, compared to $434.4 million in the 2013-14 year.
Still, the report highlights there’s room for improvement, with students taking too much time to complete a degree or leaving with more credits than what’s needed to graduate.
The report also backs up federal data that shows a bachelor’s degree provides higher wages. Bachelor’s degree holders also have the most financial growth over a 10-year span, or a 50% increase in earnings from graduation.
And residents with a four-year degree are also less likely to be unemployed. Just 2.8% of residents with a bachelor’s degree were unemployed in 2024, compared to 7.9% for those without a diploma.
Jason Gonzales is a reporter covering higher education and the Colorado legislature. Chalkbeat Colorado partners with Open Campus on higher education coverage. Contact Jason at jgonzales@chalkbeat.org.
