In the past, a college degree would almost always guarantee a “bright” career path. However, many things have changed. People have begun to question whether that degree is still a need.
One implication here is college dropout rates. The World Economic Forum said that in 2022, college students dropped out due to a few reasons, such as:1
- Taking advantage of the labor market
- Being unsure of what to study
- Expensive living costs and tuition fees
- Mental health problems
- The feeling that higher education isn't fit for them
- Bad academic performance
It’s time for universities – the institutions that can make a significant difference – to take action.
This article aims to shed light on systematic changes that universities could make to improve the situation for students. These include curricular changes, improvements to assessment methods, revamped organizational structures, and better financial literacy education.
A Different Approach to Curriculums and Teaching
Course outlines establish the learning direction for students and guide faculty in teaching. Unfortunately, many of these curriculums remain unchanged.
Both society and the global workforce undergo rapid changes every year – outdated outlines don't help much in preparing students for what's about to come.
That's where universities need to start. Here are a few strategies to consider:
- Updated course content that matches current industry requirements
- Skill-based lessons to aid in job readiness
- More collaboration with industry professionals by adding more workshop classes
- Revisiting industry standards to create new subjects
Technology is also everywhere. Universities need to keep up and integrate it into teaching practices.
That means using e-books instead of hefty paper textbooks. It also means allowing more digital assignment submissions and fewer paper ones. In doing so, universities meet students where they're at and engage them in ways they're familiar with.
But book knowledge isn't enough; the real world demands practical skills.
Universities need to balance theory with practice. One way of doing this is to set up simulated work environments. Some examples include a mock courtroom for law students or a faux hospital for aspiring doctors. This way, students see their lessons come to life.
Interactive learning is also key. Professors stand at the front, yes. But students shouldn't just sit and listen. They should discuss, debate, and problem-solve. These activities add depth to their understanding.
And while students need to learn, so do professors. Universities must invest in their faculty's development and training. This is so they can keep up with new teaching methods and industry trends.
Improving Assessments
Assessments play a key role in education – but they need a makeover. Here's why:
Not all students learn the same way. Universities should adapt to different learning styles. Some students are visual learners, while others learn better by doing. Assessment methods should cater to these varied styles.
Traditional, high-risk assessments put a lot of pressure on students. One bad test could drastically drop a grade. But with low-risk, continuous evaluations, students can learn from their mistakes and improve.
The current grading system falls short in many ways. For one, it doesn't allow students an opportunity to revise their work. Students who perform poorly get penalized with bad grades. Worse still, feedback often isn't formative or actionable.
The key here is to foster a more inclusive environment for students. Those with different learning styles and abilities should be given an equal opportunity to thrive.
Embracing Financial Literacy
It's not unusual for curricular and organizational changes to take some time. When it comes to finances, however, it's easier for schools to make adjustments. Even small changes can drastically improve the financial situation of students.
The Importance of Financial Education
Financial literacy makes a difference in students’ lives. It equips them with the knowledge to handle money wisely.
Students learn about student loan counseling, investing, budgeting, and saving. They become responsible borrowers, understanding the implications of student loans.
The results can include lower student loan default rates. Without such a problem, lower student loan delinquency rates can also go down.
Ways Universities Can Ease the Burden of Finances
How can universities ease their students' financial burdens? There are several ways:
- Offering student loan entrance counseling can educate new students about borrowing responsibly. They learn about different loan types, interest rates, and repayment plans.
- Encourage smart borrowing. Students learn to take out loans only when necessary.
- Offer financial aid to students in need. This helps minimize the cost of tuition and other expenses.
- Provide student loan exit counseling. Graduating students learn about repaying their student loans. This helps them avoid delinquency and default.
As students understand their finances more, they can achieve more in school and life. It all falls to better student success and graduation rates.
It's a smart move that universities can take to help students thrive. In return, they'll have even more students enrolled.
Final Thoughts
It's time that we change the way we approach higher education – and institutions play a big part here.
Changes in the curriculum, organization, and assessments may take a while to implement. In the meantime, they should help students take more control over their money.
Doing so lets universities set their students up for career and personal success.
Remember, the journey to helping students have a brighter future starts with one step. That's within your control.
Are you ready to launch a financial literacy initiative in your university? If so, we suggest exploring a financial wellness platform like iGrad. Watch this demo video to see how we can streamline the process for you.
