College degrees losing their shine?

Close to 2010, following the Global Financial Crisis of 2008-2009 and the ensuing economic downturn, middle-class Pakistanis began to lose their unwavering trust in higher education. By 2011, over 50 per cent of graduates and post-graduates found themselves without work or in jobs that didn’t fully utilise their qualifications. While a bachelor’s (or master’s) degree was once seen as a surefire path to success for some, it didn’t hold the same promise for many others. The economy recovered to an extent, and the widespread discussion on this topic dwindled, only to resurface in the wake of unprecedented Covid-19. This time around, the reckoning for college degrees has been more significant, and it might also prove to be longer-lasting. The cost of obtaining a private degree is exorbitantly expensive. However, the worth of a higher education may no longer align with its previous standing. Undergraduate programmes’ yearly fee ranges from Rs500,000 to Rs1.5 million or more (based on the field of study and reputation of the institution).