<p>*More than a third of presidents think the industry they lead is heading in the wrong direction.</p>
<p>Without a change in course, presidents fear, American higher education's standing around the globe could erode. Although seven in 10 college chief executives rated the American system today as the best or one of the best in the world, barely half predicted that a decade from now the United States would be among the top globally.</p>
<p>..."The affordability of a college degreewhether it is affordableis becoming a third rail in the national conversation about higher education," said Jamie P. Merisotis, president of the Lumina Foundation for Education.</p>
<p>...a quarter of college graduates who earn less than $50,000 a year now say their degree was a bad bargain. A number of presidents say they have begun to see a trend of "trading down," of price-sensitive students and parents opting for more affordable institutions, such as community colleges or local public universities. They worry: Could some of those students opt out of higher education altogether?</p>
<p>One key factor, especially as the country remains in an economic hangover, is whether the public sees real-world benefit in a college degree, said Richard K. Vedder, director of the Center for College Affordability & Productivity and professor of economics at Ohio University. "The piece of paper has to have more than just symbolic value," he says.</p>
<p>But whether ponying up for a degree leads to a fat paycheck seems to be a little unclear, at least to the average American. While a plurality of those surveyed maintained that the main purpose of college is to learn specific skills and knowledge for the workplace, a third of college graduates said their current job doesn't require a degree. Asked what it takes to succeed in the work world, respondents ranked a college education below a good work ethic, getting along with others, and skills acquired on the job.</p>
<p>"The inconsistency of the public," said David A. Longanecker, president of the Western Interstate Commission on Higher Education, "suggests that people are not getting what they need."*</p>