( CNN ) -- Despite persistent and understandable questions about the cost of college in America today , the value of a college education is clear . But that value is not spread as equitably as it should be across the nation . College graduates earn considerably more over the course of their careers than do people with just a high school education , and they are much less likely to be unemployed . A study by the New York Federal Reserve found the rate of return on a college degree to be approximately 15 % and , contrary to popular wisdom , it was n't just the science and engineering majors who benefited . Graduates in the liberal arts also saw their degrees pay off . The benefits of a college diploma also go well beyond direct financial returns . College graduates have lower divorce rates , enjoy healthier lives , have higher rates of health insurance , and much lower rates of incarceration . They also have offspring who are more successful in school . But the United States is falling behind other developed countries when it comes to educating its citizens , and there is a widening gap between the number of college graduates coming from low-income families versus high-income families . In a knowledge-based economy , highly trained workers are key to global competitiveness . At current rates , by 2018 the U.S. will be 3 million college graduates short of what we need to fill expected jobs . By 2025 , the shortage will be 16 million . The problem is particularly acute among African-Americans , Latinos , Native Americans and low-income Americans of all races and ethnicities . Students from high-income households are 10 times more likely to attain a college degree than are low-income students . The White House will shine a welcome spotlight on this issue Thursday with its second summit of university presidents and other higher education leaders . We are proud to be representing the University Innovation Alliance ( UIA ) at this gathering ; alliance members are coming to town with plans that are already being put into action to address this troubling disparity in higher education attainment . Raising the degree attainment rate for all Americans , especially those from minority and low-income backgrounds , is vital to our nation 's economic future . Universities -- especially public universities -- have a responsibility to find new ways to increase graduation rates for minorities and low-income Americans , so we can improve social mobility , narrow income gaps and produce the graduates required to grow the United States economy . That is why 11 public research universities , including our institutions , Arizona State University and Georgia State University , came together to announce the UIA in the fall . By collaborating instead of competing , we are committed to addressing this problem at scale and sharing strategies that proven to increase college graduation rates . The UIA 's first large-scale initiative focuses on predictive analytics , which involves technology designed to mine student data for early signs that a student may be struggling and then reaching out to that student with additional support tailored to his or her specific needs . A great example of the power of this approach comes from Georgia State , where the monitoring of student performance coupled with proactive advising strategies increased semester-to-semester retention rates by 5 % and reduced the time needed to earn degree by almost a half-semester . This means 1,200 more students are staying in school every year , and the class of 2014 saved $ 10 million in tuition and fees compared with graduates a year earlier . And because now students are graduating more quickly , Georgia taxpayers will save about $ 5 million in support costs for public education . If these same innovations were scaled across the 11 UIA institutions over the next five years , we could educate tens of thousands more students while saving almost $ 1.5 billion in educational costs to students and taxpayers . That is the kind of transformation higher education needs . At Arizona State , the introduction of technology-enhanced advising services has produced dramatic results : The four-year graduation rate at ASU increased by nearly 20 percentage points between 2002 and 2010 , with the most dramatic increase occurring after the introduction of a system called eAdvisor , which allows students to plot their progress toward a degree in real time . Arizona State , like Georgia State , has made investments to boost graduation rates , such as the hiring of hundreds of tutors , the creation of focused learning communities on campus , the introduction of adaptive learning platforms that modify the presentation of educational materials according to a student 's performance on tests , quizzes and other exercises ( this is especially effective in math classes ) and a `` retention dashboard '' that signals to administrators when a student needs additional support . Arizona State 's six-year graduation rate stands at 62.5 % , and the goal is to achieve a 75 % rate by 2020 . But these efforts are not about specific innovations at particular institutions . They are about creating opportunities for students and building a stronger society . UIA members are working together to develop and share solutions that will improve the entire higher education sector , because we believe every individual deserves an opportunity to receive a high-quality and affordable education . We know what going it alone can accomplish . It 's time to discover what working together can do . We believe when universities collaborate , students win .
11 university presidents say studies show college is worth what it costs . Mark Becker , Michael Crow : Benefits are n't spread equally through society . UIA is holding summit higher education leaders today . Two U.S. universities in alliance are putting ideas to work , they say .