The number of people graduating with college degrees fell for the second straight year after inching upward annually for seven years, the National Student Clearinghouse Research Center reported Thursday.

The education nonprofit found 99,200 fewer students earned bachelor’s and associate degrees in the 2022–23 academic year, a 2.8% drop. Additionally, fewer certificate and associate graduates went on to receive additional degrees.

On the positive side, the center reported that “more students earned a certificate … than in any of the last 10 years,” with a surge among 18-20-year-olds making up over half of a 6.2% increase of 26,900 first-time graduates. That built on a 6.5% annual increase of 26,700 first-time certificate earners in the previous academic year.

Typically requiring three to nine classes, and far cheaper than two- and four-year degrees, professional certificate programs include accounting, computer programming and machine repair.

According to the research center, the number of people earning four-year college degrees had grown annually the previous seven years, increasing by a cumulative 10% from the 2013-14 to 2020-21 academic years.

The report comes as higher education suffers from soaring operating costs, dwindling pools of applicants and a drop in students seeking low-paying humanities degrees.

Dozens of small liberal arts colleges are closing, citing enrollment and revenue declines. Closure announcements in recent months include Fontbonne University in Missouri, Oak Point University in Illinois and Notre Dame College in Ohio.

Officials at Goddard College, a progressive private school in Vermont, announced Tuesday it will close at the end of next month, citing a drop in enrollment from over 1,900 students in the early 1970s to 220 this year.

“Despite trying many different approaches, including partnerships, Goddard College could not beat the trends of inflationary pressures, demographic shifts and changing educational preferences,” the college said.

In Thursday’s report, the clearinghouse said 1,941,254 people earned bachelor’s degrees from U.S. institutions in 2022-23, representing 56.4% of all awards granted and the lowest number since 2015-16.

An additional 830,249 students earned associate degrees, representing 24.1% of all graduates and the lowest level in 10 years. That included an 8% decline in first-time students completing the two-year programs.

The report found that roughly 14,000 fewer students with an associate degree returned to earn a bachelor’s degree, a 3.3% decline.

Professional credentials accounted for the remaining 19.5% of college awards granted in 2022-23, with 670,665 students completing them.

Steve Durham, a member of the Colorado State Board of Education, said the report confirms that “the value of a college degree in most subject matters no longer matches the actual cost” for many students.

“I think we need to stop pushing four-year degrees and the myth that college is always a path to economic success,” Mr. Durham, a former Republican state lawmaker, told The Washington Times. “We need to train people for jobs that are in demand. Skilled tradesmen such as plumbers, electricians and carpenters are much more likely to earn six figures than your average college graduate.”

• Sean Salai can be reached at ssalai@washingtontimes.com.