FORUM ON COLLEGE ACCESS & AFFORDABILITY OFFICE OF THE SECRETARY OF HIGHER EDUCATION

Transcription

1 FORUM ON COLLEGE ACCESS & AFFORDABILITY OFFICE OF THE SECRETARY OF HIGHER EDUCATION

2 WE WANT TO HEAR FROM YOU 1. Submit your questions #NJHigherEd & #askoshe 2. Fill out a question card 3. Let us know your one wish for higher education in NJ 4. Join us LIVE on YouTube: NJ State Government 5. Submit feedback using the online form:

3 Payoff of a College Degree in New Jersey has Increased Over the Past Decade Graduate or professional degree: $71,097 $76,609 $86,548 Bachelor's degree: $52,484 $55,191 $63,545 Some college or associate's degree: $36,190 $41,178 $40,354 High school graduate (includes equivalency): $30,624 $34,137 $32,036 Less than high school graduate: $23,031 $22,930 $21,863 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 United States 2017 New Jersey 2017 New Jersey 2007 Source: U.S. Census Bureau, American Community Survey, year estimates American Community Survey

4 Source: The College Board, Education Pays 2016, Figure 2.3 Earnings Vary by Educational Attainment

5 Unemployment Rates Vary by Educational Attainment and also Race/Ethnicity Source: The College Board, Education Pays 2016, Figure 2.3

6 However, Massive Gaps in Who Goes to College and What Colleges They Attend 100% 90% 86% 80% 13% 77% 70% 60% 20% 61% 59% 58% 50% 40% 73% 30% 20% 10% 0% Asian/Pacific Islander 57% White African-American 22% 26% 27% 39% 33% 31% Economically Disadv. Hispanic 36% 26% 10% English Learners 34% 13% 21% With Disabilities Enrolled Bachelor's Enrolled Associate's Source: NJ DOE School/District Performance Reports, NJ High School Graduates, Enrollment in Postsecondary Education within 16 months of graduation

7 BARRIERS TO ENROLLMENT ARE ACADEMIC, SOCIAL, AND FINANCIAL.

8 WHAT IS AFFORDABLE? Listed price of tuition and fees has increased over time. Grants reduce the price for some students, creating a lower net price. Even net price has increased over time. Students face financial barriers beyond just tuition and fees, including the cost of books, food, transportation, housing, and even child care.

9 By every measure, college is becoming increasingly unaffordable.

10 New Jersey Tuition and Fees have Risen Sharply in the Last Two Decades $16,000 $13,342 $14,000 $12,000 $10,253 $10,000 $9,011 $8,000 $6,047 $4,808 $6,000 $3,061 $3,219 $4,652 $3,576 $4,000 $2,380 $2, $0 NJ Four-Year Public Average Tuition and Fees US Four-Year Public Average Tuition and Fees NJ Two-Year Public Average Tuition and Fees US Two-Year Public Average Tuiton and Fees

11 State Overall White, Non- Hispanic Black Hispanic Asian New Jersey 16.90% 14.80% 26.9%* 24.9%* 11.4%* US Average 16.24% 14.91% 25.29% 13.80% 13.88% Source: Unkept Promises: State Cuts to Higher Education Threaten Access and Equity, October 4, 2018

12 Net Price for Low-Income Families at NJ s Public Four- Year Colleges in Much Higher than National Average $18,000 $16,000 $14,000 New Jersey, $13,864 $12,000 $10,000 U.S., $10,045 $8,000 $6,000 $4,000 $2,000 $- California Indiana West Virginia Florida Washington North Dakota New York Texas North Carolina Nevada Oklahoma Hawaii Alaska Wyoming Michigan New Mexico Utah Louisiana Minnesota U.S. Iowa Kentucky Arizona Arkansas Missouri Rhode Island Tennessee Wisconsin Georgia Maine Nebraska Connecticut Montana Maryland Idaho Mississippi Massachusetts Illinois Vermont Ohio Oregon Colorado Virginia Kansas South Carolina Delaware South Dakota New Jersey Alabama Pennsylvania New Hampshire New Jersey Source: State Higher Education Executives Officers Association, State Higher Education Finance (SHEF) Fiscal Year 2017 Report, state-higher-education-finance, SHEF_State_by_State_Wave_Charts_FY17.xlsx.

13 Net Price for Low Income Students at NJ s Public Two-Year Colleges is Higher than National Average $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 U.S. $6,126 New Jersey $7,057 $6,000 $4,000 $2,000 $- Alaska Michigan Mississippi Georgia Florida New Mexico Tennessee Wyoming Kentucky Illinois Indiana Washington California Hawaii Ohio Connecticut Alabama Rhode Island South Carolina New York Nebraska West Virginia Arizona U.S. Texas Arkansas Idaho Missouri Pennsylvania Massachusetts Delaware North Carolina Virginia Kansas New Jersey Maryland Oklahoma Oregon North Dakota Nevada Wisconsin Louisiana Maine Iowa Montana Colorado Utah Vermont South Dakota Minnesota New Hampshire New Jersey Source: State Higher Education Executives Officers Association, State Higher Education Finance (SHEF) Fiscal Year 2017 Report, state-higher-education-finance, SHEF_State_by_State_Wave_Charts_FY17.xlsx.

14 Federal Loan Debt of Four-Year College Grads Rose by 133% Between 1996 and 2016 $35,000 $30,000 $29,400 $29,650 $25,000 $23,300 $20,000 $17,350 $18,650 $15,000 $12,750 $10,000 $5,000 $ Four-Year Colleges Source: The Institute For College Access & Success,

15 $45,000 $38,510 $40,000 Student Loan Debt at Four-Year Colleges in NJ is Much Higher Than National Average 6 th Highest State in Average Loan Debt $35,000 New Jersey, $32,247 $30,000 $25,000 $18,838 $20,000 $15,000 $10,000 $5,000 $0 Connecticut Pennsylvania Rhode Island New Hampshire Delaware New Jersey Massachusetts Alabama Minnesota Maine Michigan South Dakota New York South Carolina District of Columbia Vermont Ohio Mississippi Virginia Iowa Wisconsin Indiana Maryland Illinois Georgia Montana Kentucky Oregon Kansas West Virginia Louisiana Missouri Texas Arkansas Idaho Colorado North Carolina Oklahoma Nebraska Alaska Tennessee Hawaii Florida Arizona Washington California Wyoming Nevada New Mexico Utah New Jersey Source: The Institute For College Access & Success,

16 Student Loans in Collection, by County Source: Debt in America: An Interactive Map, Urban Institute

17 Student Loans in Collection in New Jersey 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 17% 10% 7% Total White Nonwhite Total White Nonwhite Source: Debt in America: An Interactive Map, Urban Institute

18 FORUM ON COLLEGE ACCESS & AFFORDABILITY OFFICE OF THE SECRETARY OF HIGHER EDUCATION