College degree remains a sound investment
What if you were told about an investment that, over your lifetime, could net $800,000 more than that being made by some of your neighbors and friends? Would you be interested?
This strategy doesn’t involve stocks, bonds, CDs or mutual funds, but rather an investment in yourself. It’s a college degree.
According to the College Board’s 2007 study “Education Pays,” those with a bachelor’s degree will earn more than 60 percent more – or more than $800,000 over a lifetime – than someone with only a high school diploma.
The financial resources required to invest in a college degree can come from a variety of sources. Because we all recognize the value of higher education, public tax dollars are used to support higher education and preserve the quality of instruction at our state-supported universities.
In addition to these funds, students can earn scholarships or be awarded financial aid. Then there is the money that students bring to the table, whether from part-time jobs, assistance from parents and other family members or student loans.
At Purdue, state appropriations make up about 31 percent of our general fund, with the remainder coming from a number of sources, including tuition.
Among public Big Ten universities, tuition and fees for the 2008-09 academic year varies. The five highest rates, led by Penn State at $13,706, are all in excess of $10,000. In contrast, the rate at Indiana University and Purdue are $8,231 and $7,750, respectively. This places Purdue and IU seventh and eighth among our conference counterparts.
On Purdue’s West Lafayette campus this year, the average net cost for an in-state student – including tuition and fees, room and board, books and supplies and miscellaneous expenses – is $18,542. Students with a family income of less than $40,000, however, actually end up with an average cost of $4,783 after all forms of aid are factored into the equation.
Total financial aid that will be awarded to Purdue undergraduates in the 2008-09 academic year is estimated at $311 million. In addition, Purdue is raising $304 million for its Access and Success Campaign, which will further help ensure access to success for more students.
And what do students get for their money? They gain access to world-class facilities with cutting-edge equipment and faculty members that prepare them to succeed in a fast-paced and ever-changing international economy. They also have the opportunity to earn a degree that is as recognized and respected in India as it is in Indiana – a true benefit in our global society.
Combining fiscal responsibility and academic excellence pays dividends. In January, two surveys – conducted by SmartMoney magazine and Princeton Review – ranked Purdue among the best in the nation in terms of academic value.
Earning a college degree, even in the best of times, requires a measure of sacrifice and hard work – both financially and academically. And I firmly believe that a college education is a worthwhile investment that our state and our students can’t afford not to make.
Last month, 303 people were murdered in the Mexican border city of Ciudad Juarez, which lies alongside El Paso. This month, the dead include three men killed by a sophisticated, remote-controlled car bomb – the first in Mexico’s drug wars.