Earn to Learn’s mission is to empower low to moderate income students to succeed in college. We do this because we want people to have a solid pathway out of poverty and into possibility that a college degree provides.
But did you know that more college graduates would also help double Arizona’s economic growth?
“Arizona stands at the threshold of tremendous opportunity that has the potential to provide the state with economic gains of more than $7 billion every year. These gains, which correspond to one-fifth of the entire state budget, would more than double Arizona’s annual economic growth rate,” reports College Success Arizona in their publication Doubling Arizona’s Economic Growth: The Potential Fiscal and Social Gains from Increasing in Postsecondary Attainment.
The cost of one student’s participation in Earn to Learn for one year is $5,700. That’s $500 of their own savings, $4,000 in matching funds from the university and federal program, both of which directly fund tuition and expenses for the student, plus $1,200 for services provided by Earn to Learn to get the student in the program and support their success. The economic return on that student for the state of Arizona is $600,000. Even when we account for supporting the student through all four years of college, that’s still a return on investment of 96%!
That’s why Arizona Board of Regents President Eileen Klein says: “It is a tremendous honor to showcase this innovative scholarship program to federal policymakers who are focused on promoting savings and building the financial capability of young Americans. Arizona has a significant population of students with financial need and we need to increase college degree attainment to maintain our competitiveness as the need for educated employees in our state workforce continues to grow. It’s imperative that we find new ways to empower students and families with tools to help achieve greater economic mobility. Earn to Learn does just that through essential financial training and increased access to higher education.”