Prosperity bound
T he depth of our most recent economic slump has left people questioning investment in post-secondary training and education, has sparked debates over the value of liberal arts versus more technical training, and has challenged lower- and middle-income families as the “price of admission,” so to speak, seems entirely out of reach. News stories of college graduates struggling with sizeable student loan levels and limited job opportunities have led many to question the relative return on investment.
And yet, while the cost of education has strained both government and household budgets, the data overwhelmingly shows that the prosperity of a state and the standard of living of an individual or household are tied, increasingly, to educational attainment. A simple graph of per capita income and educational attainment by state clearly illustrates the correlation of education and economic opportunity. If a state seeks to raise its economic prosperity, education has to be a central piece of the economic development policy.
Similarly, the data shows that for individuals, every single increment of education brings higher earnings and lower unemployment. In fact, a November 2011 research brief by the Mitchell Institute found that “The earnings of Maine workers with a bachelor’s degree are more than 50% higher than those with only a high school diploma, and their unemployment rate is less than half.” The brief went on to project that from 2008 to 2018, the growth in Maine jobs requiring a college degree will increase seven times faster than the opportunities for workers with only a high school education. And a Georgetown University report titled “Help Wanted” estimates that by 2018, 59% of all jobs in Maine will require post-secondary education.
Despite enormous budget pressures, the need for investing in higher education has never been greater. The 2012 Maine Economic Growth Council report shows that our higher degree attainment rate of 35.8% is in line with the United States, but lags behind the New England region by 7.6 percentage points. And Maine per capita income levels rank 31st in the nation, 8% below the national average and 25% below regional levels. If we ever hope to close these gaps we must find a way to support and guide each and every Maine person along the educational continuum, bringing them to their highest potential.
Access to affordable post-secondary education is one of Maine’s greatest challenges. Our relatively low per capita income means that our students can’t afford the ever-rising college costs and if we are to be successful in graduating a larger percentage of the population, we will have to be very innovative in finding ways to more cost-effectively shepherd them through to completion.
For our part, Thomas College is attacking the issues of affordability and graduation rates in a myriad of ways, and we are seeing some success though there is still much work to be done. Thomas serves what I call the very heart of Maine, as 80% of our students come from Maine and 70% are first generation college-goers. The affordability barrier and the challenges of supporting the students through successful completion are extremely difficult. In our national award-winning EDGE Program, 75 incoming students who are at risk of struggling with college-level math (a leading reason why students drop out of college) will receive intensive math curriculum in a small, highly supportive and enriching environment two weeks before school officially begins, providing a head start and ensuring a smooth transition. Through our Dual Enrollment offerings, students are earning college credits in high school — trimming costs, affirming their abilities to do college-level work and accelerating their path to college graduation. We offer an accelerated MBA program that allows traditional-age students to enter the work force with additional credentials and nontraditional students an opportunity to expand their education without taking too much time out of work. We link students with paid internships in their fields of study, providing income and relevant work experience. For students who maintain a high grade point average, we guarantee their tuition will not increase. And for those who take full advantage of a myriad of supports, we offer Guaranteed Job Placement in their field of study or we make the loan payments until they find a job.
After studying every aspect of economic development in Maine for nearly three decades, I have grown to believe that our greatest asset, by far, is our people. In a knowledge-based, technology-driven economy, bringing every person in Maine to their highest educational potential will unleash a wave of opportunity for our economy. The challenges of accessibility, affordability and college completion are formidable, but Maine people are known for their ingenuity, hard work and can-do attitude. If we keep our eye on the prize and work together in ways that we might never have dreamed possible, we can and will unleash the potential of Maine people and move toward the vision we seek for Maine.
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