The Economic Case for Higher Education

December 18, 2012

The Economic Case for Higher Education
Source: U.S. Department of the Treasury and U.S. Department of Education

As the semester draws to a close at schools and universities across the country and college applications are submitted, the Treasury Department has released a report that should be food for thought for students scrambling to complete their work and finish their exams. The new report, prepared in conjunction with the Education Department, shows that investing in education expands job opportunities, boosts America’s competitiveness, and supports the kind of income mobility that is fundamental to a growing economy.

While post-secondary education has become increasingly important over time, there have also been growing concerns about the accessibility and affordability of higher education. In particular, students and their families are bearing a greater share of college costs than a generation ago. In an effort to help counteract these trends, the Obama Administration has implemented several new policies to provide relief for students and their families, including increasing Pell grants, introducing the American Opportunity Tax Credit, keeping Stafford loan interest rates low, and expanding “income-based repayment.” This report confirms the critical importance of higher education, showing the personal economic benefits of attending college, and includes data and analysis on the broader role of a well-educated workforce, which is vital to our nation’s future economic growth.

American companies and businesses require a highly skilled workforce to meet the demands of today’s increasingly competitive global economy. This report explores the current state of higher education, with a high-level overview of the market and a more detailed discussion and analysis of the financial aid system. The report also outlines the important steps the President has already taken to make higher education more accessible and affordable.

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