Independent, nonprofit colleges worth state investment: Dimenna

Grey J. Dimenna

The annual cost of attending a four-year private institution in the United States reached $46,950 last year, more than double what it was less than two decades ago. For many Americans, a college degree is often regarded as a measure of success, yet a postsecondary education has become cost prohibitive for many youths, even when they receive financial aid. Among those who choose to pursue a degree, millions rack up tens of thousands of dollars in debt, in many cases amassing a burden that will take decades to fully pay off. Based on data provided by the College Board, a nonprofit group associated with American postsecondary institutions, 24/7 Wall St. reviewed nationwide the average costs of attending four-year public and private colleges each year since 1971. Both figures include tuition, fees, and room and board. In 1971, a four-year education at a private college in the United States cost less than one-tenth what it does today. Even after adjusting for inflation, a year of private college costs more than two and a half times what it did back then. To determine the cost of college the year you were born, 24/7 Wall St. reviewed enrollment-weighted historical figures for average tuition and fees, including room and board, from the College Board, a nonprofit organization working on behalf of colleges and universities. Years listed are for the beginning of the academic year. It is important to note that the inflation adjustment figures for college costs come directly from the College Board’s analysis, whereas 24/7 Wall St. made the inflation adjustment for personal income based on the personal consumption expenditure price index, which came from the U.S. Bureau of Economic Analysis, and is chained to 2009 dollars. The share of adults with at least four years of college came from the U.S. Census Bureau’s Current Population Survey.

The hallways of Trenton are filled again with the normal hustle and bustle of budget season. This is the time of year when legislators determine what our state’s funding priorities should be. Inevitably, there are winners and losers. This is especially true when it comes to education.

The proper funding of education has been debated for years, from pre-k to vo-tech to graduate school. When it comes to higher education, one sector has continuously been overlooked: the state’s independent and nonprofit colleges and universities. Our schools receive state funding through our students with the greatest need in the form of Tuition Assistance Grants (TAG) and the New Jersey Educational Opportunity Fund (EOF), as well as funding for direct operating aid that has been drastically reduced. While we are appreciative of the funding received, we know that increases in any or all of these sources could mean remarkable gains in areas where our schools are already providing excellent results.

Our state’s independent and nonprofit colleges and universities — represented by the Association of Independent Colleges and Universities of New Jersey (AICUNJ) — serve students and communities from across the state. The 14 nonprofit, public mission colleges and universities include Bloomfield College, Caldwell University, Centenary University, College of St. Elizabeth, Drew University, Fairleigh Dickinson University, Felician University, Georgian Court University, Monmouth University, Princeton University, Rider University, Saint Peter’s University, Seton Hall University and Stevens Institute of Technology.

Each of these schools is unique in its own way. Collectively, however, AICUNJ schools serve to make New Jersey a better place by improving the economy, preparing students for the jobs of the future and supporting the diverse nature of our state. In short, AICUNJ schools are key to the future of New Jersey.

Given the global competition for the best and the brightest, it is imperative that today’s students are equipped with the skills necessary to succeed in tomorrow’s world. AICUNJ schools provide students with those tools. In fact, in New Jersey, 37 percent of advanced degrees, 32 percent of STEM degrees, and 26 percent of education degrees are conferred by our 14 institutions of higher education. When companies like Amazon look to attract and retain the strongest technical talent — those with degrees and knowledge in the right fields — they are looking to attract students from AICUNJ institutions prepared for the job.

Our impact goes beyond the education we provide our students. Those we employ also make critical contributions to the state. AICUNJ schools are economic drivers for the state, giving our residents a chance to excel. We employ nearly 19,000 full-time professionals who reside in all of New Jersey’s 21 counties, with a total payroll of over $1.2 billion.

It must be noted that all of this work is done with a minimum amount of state support. Our 14 institutions received, collectively, $1 million in direct operating aid from the state in fiscal year 2018. This is a significant drop from previous funding levels. Had funding kept up over the years, our schools would see $20 million total in direct operating aid, so a large gap currently exists. We recognize the reality of the state’s finances. However, we know that a greater commitment of support to AICUNJ schools could result in so much more for those we serve — more students attending college, more classrooms, more laboratories, enhanced libraries for our students and more opportunity for our faculty and staff.

As legislators work in Trenton on finalizing the state budget, it is imperative that they know and understand the true impact that AICUNJ schools make in New Jersey. We will continue to do our part in shaping the minds of tomorrow’s leaders, regardless of how state aid is awarded. However, we could accomplish so much more with greater assistance from the state, whether that be through increased direct state operating aid, TAG or Educational Opportunity Fund dollars. We ask that by June 30 New Jersey’s legislators and the governor put in the necessary resources to ensure AICUNJ schools reach their full potential. Our students are worth the investment.

Grey J. Dimenna is president of Monmouth University in West Long Branch.