Release: New Report Shows Real Value of Illinois Private Colleges and Universities

Below and attached you’ll find a news release and fact sheet from today’s news conference at the Statehouse from the Federation of Independent Illinois Colleges and Universities on its 2014 report to the governor and legislators explaining its members’ real value to the state’s higher education system.

I’ve also attached the full report. If you weren’t able to make it today but want to connect with us or have additional questions, let me know.

Thanks,
Ryan

FOR IMMEDIATE RELEASE CONTACT: Ryan Keith, 217-737-7369

Jan. 23, 2014 rkprsolutions@gmail.com

Federation Releasing Report on Real Value of Private Colleges and Universities

Independent Institutions Provide Workforce, Support to Move Illinois Forward

SPRINGFIELD – Leaders of the Federation of Independent Illinois Colleges and Universities and its member institutions today released a new report showing the economic impact and value these private schools provide for Illinois with minimal taxpayer investment.

The Federation released its new annual report Thursday at a Statehouse news conference. The new report for 2014 from the Federation, being provided to Gov. Pat Quinn and the Illinois General Assembly, examines how the state’s independent colleges and universities provide significant economic benefit to the state through a well-educated workforce and students who graduate faster than their public school peers with degrees that provide for a career of success.

Some highlights of the results are:

· Independent Illinois colleges and universities account for $16.5 billion in the state’s economy, including 178,000 jobs and $900 million to the local and state tax base

· These independent institutions educate more than 231,000 students, with diversity equal to that found at public schools

· More students graduate and finish more quickly at private institutions than at their public peers

· More students leave campus at independent colleges and universities with degrees in key 21st century sectors such as education, health care and law than from public schools, even though public school enrollment numbers are much larger

· Illinois would have to find more than $18 billion to replace instruction, property and equipment if the state had to absorb the costs now borne by the independent colleges and universities

Federation leaders were joined by presidents of several member institutions to release the report. They made clear the goal is to highlight all the ways in which independent colleges and universities provide a high-quality, meaningful education and benefit for students and taxpayers in Illinois, not to create a divide with the good work being done at public institutions.

“The college experience is a unique one for every student, and no one education fits everyone the same way. Our message today is that independent colleges and universities in Illinois understand the challenges facing higher education and how important it is that we take those challenges head on to produce better students, more successful careers and a thriving, growing economy,” said Dave Tretter, president of the Federation of Independent Illinois Colleges and Universities. “We hope this report shows how our institutions are working every day to provide the best education at the best value for students and taxpayers.”

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Report: Independent Colleges and Universities Produce Real Value, Results for Illinois

Overview: These are trying times for higher education in Illinois, with limited resources stretched to meet greater student demand and the growing cost of school an ongoing concern. But the 2014 report from the Federation of Independent Illinois Colleges and Universities to the governor and legislators shows there is reason for hope, as these private nonprofit institutions help students earn more degrees and do that more quickly for successful career paths than their public counterparts – all at an increasingly competitive price and real value for students and taxpayers.

Economic Impact

· Independent colleges and universities provide direct jobs for 62,000 Illinois residents

· Transactions and purchases by faculty, staff, students and institutions mean independent colleges universities add $16.5 billion to Illinois’ economy

· They create 178,000 jobs and add $900 million to the local and state tax base

Educational Value

Higher education is becoming more and more important for career success. States with more highly educated workforces have residents with higher earnings, and median household incomes grow as more individuals have college degrees. As the state’s population becomes more educated, employers want to come here to grow and prosper.

That’s why it’s so important that higher education in Illinois be effective and cost-efficient. Here is the important role independent colleges and universities play in that effort:

· Independent colleges and universities provide education to more than 231,000 students

o These students are as diverse as their public counterparts

o Independent schools provide nearly half of all college degrees received by minority students

· The net cost of education to attend independent and public institutions is closing

o When the cost to taxpayers of public subsidies is included, it costs Illinoisans less to attend and support independent colleges and universities

· With that similar cost, independent colleges and universities have higher graduation rates and students take less time to graduate than their public school peers

o Nationally, 79 percent of students at independent colleges and universities graduate in four years compared to 49 percent at public institutions

· They leave campus with degrees that make for career-long success in sectors that drive the 21st century economy

o More degrees in education, health care and law come from Illinois private colleges and universities than their public counterparts

o More than two-thirds of master’s degrees in education come from independent institutions

o More students receive advanced degrees in STEM (science, technology, engineering and math) from independent colleges and universities than their public peers

· If the state had to absorb the infrastructure and educational service cost that independent schools now provide, the price would be enormous

o Illinois would need an additional $1.3 billion in annual appropriations for instructional costs

o Another $17 billion would have to be found to replace property, equipment and physical plants

o A 5 percent increase in private institution enrollment would save Illinois $71 million a year

2014 Report to the Governor and Illinois General Assembly.pdf
FIICU Press Release — 2014 Report.doc
FIICU 2014 report fact sheet.docx

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