FOR IMMEDIATE RELEASE September 24, 2002 Contact: Steve Morse, Illinois Community College Board, 217-785-7411 Kim Villanueva, Illinois Community College Trustees Association, 217-528-2858 The best investment? Community colleges could be it SPRINGFIELD -- What's the best investment going these days? According to a study conducted by economists and just released by the Illinois Community College System, it could be an Illinois community college education. According to the study on the economic impact of Illinois community colleges, investing in the completion of an Associate Degree can translate to more than $345,000 in additional income over the remainder of a person's career. The study, called "The Socioeconomic Benefits Generated by 39 Community College Districts in Illinois," further suggests that individuals taking a single course receive tangible benefits. For every 3-hour course completed at an Illinois community college students will, on average, earn $360 more per year every year that they are in the workforce. "From an investment standpoint, (Illinois) community college students will, on average, enjoy a 26.1% rate of return on their investments of time and money," according to conclusions drawn by the report. All costs , including wages foregone while attending a community college, will be recovered in a little more than five and a half years. "People can, and do in increasing numbers, invest in themselves and rely on Illinois community colleges to help secure that investment." Edward T. Duffy, chairman of the Illinois Community College Board. The study shows that those earning a one-year certificate from a community college can earn as much as 16% more than someone with a high school diploma or GED. With the completion of an Associate Degree, the earnings increase jumps to 36% more than the person who has graduated only high school. Although students are the primary beneficiaries of the impact of a community college education, taxpayers and the state also experience economic gains from the Illinois Community College System. "We see that 95% of community college students stay in Illinois and further contribute to the state's economy, avoiding 'brain drain' and keeping those learned skills, and the invested state and local dollars, at home," said Joseph J. Cipfl, president and chief executive officer of the Illinois Community College Board. "This report clearly documents that Illinois community colleges are net providers of public revenue," said Gary Davis, executive director of the Illinois Community College Trustees Association. According to the study, community college operating and capital expenditures along with their wages and salaries account for more than $1.5 billion in the Illinois economy and Illinois taxpayers will see a rate of return of 13.8% on their fiscal support for community colleges. "Return on investment is the bottom line for taxpayers and I think most taxpayers would agree this is a very solid return," Davis said. In addition, the higher earnings of those who have attended Illinois community colleges mean a more robust economy. The study found that the accumulated contribution of past community college instruction adds more than $8.4 billion in annual earnings to the state. Several major benefits of attending an Illinois Community College emerged from the economic impact study, including: ° Higher earnings realized by exiting students. ° Tax revenue generated by improved earnings of community college students. ° Expansion of the skill base, a key element in attracting new business to Illinois and in business retention. Each year one million Illinoisans attend community colleges in both credit and noncredit courses. Nearly 64% of all students in Illinois public institutions of higher education attend community college. With full-time annual tuition ranges between $1,162 and $1,860, Illinois community colleges enroll nearly 66% of female students and more than 56% of all ethnic/ racial minority students attending public higher education institutions. Illinois is home to the third largest community college system in the United States. The economic impact report was conducted by CCBenefits, Inc., a nationally recognized organization specializing in such studies. The study was commissioned by the 39 Illinois community college districts, the Illinois Community College Board, and the Illinois Community College Trustees Association. For a copy of the Executive Summary of the Report, click here. For a copy of the Fact Sheet for the Report, click here. For a copy of the chart comparing Illinois community colleges' ROI vs. other types of investment, click here. Illinois Community College Trustees Association 401 E. Capitol Ave., Suite 200 Springfield, IL 62701-1711 217-528-2858 (phone) 217-528-8662 (fax) ICCTA@communitycolleges.org (e-mail) http://www.communitycolleges.org | Home | News | Events | Links |