Indiana Higher Education Commissioner Teresa Lubbers called the students, colleges and the state to action to “increase the return on investment of higher education” on Wednesday.
Lubbers presented suggestions for action in her speech during the first State of Higher Education Address that Emcee Amos Brown as “provocative.”
“Our bottom line is ensuring that more Hoosiers earn quality degrees and credentials, on time, and at the lowest possible cost,” Lubbers said.
Student responsibility
Lubbers said students should take three steps to make college worth the money.
To Lubbers, students should start college better prepared and with a clear plan before they start a specific area of study.
She said they should also borrow wisely and repay responsibly when managing their loan debt. She suggested that students should not borrow more than their expected starting salary after graduation.
“A college degree continues to be a smart investment, but many students pile up debt without understanding what their total cost will be or how long it will take for tem to pay it off,” Lubbers said.
They should also remember “15 to finish,” as 15 credit hours are the minimum number of credits full time students need to graduate on time. Right now, only one-half of students receiving state financial aid are taking this many credits but three-fourths expect to graduate on time, Lubbers said.
College responsibility
Lubber said she also holds colleges responsible to make higher education more beneficial at a lower cost.
She suggested that colleges first increase the state higher education funding during the next budget cycle toward performance and holding any increase in tuition or fees to at or below the rate of inflation.
Lubbers also suggested administrations further support student with their own financial aid incentives for students to graduate on time and with minimal debt.
Her final suggestion for colleges was to emphasize college advising to place students on track to graduate on time and provide a true sense of the job opportunities and earning potential for their degrees.
State responsibility
Lawmakers, from Lubbers’ perspective, are responsible for “sustaining support for a performance based funding formula.” She also said they should focus on investing more in the next budget on higher education and creating incentives to “award additional financial aid dollars to those who perform academically and graduate on time.”
The commission will ask lawmakers to present these actions during the upcoming legislative session.
“Yes, there will be a cost associated with increasing degree production and educational attainment,” Lubbers said. “But, we must pay for what we value to keep pace with the growing work force demand for skilled college graduates.”
Panel plan
In the last three minutes of the panel, each member addressed the “biggest thing” they would change.
Bill Stanczykiewicz, president and CEO of the Indian Youth Institute, quoted President Lincoln and said students had the “right to rise” and that information needed to reach students through “people they know and organizations they trust.”
Beverly Pitts, president emeritus of the University of Indiana, said every single student needs a mentor to help guide them through the process of preparing for college as well as graduating.
Rep. Robert Behning, (R-Indianapolis), chairman of the House Education Committee, said a data system is going to be important as a way to continue to gauge what is best for students as they continue into the future.
Kevin Brinegar, president and CEO of Indiana Chamber of Commerce, said the future budget needs to be “laser focused” on using resources for qualified, skilled talent as a priority.
