Lessons learned
As a scholarship provider for the past 30 years, the Scioto Foundation has kept data on our scholarship applicants and followed trends from the field. From this study, the Scioto Foundation has documented the following challenges our area youth face in order to achieve a college education:
• The rising costs of a college education
• The competitive nature of scholarship awards
• The need for increased scholarship dollars
• The challenges our local school systems face in providing Advanced Placement courses, and
• The need to increase personal savings for college at an early age
The Scioto Foundation is acutely aware of the rising costs of a college education. According to the College Board, a not-for-profit membership association of colleges and universities, annual tuition and fees now average about $5,500 for in-state students at four-year public universities and about $21,000 at four-year private colleges. When tuitions and fees, room and board, books and supplies, personal expenses and transportation are added together, average expenses for one-year of college total $15,556 at a four-year public university and $31,916 for a four-year private college.
The Scioto Foundation is also keenly aware of the competitive nature of scholarship awards. In addition to the established criteria of scholarship donors, the volunteer scholarship committee of the Scioto Foundation requires additional criteria from students. Scholarship recipients from the Scioto Foundation tend to be students that have pursued a rigorous path during high school which includes AP courses and Post Secondary options (PSEO). In addition, the volunteer scholarship committee favors students with superior ACT scores. To a lesser degree high school grade point average is a final consideration for selection.
According to the College Board, AP courses offer a way for high school students to take college-level courses while they are still in high school. Beyond the obvious cost savings that students theoretically can earn up to one-year of college credit through AP classes, advanced courses provide numerous other advantages. Students who take AP classes are more likely to be prepared for college-level coursework or discover that additional preparation is needed prior to taking certain courses such as calculus. Students who receive credit from passing AP examinations are more likely to receive scholarship assistance. Achieving AP credit has become a standard of excellence showing selection committees that students have pursued rigorous classes and are well prepared for college.
As a community foundation, the Scioto Foundation is highly aware of the challenges for our local school districts to offer AP courses. According to the Appalachian Access to Success, November 2007 report, school administrators indicate that it is often difficult for small, rural school districts to offer several AP courses because there are relatively few students interested and able to take the courses. In addition, certifying AP teachers is an expense for already financially-stressed school districts. Creating a system to offer AP classes can be a challenge that requires strong support from parents, students, teachers, administrators, guidance counselors and school boards. All must understand the benefit of the program and work together to create opportunities for students to be successful.
As a scholarship provider, the Scioto Foundation has seen first-hand the need for parents, guardians and grandparents to save for college. State-sponsored college savings options like the 529 plan offer greater tax advantages, flexibility and control than other college saving alternatives. The Ohio 529 is the CollegeAdvantage™ savings plan. The Ohio Tuition Trust Authority (OTTA), a state agency, has offered and administered the program since 1989. According to the OTTA’s website, College Advantage™ has many benefits that make savings for college easy and affordable. These include accumulation of tax-free earnings; deduction of contributions ($2,000 annually) from Ohio income tax; use of funds at any college in the county; payment for tuition, room and board or books; contributions of as little as $15 at a time; no enrollment or maintenance fee payments, low administrative fees and others.
As a community convener for important issues, the Scioto Foundation understands the need and value of a college education for the residents of our community. According to recent U.S. Census Bureau data on educational attainment and earning power, the value of a college education is tens of thousands of dollars. High school graduates on average earn $31,070 while those with a bachelor’s degree earn an average of $56,788 yearly. Adults with a master’s degree or higher can earn four times more than adults with less than a high school education -- $82,320, on average, versus $20,873 yearly.