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Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com Career Colleges Generate Billions in Annual Economic Impact ST. LOUIS, (PRNewswire), June 30, 2007 - The first comprehensive study of the size and economic impact of the career college sector finds that career colleges generate $38.6 billion in annual economic impact. This total includes $14.6 billion in direct institutional impact, $4 billion in related student fees and expenses, $3.5 billion in higher career college graduate starting salaries and other benefits, and $16.5 billion in indirect economic activity associated with the industries in which the graduates are employed. The study demonstrates that the career college sector is a substantial economic contributor in its own right, helps students from all walks of life improve their employment prospects, and by providing valuable skills to many other industries, helps build a more competitive workforce in this country. Released by the Imagine America Foundation, a nonprofit affiliate of the Career College Association, the study provides an in-depth examination of a sector representing 39 percent of all Title IV eligible institutions in the United States and serving over 2.1 million students. "The career college sector is the rising star of higher education in the United States," said IAF President Robert Martin. "As this study makes clear, the career college sector is both big business in its own right and good for the business of a globally competitive America. The sector plays a critical role in educating and deploying America's 21st century workforce. Graduation rates are high. Placement rates are excellent. The return on investment for career college students, employers, taxpayers and society in general is obvious. This no doubt explains why annual career college enrollment is up over 17 percent in the past two years." Career College Association President Harris N. Miller agreed, adding, "In the 'big tent' of American higher education, there is an important role not only for not-for-profit public and private colleges and universities and community colleges but for career colleges as well. Using statistics from the U.S. Department of Education and other government sources, this study explains the value of career colleges in providing educational access beyond high school, building a better national workforce, and opening the door to the American dream." Notable findings in the study are the following: Direct Impact In educating students (37 percent of whom are minorities) for high demand jobs, the career college sector generates significant economic activity as a result. A total of 2,694 career colleges (for-profit, Title-IV eligible institutions) in the 2004-2005 academic year produced $14.6 billion in total revenue. Institutions spent nearly $8 billion on compensation of employees and $5.6 billion for goods and services, including real estate, administrative and support services, construction and other needs; During 2005, career colleges employed 137,041 full-time equivalent faculty and staff; While the federal and state subsidy to not-for-profit institutions of higher learning is approximately $22,000 per student, students at career colleges receive approximately $6,500 in student assistance. Student Benefits Career college adds a significant earnings boost over those with only a high school degree. Across the board, the weighted mean of earnings by education level for career college completions is $39,546. The median annual earnings of a high school graduate is $30,316; Three-quarters of career college students reported higher earnings with their degrees, while only 56 percent of graduates at public institutions did so; During 2005, 495,474 students completed career college programs. Of this number, 376,560 (or 76 percent) were employed immediately upon completion; Career college graduates in 2005 generated $3.5 billion in total income above and beyond what they would have received as high school graduates; Healthcare predominates career college completions, with over 180,000 in 2005-2006. Other top career college fields of study are personal and culinary services (82,000), business, management and marketing (70,000), and computer and information services (36,000). Return on Investment For both students who, by paying tuition, invest in their careers and for governments who, through loans and grants, invest in a highly skilled workforce, career college sector returns are excellent. On an individual basis, career college graduates paid an annual average of $1500 more in federal taxes than high school graduates; An individual career college graduate earning an associate's degree would produce lifetime earnings of $1.6 million, or $337,127 more than with a high school diploma alone; Career college graduates paid total federal taxes of $1.6 billion in 2005, or $565 million more than they would have paid as high school graduates alone; Career college graduates not only earn higher salaries, they reported that they have better job opportunities and are able to take on more responsibility than their public institution counterparts reported; The study estimates career college students enjoy a 31.3 percent return on their investment. Study economists base this estimate on a total student investment of $29,533. Career colleges include for-profit postsecondary schools, colleges and universities that offer market-driven, career-specific training in over 200 fields. They differ from most public and non-profit postsecondary institutions in their emphasis on providing students with skills most in demand by employers. Career college students are predominantly working adults. Almost 50% are the first generation in their families to pursue higher education. States graduating the most career college students as a percentage of postsecondary education are: Arizona (41 percent), Puerto Rico (39 percent), Wyoming (31 percent), New Jersey (19 percent) and Florida (18.8 percent). 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