College accessibility is top of mind for policymakers on Capitol Hill and in state capitols across the country. The US is experiencing a labor shortage that shows no signs of easing at the very same time too many American families find themselves priced out of a college education.
What if we could address both challenges at once? We can.
For over a decade, an Arizona-based, college-matched savings program called Earn to Learn has been helping low-to middle-income students access a postsecondary education, while directly connecting
employers with the trained workforce they require.
Here’s how it works: participating students set aside a portion of their own money, up to $500 a year. With those funds, they qualify for up to $4,000 per year in matching scholarship assistance via Earn to Learn – an eight-to-one match.
The aid can be applied to any education-related expense – including tuition, fees, books, housing and more. Additionally, the Earn to Learn scholarship can augment other financial assistance the student is receiving, including Pell Grant aid.
Participating students must complete financial literacy training and receive access to academic counseling and mentorship programs to improve the odds they complete their education and find work in their chosen field. The program works. More than four
out of five participating students graduate within six years; 85% are students of color, and nearly two out of three participants are the first in their family to attend college.
Best of all, most Earn to Learn students complete their degree with little or no student-loan debt.
Earn to Learn has been adopted across Arizona’s public university and community college systems and has also expanded to include numerous vocational and short-term credential programs across a variety of skilled trades.
Other states have taken notice. Public and private universities in Nevada, Oklahoma, Michigan, Colorado, and Virginia have recently announced partnerships to bring
Earn to Learn to students and families in their respective states, and further expansion is on the horizon as leaders look for ways to support employers while making a postsecondary education more affordable.
The need is undeniable. Currently, student-loan debt in this country totals an estimated $1.7 trillion, and more than 3,000 borrowers default on their payments each day. This debt crisis is about much more than numbers. It’s about businesses not launched,
homes not purchased, marriages delayed, and much more.
There is no single magic fix to our nation’s college affordability and workforce shortage crises. But, Earn to Learn demonstrates what is possible when the public and private sectors – and students themselves – work together.
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