WLBZ: Commission releases findings on college affordability
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PORTLAND, Maine (NEWS CENTER) — In Maine, the average college student will graduate with roughly $29,000 in student debt, an amount higher than the national average. A state created commission spent the last few months studying college affordability and completion in Maine and their findings were released Tuesday.
“We all understand that higher education is the key to earning an income that is livable…it is also essential to Maine’s economy,” said State Senator Rebecca Millett, who was a member of the commission.
According to Millett, after examining how the state funds the university systems and provides need-based grants, the group concluded that Maine is not keeping up with the cost of higher education.
The report includes a study that shows the Maine State Grant Program has not kept up with inflation since 1992, putting college almost out of reach for families with an income less than $60,000. According to the U.S. Census Bureau, the median income for Maine families is less than $49,000.
“We need to make sure that families can send their kids to higher education,” said Millett.
The commission recommends increasing the grants from $1,000 to $2,500 for students whose families are unable to contribute to the cost of college. Millett said this would cover the cost of inflation, but it would not get rid of the affordability gap facing a majority of Maine families.
“If Maine wants to be positioned and ready to welcome businesses to Maine and maintain our economy, that is where we need to be investing,” said Millett.
The report stated the annual cost of funding this increase would require an additional General Fund appropriation of $27 million from the Finance Authority of Maine, which is responsible for administering the Maine State Grant Program. The detailed report stated, “While the commission is quite aware of the financial magnitude of this recommendation, it believes that the corresponding issues of college affordability more than justify the additional funding and in fact, is long overdue.”
Commission members also recommended the state provide more funding for the University of Maine system and the Maine Community College system.
“I would hope that the pain that our university systems is going through right now is an indication to the legislature that there are issues that really need to be addressed,” said Millett.
The commission also looked at ways to help students complete college within the four year span as well as the high cost of textbooks. The recommendations will be presented to the Education Committee where lawmakers will draft a bill from the findings.