Education is today’s ‘silver lining’

What is one of the best investments you can make in these economic times? The answer: a college education. Let me tell you why. During every recession (since at least the 1970s), unemployment figures for college graduates have been lower than the unemployment rate for those without a college degree. Obtaining a college degree also increases earning power. On average, a college graduate earns 45 percent more per hour than a high school graduate. While having a college degree certainly does not make one recession proof, it does make one more resilient to unemployment and increases one’s earning potential. There is financial value in investing in a college education, and there is added value in the personalized instruction that comes with attendance at a small, private college.

For many families, a quality education at a private school like Averett is within financial reach. In fact, most people are surprised to learn that Virginia’s private colleges enroll a higher percentage of federal Pell Grant recipients (typically students from families with incomes of $40,000 or less) than public colleges.

A private college education remains affordable, thanks in part to the growth in financial aid opportunities. In 2007-08, financial aid dollars outpaced both inflation and tuition increases at four-year universities. College students are receiving grants, scholarships, loans and work-study funds in record numbers. Both universities and government sources realize the importance of aid. For example, last month, Gov. Timothy M. Kaine’s proposed budget protected funding for the Virginia Tuition Assistance Grant. VTAG is an annual grant of $3,200 awarded to Virginia residents who attend one of the state’s private colleges. Depending on funding levels, this could amount to $12,800 in grant money for a Virginia student over the course of four years. Averett has also responded to the economic climate by creating an aggressive aid program and adding special scholarship packages targeted at qualified residents of Virginia and North Carolina.

Even with the advantages of attending a small, private institution, many families don’t get past the initial tuition sticker shock — not realizing that very few pay that amount out-of-pocket. We recently heard from the mother of a local student who at first would not even consider Averett because she was concerned about the cost. She later told us that she was astonished when she learned of the scholarships and financial assistance available to her son. He has since enrolled and is thriving in the supportive environment of our small, academic community. This mother found that thanks to merit and need-based grants, the difference between public and private college tuition is less than many families assume. For example, the average Averett scholarship package lowers the cost of attending our traditional, four-year program by almost 40 percent. When parents consider factors such as class size, student-faculty ratio and opportunities for personal attention, they find real value in private school education.

If you are interested in learning more about the affordability and value of a college education, I hope you will come and talk with us. Averett and the state’s other private colleges have set aside Saturday, Jan. 24, to answer your questions. Registration for this special WRAP (“Within Reach And Personal”) Session begins that day at 9:30 a.m. in the multipurpose room of our Student Center. I, and other members of the Averett community, will be there to meet with you.

For more information, please call our admissions office at (434) 791-4996, or for more information about the Council for Independent Colleges of Virginia’s statewide WRAP sessions, visit http://www.cicv.org/withinreach.html.

Remember, the goal of obtaining a college degree for you or your son or daughter does not have to be abandoned or even delayed. Assistance is available, and you will find the staffs of Virginia’s private colleges ready to help you find the resources you need.

• Tiffany Franks became Averett University’s president in 2008.