With a goal of having the nation’s best educated population by 2030, the State Council of Higher Education for Virginia (SCHEV) established The Virginia Plan for Higher Education in 2014.
To obtain this goal, 70% of the working-age population must have a postsecondary credential.
SCHEV, the Lumina Foundation’s Strategy Labs and HCM Strategists recently released a report that details recommendations for budget and policy plans to meet Virginia’s objective.
The report titled, “A Strategic Finance Plan for Virginia: Aligning Higher Education Finances and Strategies” provides a cost analysis of postsecondary education in comparison with other states, offers demand and degree production estimates and gives the overall cost of achieving the goal.
“At the end of the day, with all of this, our ultimate goal is to ensure that individuals are successful, no matter what region of the state, no matter what race or what income level they are,” said Wendy Kang, director of innovation and finance policy at SCHEV. “That they all have opportunities to prosper.”
In 2017, Virginia’s attainment rate was 53.9%, ranking sixth nationally. This is an increase of more than 10% since 2008.
The total cost needed to reach Virginia’s goal is roughly $58 billion in 2018 dollars. Over the span of the next 12 years, the annual estimated cost would be $4.8 billion, according to the report.
