For most families, paying for postsecondary education can be daunting, but the financial benefits of a degree are pronounced.  The Economics of Higher Education report by the US Treasury in December 2012 states, “Median weekly earnings in 2011 for a full-time worker with a bachelor’s degree was $1,053, or 65 percent higher than those for a high school graduate. That amounts to a difference of about $22,600 a year.”

Saving can be an important part of enabling students to pursue those certificates and degrees that will provide better paying jobs and opportunities.  By saving, a student’s debt after graduation can be significantly reduced.

“Not only do loans cost more over the long run, recent market conditions have resulted in a drastic reduction in the sources available for private education loans,” Preston L. Cochrane, President of AAA Fair Credit Foundation writes. “Investing early helps minimize future reliance on loans, and regular investing over time can help lessen the impact of college costs.”

Research shows that postsecondary education is an essential stepping stone to economic opportunity and jobs. Though the cost of education seems daunting for many students, the challenge can be significantly decreased if families are able to find a way to start investing early in their child’s future.  By starting to save a little as early as possible, students will have a solid start at a postsecondary certificate or degree.

For ideas about how to begin saving, see www.utahsaves.org or the Utah Education Savings Plan, http://www.uesp.org/.

The 66% originated in a study from the Center on Education and the Workforce at Georgetown University which projected that by 2020, 66% of Utah jobs will require postsecondary certificates or degrees.  Currently, only 43% of our citizens in that age bracket have higher degrees.  Clearly, there is work to be done and state entities are working together to pave the way to prepare our workforce and our economy for the opportunities of the future.

Specialists in the Utah Department of Workforce Services reviewed the study and fine-tuned the projected numbers with information they collect.  The 66% goal has since been adopted by the State Board of Regents, UCAT’s Board of Trustees, the State Board of Education, the Governor’s Commission on Education Excellence, and a variety of other education-oriented entities.  A bill supporting the 66% goal is currently being considered by the state legislature.  Please contact your state legislators to let them know of your support.

Prosperity 2020 leaders joined Governor Herbert to acknowledge Park City High School for having the highest percentage of students who passed AP tests in 2012. The College Board recently released Advanced Placement (AP) data for the 2012 school year, and Park City High School had a 54 percent participation rate with an 80 percent passing rate – that’s 43 percent of enrolled students passing AP exams.

The school was awarded the Top AP traveling trophy for their accomplishments. In addition, AP students received free lunch, sponsored by Fidelity Investments and served by the Governor and Prosperity 2020 business leaders.

AP teachers credited good K-12 teachers who prepared these students well and had high expectations, parents who supported achievement, and students who were motivated and worked hard. The student body president also credited an atmosphere where students encourage each other.

AP tests help provide a bridge from high school to college, preparing students for college courses, helping them acquire credit toward college graduation, and perhaps most importantly setting their sights on something beyond graduation. “We no longer want students thinking K-12,” said Governor Herbert. “Instead, they need to be focusing on K-16, and AP participation is doing just that – moving high school students towards college.”

Participation in AP courses contributes to the state’s goal of 66 percent of Utah adults having a postsecondary degree or certificate by 2020.

Utah’s population is growing faster than any other state in the nation and with that come challenges–including in the way we educate all those new people. There’s another element that comes into play in our state, our population is also growing more diverse. There are over 170 languages spoken in the Salt Lake School District alone.

Last week, Natalie Gochnour, executive vice president of the Salt Lake Chamber, was a guest on KSL’s Sunday Edition with Richard Piatt. She joined Rep. Rebecca Chavez-Houk to discuss the challenges and opportunities that come with such a significant change in the make-up of our state.

We discuss innovation in education quite a bit. In this video, Tony Wagner says technology has made knowledge readily available

“The world no longer cares whether or not you are smarter than a fifth grader or how well you do in trivial pursuit,” says Wagner. “What the world cares about is not what you know but what you do with what you know. The question becomes do you have the skill and the will to use the knowledge you have acquired.”

Take 15 minutes to watch the video and let us know what you think about his view on innovation in education. You can also post your thoughts on our Facebook page.

If you haven’t heard this story, you really need to.

For most students the road to an Ivy League education starts with a strong emphasis on academics in the house, dedicated teachers and good study habits. Throw in a robust SAT score and you just might make it in to Harvard.

But that wasn’t the road Dawn Loggis traveled.

After bouncing around from school to school following her mother and step-father, she was abandoned altogether. On her own she took a job as a janitor at her high school. Through it all, she worked hard, made the grade and now she’s headed to one of the most elite schools in the country.

The best part of her story, Dawn’s out look on adversity:

“A lot of people use bad situations as an excuse,” she says. “But I used them as motivation.”

Watch the story here, then ask, what are we doing to help our kids value an education? Even without such a tough road to travel, do Utah’s students consider an education something of as much value as Dawn does?

Just in case you missed it, the Salt Lake Tribune reported last week that Utah now ranks tenth in the nation in graduation rates. That data reports on the class of 2009 and shows an jump from 30th in the previous year’s report.

The discrepancy comes in part because of a standardization in calculation of the rate, but it shows Utah is heading in the right direction.

From the Trib:

Mark Bouchard, who is part of Prosperity 2020, a Utah business-led movement to invest in education, said the uptick in graduation rates shows good progress, but that there is still work to be done.

“We saw that and I guess our initial thought would be to congratulate our team in K-12 for continuing to work and to get better results,” said Bouchard. “Certainly I think our long-term goal is continued improvement … We just have to keep working hard and keep working together to continue to move education along.”

You can read the entire story here.

By Jana Scott, Prosperity 2020

The Wall Street Journal reports this week that 37 percent of recent college graduates surveyed wish they had been more careful about selecting a major or had chosen a different major.  Too often, students don’t realize the impact of their choices until it is too late.  Thousands of dollars and at least a few years later, students enter the workforce or at least the job search phase, too often to find that an important life investment was not well-directed.  Perhaps their college track doesn’t prepare them for the kinds of jobs they want.  Perhaps the salaries are not what they envisioned.  Perhaps the industry is crowded and demand for their skills is low.

This phenomenon impacts not only individual lives and options, but the broader economy.  The availability of skilled workers is a key factor in the location decisions companies make.  If students were more careful in selecting a major, we may have a different pool of workers, and Utah would attract businesses that we don’t yet.  If Utah were to have a larger population of graduates skilled in engineering, math, science and business, we would naturally attract higher paying jobs to our economy.

Think of the potential benefit that has for Utah’s future prosperity, both individually and collectively.

A number of parties in Utah are working to help young people make informed choices.  Utah’s new online planning tool, UtahFutures, is perhaps the most valuable tool currently under development to make the connection from education to career.

Utah universities are working with business to better prepare students for Utah jobs.  Many elementary, junior high, and high schools are focusing on how to better help their students prepare for college and career.  The State Office of Education is focused on college and career preparation.

The Legislature is considering tools such as the ACT Explore and ACT Plan, available for 8^th and 10^th grade respectively. These tools help students begin to explore their options and interests earlier and then help them chart a path.

Even with a community pulling together to prepare young people for the long-term, perhaps the best opportunities to help students understand how college choices affect their future income, lifestyle, and prosperity, still remain with those in their circle of influence.  A graduating high school senior recently said that his career choice was influenced by two neighbors who were his “heroes.”  Another senior’s choice was based on what she had seen her older sister do.  A good friend followed her mother’s path into nursing.  Often, the greatest influence in a young person’s decision is the people in their immediate circle, so take the time to help the young people you know understand how their college choices affect their future options.

It may be as simple as a one-liner.  You’ll impact their lives for good, and at the same time, you’ll be doing something good for Utah’s economy.

Editor’s note: this post was originally published on the Salt Lake Chamber blog, April 3, 2012.

In 1940, Utah was among the top five states in the nation for college graduates. By 2010, we no longer made that list. Our rate has gone up but our ranking has gone down.

Yesterday, the U.S. Census released a report entitled “Then and Now,” comparing American life between 2010 and the National Archive records from 1940 (also released this week). The report found college graduation has increased significantly over the past 70 years as the American Economy has grown and evolved. The bad news is, it has only reached just over 28 percent.

A few thing have changed in the American economy over the same seven-decade period. Today’s economy requires more highly skilled workers than ever before, and that number trend will only continue. Education is a critical component to our economy.

Utah’s college graduation rate in 1940 was 6.2 percent–one of the five highest in the nation. According to the 2010 Census, 29.4 percent of Utahns 25 and older have earned a bachelor’s degree or higher. So the good news is, a much higher percentage of Utahns are now earning college degrees than 70 hers ago, but our current rate leaves us nearly 10 points behind Massachusetts at 39 percent and over 20 points behind District of Columbia’s 50 percent.

Utah needs to reverse a 70-year trend of sliding down the list of college graduation rates, and we need to do it in the next eight years. Luckily, we have a plan.

The Salt Lake Chamber has joined 14 other chambers from across the state, as well as several other business organizations, to call for increased investment and innovation in education. The movement is called Prosperity 2020. By the end of this decade, we want 66 percent of all Utah adult to hold a college degree or skilled trade certificate. Prosperity 2020 is already working with legislators and education experts to apply proven business principles to strengthen education.

See what you can do by visiting prosperity2020.com or join us for our Education Forum on Thursday, April 5 at 8:00 a.m. at the Chamber office in downtown Salt Lake City.

By taking significant steps today, we can change the course we’re on and put Utah on a path to enduring prosperity. It all starts with education.

How has education impacted your career? How important to your business are well educated, highly skilled workers?

“Elected officials responded admirably to the Chamber’s call to decide to innovate and invest in public and higher education. Among many education champions, Sen. Aaron Osmond worked collaboratively with business and educators to improve education.  Members of both parties took steps to improve student assessments and better prepare students for college while allocating money to improve math instruction, fund enrollment growth and support educational excellence at colleges and universities. The path to prosperity starts with education.”

Indeed, we took some critical steps forward. We have much work to do but these were very productive days and we’re optimistic about the future.