Benefits
ECONOMY
With federal student loans playing an increasingly important role in the ability of students and families to make the dream of college a reality, access to, and availability of, federal student loans are more important than ever in making higher education possible. When more Americans achieve higher education, the economy benefits. Consider the following:
- The U.S. Department of Education estimates that every $1 invested in federal financial aid yields $3 to the federal treasury in tax revenue.
- According to the U.S. Department of Labor, Bureau of Labor Statistics, 60% of new jobs created between today and 2010 will require a higher education. In fact, more than 2/3 of the fastest growing occupations require postsecondary degrees.
- According to the Institute for Higher Education Policy, among the public economic benefits of higher education are: increased tax revenue, greater productivity, increased consumer consumption, decreased reliance on government financial assistance, and greater workforce flexibility.
- The Advisory Committee on Student Financial Assistance estimates that narrowing the college participation gap between low and high young adults could add $250 billion in gross domestic product and $80 billion in tax revenues to the U.S. Treasury.