According to the State Opportunity Index, 76% of Illinois graduates paid off their loans within 10 years, while Missouri graduates are even less likely to do so.
MISSOURI, USA — On Wednesday, the Strada Education Foundation released the results of the State Opportunity Index, a survey-based analysis of all 50 states working to build a better future for their students.
At the National Press Club in Washington, D.C., Mr. Strada led an in-person discussion centered on the State Opportunity Index's mission to improve the link between education and employment.
The index aims to assess five core areas: quality coaching, work-based learning, employer engagement and clear outcomes.
“The goal of securing a good job or a good career is that you must be able to earn enough to pay back your education after you complete your education,” said Strada President Stephen Moret. . “So we evaluated, for every state in the country, the approximate percentage of graduates who would see a positive return on their investment within 10 years.”
According to the index, 70% of Missouri graduates pay off their student loans within 10 years, but 30% of graduates still have debt. Strada also concluded that in Illinois, 76% of graduates pay off their student loans within 10 years, but 24% still carry debt.
According to the site, Strada's return on investment method requires graduates to be able to repay their loans within a reasonable period of time, which is set at 10 years. Return on investment is not based on the median or average student. Instead, Strada is based on students' perceptions of positive and negative values.
States with the highest percentages of graduates still in debt include Idaho, North Dakota, Maine, and Rhode Island.
“Student debt is one of the big problems in this country today,” Moret said.
Each index is labeled with one of four categories.
Leading: The country is on the front lines and making the most progress toward creating a fair path to opportunity.
Progressive: The nation has made significant progress toward creating more equitable paths to opportunity.
Developing: The nation is in the early stages of forging a more equitable path to opportunity.
Fundamentals: The country is just beginning to create a more equitable path to opportunity.
Missouri did not meet advanced standards in any of the five areas evaluated by Strada, while Illinois met advanced standards in the clear outcomes and affordability categories.
“While there is a lot of attention on the student loan issue today, we need to put at least as much effort and energy into helping people get a good first job and start a successful career.” More said.
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The index addresses issues such as paid vs. unpaid internships and affordability of 4-year vs. 2-year institutions. The organization also looked at how many hours students had to work to cover the net cost of their education.
Former Amazon vice president Ardin Williams believes the index will lead to success.
Due to limited data access, this index specifically targets bachelor's and associate's degrees, excluding non-degree programs and other training programs.
State University of New York President John King said, “The debt crisis starts with an affordability crisis…But in the long run, we have to ensure that college can be paid for. To do that, we need the federal government to “We need the state government to work together to invest in universities.” Ideally, we would make community college tuition free and advocate for four-year colleges to help students graduate debt-free. ”
Virginia Education Secretary Amy Guidera thanked Strada for “getting us on this roadmap and helping state policymakers understand it.”
Click here to read the full report.
