Cash for College is an Investment in Our Most Valuable Asset

Our knowledge-based economy is making today’s bachelor’s degree as essential as the high school diploma of 40 years ago. Nearly 60 percent of jobs today require at least some college, and that trend is growing. A college graduate will earn at least $1 million more in their lifetime than a high school graduate. But the burning question facing so many students and their families is how to pay for the cost of a college education. Many believe that the financial hurdle is so high, they don’t even try. And for those that do move forward, nearly two-thirds of college graduates leave school with $20,000 or more in debt, according to the National Postsecondary Student Aid study.

What many parents and students do not know is that millions of dollars of college financial aid are unclaimed each year. For the past eight years, the L.A. Cash for College campaign, led by the Chamber, has developed a track record of success in encouraging and guiding thousands of students and their families to apply for state, federal and other forms of financial aid to enroll in college or career training. The L.A. Cash for College campaign focuses on outreach activities targeting low-income communities throughout the State; a proven strategy to increase the number of students who receive college financial aid. Cash for College volunteers encourage and help students and their family members complete state and federal financial aid forms by the annual March 2 Cal Grant deadline.

The Cash for College campaign is making a difference at a time when extraordinary pressures are having a dramatic effect on students and their families. These pressures include an increase in the college-bound population as a result of the late 1980s-early 1990s baby boom, an increase in the number of families in need of financial aid and a shortage of college counselors in most of our public schools.

Since its inception, the Cash for College program has helped students leverage an estimated $11 million in state and federal financial aid for its more than 44,000 workshop participants. Last week, the Chamber awarded 500 scholarships totaling more than $600,000 dollars to help students and their families lessen the burden of the cost of attending college. Of even greater benefit will be the millions of dollars in additional financial aid that these students will be able to access because they filled out the financial aid forms that are the first step in all college grant applications. 

There are so many investments we need to make in our young people to ensure a prosperous future, but Cash for College is near the top of the list, because it accesses existing resources that often go unutilized and pays such a high rate of return. Everyone wins when we invest in our City’s most valuable asset to ensure a talented workforce and a strong economy in the future. 

And that’s The Business Perspective.