By Al Griswold, Ed.D., vice president of academic affairs and workforce development at HACC, Central Pennsylvania’s Community College
In today’s economy, many students, parents and politicians are questioning the value of higher education. The federal government is addressing ongoing concerns that gainful employment programs leave students with unrealistic student loan debt in relation to their earnings, or with no increase in earnings compared to those with no more than a high school education.
A recent study affirms the value of HACC, Central Pennsylvania’s Community College, finding that the institution adds $1.2 billion in income to the regional economy each year. HACC commissioned this study by Lightcast using data from the 2022-23 fiscal year to determine the College’s impact given regional economic and political conditions. The findings indicate that the College has a strong, positive influence on the local economy.
Today, hundreds of thousands of former students are employed in the regional workforce. Ninety-two percent of the $1.2 billion in added income – equivalent to $1.1 billion – is a direct result of the increased earnings HACC’s former students experience because of their education and training. Every $1 a student invests in their education at HACC translates to $4.90 in higher future earnings. This is equivalent to an annual rate of return on their investment of 23.2%. Given that the stock market’s 30-year average annual return is only 9.6%, according to Lightcast, a HACC education is an excellent investment for students.
The study also shows that students who earn an associate degree from HACC can expect annual wages of $38,400 when employed within the HACC service region - approximately $9,000 more than someone with a high school diploma or equivalent. Students at HACC see, on average, a payback period of 5½ years, meaning 5½ years after their initial investment in their education they will have received enough higher future earnings to fully recover their costs.
Highly skilled graduates from HACC’s health career programs play a critical role in the healthcare and social assistance industry of the College’s 11-county service region. The report found that HACC’s spending and alumni in the healthcare and social assistance sector supported 3,889 jobs in the 2022-23 fiscal year and generated an impact of $346.7 million.
HACC’s financial impacts on the community are impressive. There is also intrinsic value to knowing that you live in a region where your taxpayer dollars contribute to hundreds of thousands of HACC students employed in occupations that support you and your family. So, the next time you visit your primary care physician or dentist, have an X-ray taken or have blood drawn, ask the nurses, techs and dental hygienists where they obtained their degree. There is a good chance they will respond with “HACC.”
