(Marion) Does an associate’s degree from Marion Technical College pay off? Yes, in dividends for the graduate and our region, according to a new economic impact study by EMSI. A graduate is expected to make an average of $42,300 a year, or $10,300 more than someone with just a high school diploma. Over a lifetime, that means an extra $432,600 per alumnus. For all 2017-2018 students, those higher incomes total $93.5 million.
“Marion Technical College is a smart choice for students, taxpayers and our community,” said Dr. Ryan McCall, president of MTC. “This study shows the powerful return on investment.”
MTC alumni generated $62.3 million in added income for Crawford, Delaware, Hardin, Marion, Morrow, Union and Wyandot counties in fiscal year 2017-2018. The economic boost is similar to hosting the World Series ten times.
For every dollar spent, students gain $6.60 in higher future earnings; taxpayers gain $3.30 in added tax revenue and public sector savings; and society gains $12.20 in added state revenue and social savings.
The average annual return for MTC students is 21.7%, which is more than double the stock market 30-year average annual return of 9.9%. In addition, MTC payroll, operations and construction added $13.9 million to the regional economy in fiscal year 2017-2018. Find key facts in an infographic.
“The local economy benefits in so many ways. These students stay local instead of leaving for other educational opportunities. Then the majority stay in our region to work,” said Gus Comstock of Marion CANDO!
In addition to retaining students, MTC attracts students from outside the region. In 2017-18, MTC served 3,178 students pursuing credentials, certificates or a degree as well as 400 noncredit students. Top industries hiring MTC graduates include health care, social assistance, government, professional, management companies.
“MTC is a tremendous asset to our community,” said Matt Carbary, president of the Marion Area Chamber of Commerce. “Having an educated workforce benefits all of our local businesses and in turn, provides far-reaching systemic benefits to the growth and prosperity of Marion and beyond.”
Graduates making larger salaries will pay more taxes. The present value of benefits associated with an MTC education will generate $2.5 million in savings to state taxpayers. Total taxpayer benefits amount to $28.1 million. Taxpayers invest $8.4 million in government funding that year, yielding a benefit of $3.30 for every $1 invested in education over the course of students’ working lives.
Social benefits include statistically correlated declines in welfare, unemployment, crime, health care costs, and drug use as people get better jobs and higher income. The social benefit of MTC is $345.8 million, or a return of $12.20 for every dollar.
MTC is an affordable option for higher education. Tuition is just $185 a credit hour, or $4800 a year for a full-time student. This is less than half of what students would pay at the main campus of a state university. A Pell grant covers the entire cost of tuition. About 90% of students receive financial aid.
Multiple scholarships are available, including the groundbreaking Get To Next Program which offers students a chance to buy the first year and get the second year for free. Many classes are guaranteed to transfer to any other Ohio public college or university.
“Students are more savvy than ever about investing their time and their money. They want to know it leads to a career and a good salary. This is proof that MTC will help them get to next,” McCall stated.
Read more about the study, including a fact sheet, economic summary and the full report here.