Gov. Jared Polis  and Colorado Department of Higher Education officials announced on Monday the release of a report they say shows the value of a college degree or post-secondary certificate.

But whether it will lift Colorado out of its near-bottom-of-the-nation (47th) standing in state support for public higher education is another matter.

In 2000, the state covered two-thirds of the cost of college tuition. But with several recessions between then and now, that support has steadily declined and is now at about one-third, with students bearing the rest of the cost.

At the University of Colorado-Boulder, for example, tuition and fees in 1998 amounted to $2,969 per year. In 2018-19, according to the Chronicle of Higher Education, it’s $12,522 per year, not including room and board or books.

It’s cheaper for a Colorado resident to go to public colleges in neighboring states like Kansas and New Mexico and pay out-of-state tuition rates, than to pay resident tuition rates at six of the state’s four-year public colleges and universities.

The new Department of Higher Education report notes that tuition and fees in Colorado, on average, are $11,140 for four-year institutions – 10% higher than the national average. Tuition for two-year colleges, at $4,510, is 20% above the national average.

Those high tuition rates have also led to more student debt.

According to a 2018 report by the Institute for College Access and Success, Colorado ranks 36th for the amount of average student debt per person, at $26,530, with 52% of students carrying that debt load. That’s an increase of about $700 over the previous three years, although the percentage of students carrying that much debt has declined over the same period by 4%.

The new report, titled “Maximizing Value,” highlights four key factors, according to Angie Paccione, executive director of the Department of Higher Education: price and cost, debt, choice, and value.

Paccione pointed out that few students pay the full sticker price of a college education, relying at least in part on federal, state or institutional financial aid. The report states that nearly 90% of students at two-year colleges, and 72% at four-year, receive a mix of financial aid that reduces the overall cost of attendance.

“Thanks to this support, students from low- and middle-income families often attend for very low cost or even tuition free,” the report states.

As to debt, the report claims that just 10% of undergraduates carry more than $40,000 in debt, although the report from the Institute for College Access and Success points out in its listing that no state shows an average debt load that high. The highest is Connecticut, with an average debt of $38,510.

The report shows that that middle-income families (defined as incomes of $48,000 to $75,000) still pay, on average, as much as $19,300 per year for tuition and fees and “other costs” at a four-year college, even with financial aid. The state report also claims a lower per-student debt load than the Institute reports, at $25,500 in 2018, but with about 69% of those earning a bachelor’s degree with that level of debt.

Overall, including graduate education, more than 700,000 Coloradans carry some level of student debt, totaling $26.4 billion, according to the state report.

“While these are troubling numbers, it is important to understand that not all debt is problematic,” the report states. And those who don’t graduate are more likely to default on student loans than those who earn a certificate or degree, the report points out.

Still, attending college is a good investment, the report claims. 

The median wages for someone who completes a certificate program is $32,100 one year after graduation and as much as $50,100 in 10 years. For those with associate degrees, median wages are $39,200 one year after graduation and up to $54,600 after 10 years. For a bachelor’s degree holder, the median wage is estimated at $37,400 one year after graduation and up to $60,400 in 10 years. Those differences widen depending on the chosen field, particularly for those who go into STEM (science, technology, math and engineering) programs.

Paccione noted that there are other benefits to a degree, not just financial: higher life expectancy, better health outcomes, less likely to be involved in the criminal justice system or to rely on public assistance, and more likely to be engaged in civic life. 

According to a 2018 report from CNBC, Colorado ranks fifth in the nation for degree attainment, with 70.7% of residents possessing a post-secondary education. However – in what is historically known as the Colorado paradox – the state does a better job of importing those with college degrees from other states than ensuring that Colorado kids get a college education.

That’s a concern for the state’s workforce, with one estimate claiming that 74% of jobs by 2020 will require some kind of post-secondary education, but that only 43% of high school graduates will enroll in a two-year or four-year program.

In addition, Paccione noted that 600,000 Coloradans have started but failed to complete their college education. Colorado is in its eighth year as part of a national alliance, known as Complete College America, that attempts to raise the state’s completion rate to 66%. The department’s five-year master plan from 2017 notes that currently, completion rates for Hispanic and Native American students is 29% and 39% for African-Americans.

Does all of this translate into better state support for higher education? Polis pointed out that the 2019-20 state budget increased general fund support for higher education by $121 million, and that most colleges and universities are holding tuition rates flat this fall (Metro State is the only one to increase tuition).

He did not divulge what he has in mind for the 2020-21 higher education budget and whether current levels of support will continue.

Clarification: Polis did not divulge what he has in mind for the 2020-21 higher education budget on Monday.