A new report from The Sycamore Institute reveals the persistent challenge of college affordability in Tennessee.
Despite state and federal aid programs, many students still struggle to cover the costs of higher education.
Brian Straessle, executive director of the institute, said maintaining scholarships is a challenge for some students because of academic, service or renewal requirements. He pointed out students often drop out due to housing costs, food insecurity and transportation issues.
"There are also sort of cost of living challenges frequently where housing, obviously across the board, across the country, has gotten a lot more expensive," Straessle observed. "Some of these scholarship programs, they won't pay for living expenses. They will only pay for tuition and fees."
According to the report, Tennessee's postsecondary education costs vary widely by institution type. For the 2023-2024 school year, average costs ranged from more than $21,000 at public two-year colleges to more than $44,000 at private four-year institutions.
Straessle emphasized the availability of state resources and scholarships that students can access to assist with college expenses.
"Some of the biggest ones are like the HOPE scholarship that, if you're going straight from high school to undergrad, that can pay a significant chunk of your costs," Straessle outlined. "Then there's Tennessee Promise, which gets a lot of headlines, which is what they call a last-dollar scholarship."
Straessle stressed the importance of obtaining a college degree significantly affects job opportunities, earnings and overall well-being for Tennesseans.
"For most people, going to college is going to pay off in terms of your lifelong earning potential, your health and well-being being improved over the course of your life," Straessle emphasized. "Just the opportunities that are available to you, having that degree or certificate."
The report cited an estimate in 2021, 59% of "good jobs" in Tennessee, those paying at least $39,400 for ages 25-44 and $50,700 for ages 45-64 required a bachelor's degree, a figure projected to rise to 66% by 2031.