Increased funding for Illinois higher education is crucial

Investing more in higher education could significantly benefit Illinois. A report shows that having a college degree has become increasingly important for job opportunities and salaries. In 2024, workers with a bachelor’s degree earned 84% more than those with just a high school diploma. The unemployment rate for high school graduates is nearly double that of college graduates. A Georgetown University study predicts that by 2031, 72% of all jobs will require a college degree. While some jobs for high school graduates will still exist, they will not pay enough to support a family. Research also indicates that communities with many college-educated individuals tend to have higher wages for all workers. However, Illinois has been reducing its support for higher education. Since the year 2000, state funding has dropped significantly, forcing public universities to raise tuition costs. Today, tuition covers nearly 65% of university budgets, up from just 28% in the early 2000s. This increase makes college less affordable for low- and middle-income students, particularly affecting Black and Latino students. The graduation rates reflect this disparity. Around 50% of low-income students who enroll in Illinois public universities graduate within six years, compared to about 74% of other students. There is also a noticeable gap among racial groups, with 70% of white students graduating compared to only 37% of Black students. To strengthen the economy and help all residents gain necessary job skills, Illinois must improve funding for higher education. Senate Majority Leader Kim Lightford and State Rep. Carol Ammons are taking steps to address this. They led a commission that proposed a new funding formula aimed at making higher education more accessible for everyone. They are now working to turn these recommendations into law, which could enhance the long-term economic health of Illinois.