“There’s about $1.2 trillion in student loans at the national level,” Sue McMillin said. “About $70 billion towards that comes from Texas students.”
McMillin, president and CEO of the Texas Guaranteed Student Loan Corporation, said most Texas students graduate with around $25,000 in student loan debt. The panel at the “Making Higher Ed Affordable” session at the 2014 Texas Tribune Festival was not satisfied with these numbers.
The “Making Higher Ed Affordable” panel at the Texas Tribune Festival on September 20. Picture by Abbie Arroyos.
Among the panelists was Texas Tech University System Chancellor Robert Duncan. Duncan advocated that although college can be expensive, it is a valuable investment.
Here is what you need to know about college affordability at Tech:
1. “We are very efficient, and student oriented, and cost oriented.”
Duncan, a former state senator, said he always knew Tech had a reputation of being cost efficient. He said Tech makes good use of what money it has, in part thanks to Tech’s faculty.
According to U.S. News and World Report, Tech’s in-state tuition and fees for the 2014-15 school year plus room and board is $17,713. In comparison, the University of Texas at Austin costs $21,254 and Texas A&M University costs $18,702.
“We do more with less than most institutions,” Duncan said, “and it’s really exciting to see how our faculty, and deans, and presidents have been very efficient and student oriented, and cost oriented.
2. Tuition Should Not Rise As Enrollment Does
According to the Texas Higher Education Coordinating Board, for the 2014-15 school year, Texas Tech received an estimated 12.7 percent increase in appropriations. Appropriations are how much money the legislature gives to a public university, based on enrollment, success and need.
“As you grow in enrollment, you get, as long as the state continues to fund enrollment growth, you get more dollars,” Duncan said. “Tuition goes up in direct relationship to the amount of state dollars that comes in.”
Texas Tech Breaks Enrollment Records
Duncan said he think the Tech Board of Regents has been conservative with their decisions to raise tuition, which helps us compete against other Texas schools.
Although Tech will need to look into expanding its facilities and faculty in order to accommodate rapidly increasing enrollment numbers, Duncan is confident Tech can grow without increasing tuition.
3. Knowledge Is Power
While you are gaining knowledge for your future career, Duncan said it is important to educate yourself on current matters as well.
Tech offers various programs to make paying for college easier. The Red to Black program helps students with personal financial planning. Red to Black counselors can also help students figure out which student loans to apply for. Tech’s scholarship office is another resource for students to learn the best way to get money for education.
Duncan said he thinks it is important for students to try to navigate the financial aid process on their own. The father of two recent college graduates said he understands it can be confusing, but that it is crucial to know how you are paying for college.
“Today with the Internet and your eRaider account, there is a lot of information on there; you just have to take the time navigate through it,” Duncan said. “I think our financial aid people have done a really good job over the years. There’s no way to make it easy; it’s just complicated. You have to just be able to have enough information for people to get through.”
During the panel discussion, Stephanie Bond Huie, vice chancellor for the Office of Strategic Initiatives for the University of Texas System, spoke about a new information system being used by the University of Texas. The seekUT system allows potential students to look at average starting salaries of recent graduates of UT and to see how much student loan debt they have. The statistics are available for every major offered, and Bond Huie said this can help students decide what field to study.
Duncan said he would be interested in starting a similar program at Tech.
Texas Tech at the Texas Tribune Festival
Including Chancellor Duncan, Texas Tech had three faculty members speaking at the 2014 Texas Tribune Festival. Tedd Mitchell, president of the Texas Tech University Health Sciences Center, was on the panel for the “State of Medical Education” session. Jennifer Vanos, assistant professor of atmospheric science, spoke at the “Texas vs. the EPA” session.
Duncan said he felt Tech was well represented at the festival.
“I think that is a credit to our university,” Duncan said, ” and the fact that we are a major player in higher education, not only in Texas but also in the country.”
About Sarah Self-Walbrick
