Ohio Students Face Higher Costs for Bachelor’s Degrees Compared to Great Lakes Peers, New Study finds
Cleveland, OH – A recent study reveals that earning a bachelor’s degree in Ohio costs more than it does in other states bordering the Great Lakes, placing a critically important financial burden on students and perhaps hindering workforce development. The findings, released by the national College Access Network (NCAN), highlight a concerning trend of rising tuition and limited state investment in higher education within the state.
While a bachelor’s degree still carries a higher earnings premium than other credentials, the increased cost in Ohio raises questions about affordability and access, particularly as workers with higher education levels generally earn more – though earnings are also influenced by factors like gender, race, and field of study, according to research from Georgetown University.The study suggests Ohio students may be working more hours or taking on private loans to cover expenses.
The NCAN report points to a combination of factors contributing to the higher costs, including a reliance on tuition revenue by Ohio colleges and a lack of robust state funding for higher education.Unlike other states in the region, Ohio institutions depend more heavily on tuition to operate, directly impacting the price students pay.
Illinois offers a potential model for Ohio, having recently increased funding for its colleges and prioritized boosting completion rates for the Free Application for Federal Student Aid (FAFSA). Increased FAFSA completion helps students access available federal financial aid,easing the financial strain of higher education.
“Together, those moves have helped make college more affordable for state residents,” saeid NCAN researcher Woodhouse. the Midwest as a whole “continues to stand out as a region where students face significant financial burdens when it comes to covering the cost of postsecondary education.”
