New Reports Examine Innovative Approaches To Addressing Student Debt And The Shifting Priorities Of Private Funding In Higher Education
TIAA Institute and Rockefeller Philanthropy Advisors release “Achieving Success in Postsecondary Education” papers
NEW YORK (June 20, 2017) – As institutions of higher education struggle with increasing costs and decreasing public funding, many students are unable to complete their degrees or are left with unsustainable amounts of debt. The TIAA Institute and the Rockefeller Philanthropy Advisors (RPA) today released two reports that examine the student debt landscape in the U.S. as well as trends and innovative approaches in private funding of higher education.
These comprehensive reports provide a detailed analysis of the challenging business trends that universities and colleges encounter and review successful models for financing postsecondary education. The TIAA Institute and RPA aim to advance the conversation about supporting college completion, avoiding the burden of student debt, and improving financial security for all students.
Key findings from the two reports include:
“Is There a Student Loan Crisis? The Facts about Student Debt,” by Sandy Baum
- There is a positive impact of postsecondary education on employment and earnings.
- Relatively high-earning households carry a disproportionate amount of student debt.
- A significant share of the difficulties related to student loan repayment arises from failure to complete degrees and from poor labor market outcomes for some types of degrees/credentials.
- A system that both prepares and protects people seeking to pursue higher education should be high on the policy agenda.
“Analysis of Trends in Higher Education Philanthropy,” by Amy Holmes
- Private philanthropy views higher education as a path to economic self-sufficiency, and wants to engage with colleges and universities to help low-income students succeed.
- Foundations are now more likely to identify their own priorities for initiatives, and then seek higher education institutions to adopt those programs.
- Private funders have shifted their focus from access to higher education to retention and completion of a degree.
“With these reports, we hope to help donors and policymakers examine how to best support postsecondary students and institutions,” said Melissa Berman, president and CEO of Rockefeller Philanthropy Advisors. “We are proud to work with the TIAA Institute to better understand how college completion and debt affects lifelong financial security.”
“Understanding the trends that dictate philanthropic decisions and finding solutions to student debt repayment are critical objectives for students, administrators and educational institutions,” said Stephanie Bell-Rose, head of the TIAA Institute. “We’re honored to have partnered with Rockefeller Philanthropy Advisors to conduct this research so that we may have a better understanding of new priorities in private philanthropy and student finance models.”
Findings from these reports were presented today at the Postsecondary Success, Debt, and Philanthropy's Role event in New York City.
About the TIAA Institute
The TIAA Institute helps advanc the ways individuals and institutions plan for financial security and organizational effectiveness. The Institute conducts in-depth research, prvides access to a network of thought leaders and enables those it serves to anticipate trends, plan future strategies and maximize opportunities for success. For more information about the TIAA Institute, visit www.tiaainstitute.org.
TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $938 billion in assets under management (as of 03/31/2017, and based on assets under management across Nuveen Investments affiliates and TIAA investment management teams) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.
About Rockefeller Philanthropy Advisors
Rockefeller Philanthropy Advisors (RPA) is a nonprofit organization that currently advises on and manages more than $200 million in annual giving by individuals, families, corporations, and major foundations. Continuing the Rockefeller family’s legacy of thoughtful, effective philanthropy, RPA remains at the forefront of philanthropic growth and innovation, with a diverse team led by experienced grantmakers with significant depth of knowledge across the spectrum of issue areas. Founded in 2002, RPA has grown into one of the world’s largest philanthropic service organizations and, as a whole, has facilitated more than $3 billion in grantmaking to nearly 70 countries. For more information, please visit www.rockpa.org.