Public funding of higher education: where are they going? | Finance
Harrisburg, PA- A hearing on higher education funding in Pennsylvania was held on Monday. The funds will be applied to various universities in Pennsylvania.
The 2021-22 budget allocates more than $ 1.86 billion to the following institutions: Pennsylvania State Higher Education System (PASSHE). Penn State University, University of Pittsburgh, Temple University, Lincoln University, Penn State University (Penn State). Community college; Grants to students through the Pennsylvania Higher Education Support Organization (PHEAA).
The witnesses for the hearing held at the State Capitol are:
- Nathan Hench, Senior Vice President of Public Relations, PHEAA, Guarantee and Strategy.
- Andrew Hoffmann, Dean of the University of Penvenia and Robert Sieri, Associate Dean.
- Charles Gradowski, vice president of financial management, Lincoln University.
- Hari Sastry, Senior Vice President and Chief Financial Officer, University of Pittsburgh.
- David Marino, temporary treasurer at Temple University.
- Pennsylvania State University Executive Vice President and Provostonic Jones.
- Daniel Greenstein Prime Minister and Chief Financial Officer Molly Mercer, PASSHE
“Today, we focused on public funding allocated to higher education. Where and how the money is going and how it is spent, ”Topper said. “This oversight ensures that our investment in institutions and their students is spent carefully and in the best possible way. ”
“With so much money allocated to higher education, it was appropriate for the state legislature to dig deeper. Our main duty is to make sure that we are good stewards of taxpayers’ money. That’s what you do, ”Miharek said. “When we talk about about 5 cents per dollar spent in Pennsylvania, we want accountability and transparency to the people. They want to know how this money is spent, and it is worth knowing how it benefits the students. PASSHE, PHEAA, and we who have helped to better understand how funds allocated by the General Assembly are used. Thanks to the public school. “
Witnesses focused on this funding, which is used by all students, especially those residing in the Commonwealth, to keep higher education accessible and affordable. Since these schools are affiliated with the Commonwealth, the tuition fees in the state are significantly reduced compared to the tuition fees outside the state, which helps to keep the discount rate constant each year.
Another objective is that these public universities have become better able to manage their cost structure in recent years. Marino said Temple University was able to adapt its cost structure to changing demographics, cutting its operating budget in five of the past ten years and cutting its annual operating budget by $ 136.4 million. dollars. Noted.
Sastry pointed out that the University of Pittsburgh tuition fees have increased slightly and that it has invested in several important initiatives to reduce student debt. “The Pit Success Spell Match program was introduced in 2019 and marked the biggest financial restructuring in college history,” said Sastry. The program helps students and families with the greatest financial need pay for their college education by maximizing the power of this federal program by matching the student’s Pell scholarship dollars.
Hoffman and Sieri thanked the state for their support on behalf of Penvenia since 1889, four years after the school was founded. “Without state support, the Penvenie would not exist as it does today,” Hoffman said. “We cannot reduce the state’s student tuition fees, nor provide a wide range of services to residents and industries, such as agriculture, which is considered Pennsylvania’s largest industry.”
On behalf of PHEAA, Hench was proud of the organization that can provide higher education support while minimizing student reliance on loan debt. The PHEAA offers a variety of student support programs for the federal government, the largest of which is the PA State Grant Program, which relies on millions of residents to successfully navigate the student support application process. We offer many local services.