11 Executive summary on their education performs as an investment over time. The students’ investment in this case consists of their out-of-pocket expenses, the cost of interest incurred on student loans, and the opportunity cost of attending the college as opposed to working. In return for these investments, students receive a lifetime of higher earnings. For taxpayers, the study measures the benefits to state taxpayers in the form of increased tax revenues and public sector savings stemming from a reduced demand for social services. Finally, for society, the study assesses how the students’ higher earnings and improved quality of life create benefits throughout New York as a whole. The study uses a wide array of data that are based on several sources, including the FY 2021-22 academic and financial reports from SUNY WCC; industry and employment data from the Bureau of Labor Statistics and Census Bureau; outputs of Lightcast’s impact model and MR-SAM model; and a variety of published materials relating education to social behavior.
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