State Funding for 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). State University of 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 of the hearing held at the State Capitol are:
- Nathan Hench, Senior Vice President of Public Relations, PHEAA, Warranty and Strategy.
- Andrew Hoffmann, Dean of the University of Penvenia and Robert Sieri, Vice 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.
- Executive Vice President and Provostonic Jones of Pennsylvania State University.
- Daniel Greenstein Prime Minister and Chief Financial Officer Molly Mercer, PASSHE
“Our focus today was on public funding allocated to higher education. Where and how money goes and how it is spent,” Topper said. “Providing 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 we are good managers of the taxpayer’s dollar. That’s what you do, “said Miharek. “When we talk about about 5 cents per dollar spent in Pennsylvania, we want accountability and transparency to the people. They want how this money is spent, and It’s worth knowing how it benefits students. PASSHE, PHEAA, and us who helped us better understand how the funds allocated by the General Assembly are being used. Thank you to the state school. “
Witnesses focused on this funding, which is being used by all students, especially those residing in the Commonwealth, to keep higher education accessible and affordable. Because these schools are affiliated with the Commonwealth, in-state tuition is significantly discounted compared to out-of-state tuition, helping to keep the discount rate constant each year.
Another focus is that these state-owned 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 demographic changes, reducing its operating budget in five of the last decade and reducing its annual operating budget by $ 136.4 million. Said.
Sastry emphasized that the University of Pittsburgh’s tuition fees have increased slightly and that it has invested in several important initiatives aimed at reducing student debt. “The Pit Success Spell Match Program was introduced in 2019 and marked the largest financial restructuring in college history,” said Sastry. The program helps students and families with the greatest financial needs pay to college by maximizing the power of this federal program by matching the dollars of the student’s Pell Grant.
Hoffman and Sieri have thanked the state for their support on behalf of Penvenia since 1889, four years after the school was founded. “Without state support, Penvenia wouldn’t exist as it does today,” Hoffman said. “We cannot discount tuition fees for students in the state, nor can we 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. 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 outreach services.
