"The Big Idea I’ll Be Working On In 2015: Reduce College Student Debt" by Dan Boone for Tuesday, 6 January 2015

"The Big Idea I’ll Be Working On In 2015: Reduce College Student Debt" by Dan Boone for Tuesday, 6 January 2015
I suppose universities can make New Year’s resolutions. So here’s mine for Trevecca Nazarene University in 2015.
I resolve to find a way to reduce the debt of graduating students at Trevecca while simultaneously reducing the growing cost of unfunded aid to students.
Our students graduate with an average debt of about $21,000. This means some have more, some have less, and some have none. I could write about how this $21,000 is similar to the cost of a good used car, which will decrease in value the minute they drive it off the lot—while their investment in a college degree will repay itself about 47.6 times across the next 40 years.  I’d invest in a proven return like this every day. But my resolve is to drive this average debt number into the teens and find a way to keep it there or lower.
On the other side, Trevecca offers $11,000,000 per year in financial aid to students. Only $2,000,000 of this amount is funded (by generous church and endowed scholarships). The other $9 million comes from the operating budget of the University. I resolve to get this number down by $2-$3 million. I like impossible odds and tough projects. 2015 will keep me very busy.
The Plan For 2015:  Reduce College Student Debt
At Trevecca, we’ll be working on a strategic campaign to ask our alumni and friends to include Trevecca students in their estate plans, wills, and gifts. And we’ll be asking Trevecca students to participate in funding their own education. I worked about 30 hours a week to get through college and have always believed that sweat equity improved my appreciation for the degree that I received.  A great group of creative people begin work this week on a program to offer 10 hours of employment to Trevecca students beginning their sophomore year, enabling them to reduce their college debt by $10,000-$12,000 during the last 3 years of college. In addition, this work program will prepare them for the workplace, match their major as closely as possible, and provide them successful workplace mentors during their last years of college. We hope to implement the program with a test group of sophomores by fall of 2015.
I hate debt. I resolve to help students have less of it. I’ll be busy.
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