An An Ov Over ervie view: : Tennessee ennessee Pr Promise se an and th the e Drive e to 55
Wh Why ar y are e we e dr driving ving to 55 o 55? • A minimum of 55% of Tennessee jobs will require some form of postsecondary education by 2025 (Carnevale, Smith, & Strohl, 2010). • Currently, in Tennessee, 32% of those between ages 25 and 64 hold at least a two-year degree (U.S. Census Bureau, 2011a). • If we continue on our current trajectory, we will reach 39% by 2025, which means we will fall 16 percentage points short of our goal (Lumina, 2012). • To reach 55%, we need 494,000 additional degrees--of which technical certificates and two-year degrees are a key part (NCHEMS & CLASP, 2013). 2
An An Eco Econo nomic mic Imperativ Imperative
Tennessee Promise will provide the opportunity for high h school hool graduates es in Tennessee to attend a community or technical college free ee of tui uition ion and d fees es. • The Tennessee Promise will provide a last-dolla dollar r schol holar arship ship • Individual guidance to each participant through a statewide network of volunteer mentors. • Each participant must maintain satisfactory academic progress (2.0) and complete 8 hours of community service each semester.
Ten enne nesse ssee Pr Prom omis ise e Stud tuden ent Sc t Scen enar ario io 1 Academic mically ally Successf ssful, ul, Non-Pell ell Eligible igible Total EFC: $6,463 HOPE eligible Pell: $0 Tennessee Promise: $646 Ten ennes essee ee HOPE PE Schola holarship ship: Promi omise: e: $3,000 ,000 $646 46 $3,646 Annual Tuition and Fees at a Tennessee Community College (12 hours)
Ten enne nesse ssee Pr Prom omis ise e Stud tuden ent Sc t Scen enar ario io 2 Academi mically ally Challenged, llenged, Pell ll Eligible igible Total EFC: $3,250 Not HOPE eligible Pell: $1,150 Tennessee Promise: $2,496 Ten enne nessee ee Pel ell Gran ant: Promi omise: e: $1, 1,150 50 $2,496 ,496 $3,646 Annual Tuition and Fees at a Tennessee Community College (12 hours)
Funding nding Tennesse ennessee e Pr Promise mise • Create a new endowment by using the Lottery for Education Account reserves in excess of $110 million. • Add the $47 million endowment (from TSAC operating reserves) that was created by the General Assembly in 2013. • Annually sweep the lottery surplus funds into the Tennessee Promise account. • Change the HOPE scholarship structure to reduce the last dollar scholarship cost.
Aug. 2015 First st TN Promis omise ohort coho begin ins class asses Spring ing 2015 TCAT & By Mar. . 1 & community May 31 , 2015 college Students Feb. b. 15, 2015 applications attend two FAFSA deadline submitted mandatory meetings Nov. . 1, 2014 w/partnering TN Promise organizations application deadline Aug. . 15, , 2014 TN Promise application portal opens
As Assum sumptions ptions within thin th the e Mo Model del “This is a bold ld promis mise. It is a promise that will speak ak volu lumes mes to current and prospective employers. It is a promise that will make e a real differe erenc nce e for generations of Tennesseans .” --Gov. Bill Haslam February 3, 2014
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