Vermont’s independent colleges and universities annually pump nearly $1.4 billion into the state economy and attract 14,000 out-of-state students who spend their college savings in Vermont, according to a recent study by the Association of Vermont Independent Colleges (AVIC).
‘Vermont would be poorer without its private colleges ‘ more than a billion dollars poorer,’ said Susan Stitely, president of AVIC. ‘Our additional benefit is the first-rate education delivered to students served by these schools and the high number of degrees that are relevant to the needs of Vermont employers.’
Conferring more than half the degrees in Vermont, independent higher education also provides nearly 6,300 campus-based jobs throughout the state. These jobs account for $314 million in wages and benefits paid annually to employees and place private higher education among the top ten employers for Vermont.
These contributions have not gone unnoticed by the state’s leaders. ‘Private higher education provides good jobs with good benefits in a clean industry,’ said Governor Peter Shumlin. ‘These institutions also attract young people, many of whom stay in Vermont to open businesses and create more jobs.’
According to the Vermont Department of Labor, private education was one of the few sectors to be spared overall job losses during the latest recession.‘Independent colleges and universities don’t move out of state or outsource operations overseas, said President Stitely. ‘We are educators, employers and community partners that are here to stay.’
To build upon their success in defining Vermont as an education destination, the private institutions are launching the AVIC Semester Exchange Program in January 2012 to allow their students to study at another private institution in the state.
‘With access to courses, faculty, and facilities different from their home campus, students have an option for broadening their undergraduate experience, while still graduating on time from their home institution,’ said David Finney, president of Champlain College and chair of AVIC.
Jeremy Carter, a sociology major at Saint Michael’s College who is spending a semester at Sterling College, is the first student to take advantage of this new opportunity. Having completed research this past summer in Ecuador on alternative economic models, Carter now seeks an experience more connected to Vermont.
‘This is a chance to expand my liberal arts experience at St. Michael’s College and delve deeper into Vermont’s sustainable agriculture movement while at Sterling,’ said Carter.
Fourteen AVIC members with undergraduate programs are participating. There are no extra tuition costs for participating in the AVIC Semester Exchange although students pay the difference in room and board between the host and home school.
Additional findings from the Economic Impact report are available on AVIC’s website www.vermont-icolleges.org
QUICK FACTS | ECONOMIC IMPACT
o The contribution of Vermont’s private colleges issignificantin terms of dollars and jobs.
o We power Vermont’s economy with anoverall economic impact of $1.4 billionannually.
o Wedirectly employnearly6,300on our campuses. These are jobs in agreen industry. Jobs that arenotgoing to be outsourced.High wage jobs with benefitsthat are family-sustaining.
o In addition to campus-based jobs, over 9,000 more jobs are created by needs of the colleges, faculty and students. These jobs range from the Northeast Kingdom to the most southern corner of Vermont.
o Vermont’s independent collegesattract over 14,000 students to the state. These studentsspend their college savings in Vermontand are active consumers who support shops and services of all kinds.
o Atotalof19,000 studentsattendindependent colleges. They account for$49.6 millionin direct spending at local businesses. Their visiting friends and relatives spendanother $8 millionin the state annually.(This visitor figure with a 1.86 multiplier)
o More than 82% of students at Vermont’s independent colleges and universities receive tuition assistance.
o Vermont’s private colleges provide over $145 million in institutional aid from their own resources.
o 55% of our bachelor degree-seeking students graduate within four years compared to 39% at public institutions.This saves parents and students time and money.
o One of the greatest impacts of AVIC institutions has been thegenerations of students who are responsible for Vermont business landmarks. Many graduates of AVIC institutions stay in Vermont -- boosting our skilled workforce and taxpayer base. If you turn to pages 6 and 7 of the ‘Making an Impact’ brochure, you see a listing of businesses started by AVIC member graduates. And this is just a partial list of businesses started by our alums. They are constantly coming up with ideas that make our communities stronger and more interesting places to live.
o Vermont is home to 19 diverse private schools whose student populations range from 100 to 3,000. Given this small scale, students truly come to know staff and faculty. These relationships help students succeed during their academic careers and are key to finding employment or launching entrepreneurial ventures.
o No direct support from the state.
AVIC SEMESTER EXCHANGE
§ Vermont’s private colleges offer a remarkable selection of learning opportunities and support cooperative endeavors that no single institution could accomplish alone.
§ Working as a consortium, the 14 colleges with undergraduate degree programs have launched a Semester Exchange program to allow students enrolled at one AVIC institution to attend another.
§ There is no extra tuition cost for participating in the exchange, though students pay any difference in room & board.
§ Because we are spread across Vermont and our institutions are diverse, we can offer students access to different learning environments, facilities, and faculty through this new program.
§ When we thought about the best way to do this we looked at Massachusetts’ Five College Consortium model. As our institutions are not clustered together, we decided a semester exchange was the best option for students and for promoting Vermont as an Education Destination.
§ Expanded interactions and different college experiences enrich a student’s educational experience. Jeremy Carter is a sociology major at Saint Michael’s College and the first student to take advantage of this new opportunity. Having completed research this past summer in Ecuador on alternative economic models, Carter now seeks an experience more connected to Vermont while spending a semester at Sterling College.
Colleges currently participating in the Semester Exchange:
Bennington College, Burlington College, Champlain College, College of St. Joseph, Goddard College, Green Mountain College, Landmark College, Marlboro College, Middlebury College, New England Culinary Institute, Norwich University, Saint Michael’s College, Southern Vermont College, and Sterling College
About the Association for Vermont Independent Colleges (AVIC): Established in 1981, the 19 member association seeks to strengthen the quality of higher education in Vermont, increase accessibility to the broadest range of students, and foster cooperative efforts among its member institutions and all segments of higher education. Members include: Bennington College, Burlington College, Champlain College, College of St. Joseph, Goddard College, Green Mountain College, Landmark College, Marlboro College, Middlebury College, New England Culinary Institute, Norwich University, Saint Michael’s College, SIT, Southern Vermont College, Sterling College, Vermont College of Fine Arts, Vermont Law School, Albany College of Pharmacy and Health Sciences, and Union Institute and University. Learn more atwww.vermont-icolleges.org.