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CHARLESTON, WV – A new report considering the early economic effects of the West Virginia Invests grant has found that the program’s first two cohorts of graduates are estimated to yield a $10 million impact on the state’s economy by 2025. By comparison, the estimated tuition costs for these students were $3.5 million. The report was presented today to the West Virginia Council for Community and Technical College Education by Dr. John Deskins of the Bureau of Business & Economic Research at West Virginia University.

“It’s early, but if these first two groups of graduates continue working in West Virginia, we are seeing more money move into the economy as a direct result of them having a higher level of education and training,” Deskins said. “This reflects not only their salaries, but also all of the income they generate by living in our communities and supporting local businesses. This is an early look at the data, but it’s reasonable to say that West Virginia Invests is paying off.”

In March 2019, the West Virginia Legislature passed Senate Bill 1, which established West Virginia Invests as a last-dollar-in grant program. The program allows students use other federal and/or state financial aid awards first, with West Virginia Invests covering the remaining costs of tuition and fees for certificate or associate degree programs at the state’s nine community and technical colleges.

The economic impact report found that when students move from having only a high school diploma to earning a certificate or an associate degree, their wage earnings increase and the probability that they’ll stay in West Virginia to work is much higher. A typical individual with an associate degree earns nearly $14,000 more annually than those with only a high school diploma two years after graduation. For the same timeframe, 70 percent of associate degree graduates remain in West Virginia for their careers, compared to 49.7 percent of high school graduates.

“When we lift people up with more opportunities to continue their education, we see a direct and compelling impact on West Virginia’s economy,” said Dr. Sarah Armstrong Tucker, West Virginia’s Chancellor of Higher Education. “We know that many students who apply for West Virginia Invests qualify for other financial aid first and end up not needing the grant at all. That’s exactly how we designed it – because we want more West Virginians to find out what they’re eligible for and take full advantage of the affordable college options available in their own back yards.”

With 75 percent of jobs in the current economy requiring postsecondary education or training, West Virginia Invests is designed to help more West Virginians earn the credentials they need to land a rewarding career in their home state. Priority is given to programs in high-demand fields, such as information technology and healthcare, as determined by the West Virginia Department of Commerce, so students receiving the grant are on a solid path to careers that are growing in West Virginia.  

For West Virginia Invests eligibility and application details, visit: https://www.collegeforwv.com/programs/invest-grant/.

The full economic impact report is available at: https://wvctcs.org/wp-content/uploads/2022/01/Economic-Impact-of-2019-Senate-Bill-1.pdf.

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