S.C.'s future demands more investment in higher education

If I told you that there is a company in South Carolina with common stock for which you could receive an 11 to one return on your investment and it would improve the economy, enhance life and cut the cost of government, wouldn't you take advantage of the opportunity?

The scenario in the above sentence isn't a pipedream; the stock is higher education. According to a recent study completed by the Moore School of Business at the University of South Carolina, for every dollar our state invests in higher education over the next 20 years toward becoming one of the most educated states, we stand to gain an $11 return.

Recently, an Action Plan for Higher Education was advanced by a legislatively created study committee tasked with recommending a statewide higher education strategic plan. The Action Plan includes the Moore School study and sets forth three goals for South Carolina: to make South Carolina one of the most educated states; to increase research and innovation; and to increase workforce training and educational services.

We can all see that our state is struggling with a higher than average unemployment rate, in part because of low high school graduation rates and lower numbers of residents with bachelor degrees compared to other states. In fact, South Carolina is near the bottom of states in the percentage of those completing high school and ranks 40th in the percentage of adults with a bachelor's degree.

According to Doug Woodward, an economist at USC's Moore School of Business who led the return on investment study for the Action Plan, 70 percent of this state's unemployed do not have a high school diploma. For those who have a four-year college degree or higher, the unemployment rate is only 4 percent. Low levels of educational attainment are the thorn in South Carolina's side.

Thanks to the hard work of the committee that wrote the Action Plan, there are over 100 recommendations for reaching the plan's three overarching goals. For example, the plan recommends making high school attendance mandatory until the age of 18 or graduation. It calls for restoration of matching funding and expanded services for early college awareness and readiness programs. Many middle and high schools in the Lowcountry have such programs in place, but they need to reach far more students.

The issue isn't just that young people aren't finishing high school and going to college, but also that there are large numbers of adults with low educational attainment. Over half a million adults in the state have taken some college-level courses but never completed a degree. The plan recommends creating a "New Front Door" for bringing these adults back to higher education with a system of stackable pre-college certificates to make the transition easier. These certificates would be low-cost and no-fail, making the path to a degree less intimidating for those who may need to test the waters before diving back in.

An important recommendation of the Action Plan is to build upon the Centers of Economic Excellence program, created by the General Assembly in 2002, to stimulate research and innovation. Here is an example of just one of many returns that this investment has already provided. Thanks to this program, MUSC has been able to recruit renowned researcher Dr. Robert Adams, who has established a program called the REACH stroke network. The REACH program allows specialists at MUSC to provide comprehensive stroke care by Internet to less populated areas of the Lowcountry, such as Georgetown and Waccamaw. Considering that South Carolina has the highest stroke rate of any state in the nation, this network could make a major difference to you or someone you know. What could a more educated state mean for you? Among the many positive effects of significantly increasing the state's education levels are higher paying jobs, better health, lower unemployment, lower poverty, and less incarceration.

As states like North Carolina and Georgia have shown, investment in higher education has a clear return. It is the implementation of forward-thinking ideas, such as those outlined, that will create more educated citizens of the Lowcountry. The people of the Lowcountry, and the people of the state, can't afford to sit back and fail to compete any longer. The current economy and our future and the future of our children call for action. To read the Action Plan, go to che.sc.gov/HigherEd_ActionPlan.htm.

Daniel Ravenel, a local Realtor, is a newly elected member of the board of trustees of the College of Charleston. He previously served on the S.C. Commission of Higher Education and as chair of the Higher Education Study Committee.