An An Ov Over ervie view: : Tennessee ennessee Pr Promise se - - PowerPoint PPT Presentation

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

• 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

• mis

ise e Stud tuden ent Sc t Scen enar ario io 1

$3,646

Annual Tuition and Fees at a Tennessee Community College (12 hours)

Academic mically ally Successf ssful, ul, Non-Pell ell Eligible igible Total EFC: $6,463 HOPE eligible Pell: $0 Tennessee Promise: $646

HOPE PE Schola holarship ship: $3,000 ,000 Ten ennes essee ee Promi

• mise:

e: $646 46

Ten enne nesse ssee Pr Prom

• mis

ise e Stud tuden ent Sc t Scen enar ario io 2

$3,646

Annual Tuition and Fees at a Tennessee Community College (12 hours)

Pel ell Gran ant: $1, 1,150 50 Ten enne nessee ee Promi

• mise:

e: $2,496 ,496

Academi mically ally Challenged, llenged, Pell ll Eligible igible Total EFC: $3,250 Not HOPE eligible Pell: $1,150 Tennessee Promise: $2,496

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. . 15, , 2014 TN Promise application portal opens Nov. . 1, 2014 TN Promise application deadline Feb.

• b. 15, 2015

FAFSA deadline By Mar. . 1 & May 31 , 2015 Students attend two mandatory meetings w/partnering

• rganizations

Spring ing 2015 TCAT & community college applications submitted

• Aug. 2015

First st TN Promis

• mise

coho

• hort

begin ins class asses

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