COMMENTARY: Nevada system of higher ed delivers bang for the buck

In our post-COVID world, inflation has placed real pressure on Nevada households. Prices for goods and services have risen faster than the national average, straining household budgets across the state. Amid those cost pressures, the Nevada System of Higher Education and lawmakers in Carson City have kept one thing firmly in view: making college possible despite the rising cost of living.

That hasn’t been easy, but access and affordability remain central to our mission and a top priority.

It’s easy to think of college tuition as just another line-item in the household budget. But higher education is more than a number. It’s an investment in opportunity. Still, given the cost of college today, it’s entirely fair for students and parents to ask: “What will I get out of this degree?” or “What’s the return on investment ?”

According to recent data compiled by the Strada Education Foundation, about 68 percent of Nevada’s recent public university graduates see their degrees pay off within 10 years, meaning their earnings exceed those of high school graduates by enough to cover what they spent on college. And for those who earn associate degrees, the story is similarly encouraging.

To me, that’s more than a bullet point. It’s evidence that our system is working. Even beyond dollars and cents, a degree from one of the Nevada system’s seven institutions means access to new skills, new networks and new pathways. These won’t show up neatly in a spreadsheet but matter deeply to a person’s career path and life experiences.

I’m proud to say that Nevada offers one of the most affordable, high-value public higher education systems in the country. Tuition and fees at Nevada’s four-year institutions are about 15 percent lower than the average across the region served by the 15 Western Interstate Commission for Higher Education. After factoring in scholarships and grants, Nevada ranks as second-most affordable in the West, with an average net tuition of about $3,000 per student.

That doesn’t happen by accident. My colleagues and I on the Board of Regents streamlined operations across the higher education system, consolidating payroll, tech, human resources and other services, to make the infrastructure more efficient and ensure resources are focused directly on students and their success. We also directed a portion of every tuition dollar to be cycled back into supporting students through financial aid and campus jobs.

We’ve worked closely with the Legislature to bolster state-level aide. Nevada has committed an average of more than $1,700 per student in state-based assistance through programs such as the Silver State Opportunity Grant, the Nevada Promise Scholarship and the Gov. Guinn Millennium Scholarship. In the 2023-2024 academic year alone, more than 27,000 scholarships totaling $46 million were awarded to students.

It isn’t just students who reap the rewards of higher education. The broader Nevada economy benefits also. For every tax dollar spent educating University of Nevada, Las Vegas students, taxpayers see a $1.70 return over those students’ working lives. For graduates of the University of Nevada, Reno and Truckee Meadows Community College, the return is even greater: $1.80 for every dollar invested.

That kind of ratio underscores what we already believe: Higher education isn’t a cost center. It’s an engine powering opportunity for individuals and building prosperity in our communities.

In a time of tight budgets and rising costs, it’s tempting to question the value of committing years and money to higher education. Even with the potential for higher education costs to increase, students have real opportunities to pursue higher education. The Board of Regents has worked tirelessly to keep tuition affordable, provide support for students through thoughtful policy, and ensure that our institutions deliver a high-quality academic experience.

The Board of Regents and the Legislature share a deep commitment to ensuring our state’s institutions continue to deliver one of the best values in American higher education. For anyone planning their future, look first to Nevada’s public colleges and universities.

Byron Brooks chairs the Nevada System of Higher Education’s Board of Regents