Lecture by Matt Scogin: Vision for a Future Without College Tuition

Introduction

• Speaker: Matt Scogin, President of Hope College.
• Location: Holland, Michigan.
• Hope College:
  • Liberal arts institution.
  • Established 1866.
  • Approximately 3,000 students.
• Personal Background:
  • Graduated from Hope College in 2002.
  • Professional journey: Harvard, White House, Treasury Department, New York Stock Exchange.

Higher Education Financial Challenges

• Rising Costs:
  • Tuition has more than doubled since Scogin's college years.
  • Comparison of inflation in college tuition with milk prices and wages since 1979.
• Student Loan Debt:
  • Americans owe $1.7 trillion in student loans.
  • Average graduate debt: Nearly $40,000.

Causes of Rising Tuition

• Lack of natural incentives to keep costs down.
• Student loan market allows unlimited borrowing, enabling colleges to raise prices.
• Scholarships funded by high tuition fees.

Consequences of High Tuition and Debt

• Student Decision Impacts:

  • 73% of students eliminate colleges based on sticker prices.
  • 20% consider skipping college.

• Negative Impacts:

  • Grade inflation due to students as customers.
  • Career choices driven by debt repayment, not impact.
  • Mental health issues linked to student debt.

Proposed Solution: Hope Forward

• Vision:

  • Eliminate tuition; replace with a gift-based funding model.
  • Students commit to giving to Hope College after graduation.

• Implementation Steps:

  • Begin with a small cohort of students.
  • Fundraise to grow endowment by $1 billion.
  • Aim for a full transition to gift-based model over time.

Benefits of Hope Forward

• Aligns incentives for colleges to ensure student success.
• Encourages a culture of gratitude and generosity.
• Could improve student engagement and seriousness about education.
• Provides opportunities for lifelong learning.
• Creates graduates motivated by impact, not debt.

Call to Action

• Hope College wants to lead a movement to reform college funding.
• Encourage other institutions to adopt similar models.
• Address the broader question of access to opportunity in America.

Conclusion

• Hope Forward aims to reignite the American Dream by making higher education accessible to all, not just the privileged few.
• Invitation for others to join in this initiative to move "Hope Forward" and create broader change in the landscape of higher education.