More on the College "Promise" Model
As noted in the entry highlighting the concept of college “promise” models like that of Kalamazoo Promise, this creative approach to getting more of a region’s students into college has a multitude of benefits for the communities that employ this model. But what exactly does it take to implement such a program?
Actually, these programs are quite complex, and often require a collaboration between local governments, educational institutions, philanthropic organizations and donors. They require time, talent, coordination, and of course, money. In fact, they require a lot of all of the above.
In researching such models, GivingNet, Inc. has developed a basic report and actuarial model for communities that are contemplating implementing a college “promise” program. The report and model help communities answer such questions as:
--Which colleges, universities and technical colleges will be included in the program?
--Which high schools will participate?
--What are the basic eligibility requirements for students?
--What requirements will be in place to stay in the program?
--How much of a student’s tuition should be covered?
--Where is the funding coming from? Is it government-supported? From private donors? A mixture of funding sources?
--Given all of the above, just how much money will the program require?
Whether a Promise program needs to fit within a certain budget or cost projections must be made to present to prospective providers, the analytic tool designed by GivingNet will help figure out the costs of the providing the program. It provides cost estimates for the first 5 years of the program, and has a calculator that estimates the size of an endowment needed to run a program into perpetuity.
Please share your thoughts on the model, and any other ideas about how to successfully implement a “promise” program in your community.