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Last Year’s Higher Ed Funding Highest Year Since 2008

State funding for public higher education rose to nearly 5 percent in the fiscal year 2022, according to the State Higher Education Finance (SHEF).

A report from the State Higher Education Executive Officers Association (SHEEO) showed the most recent spike in funding, however, the news came as a surprise due to the fact the predictions made in the 2020 SHEF report were expecting large cuts to public education funding. 

Cuts that would reflect decisions made during the 2008 recession to cut public funding due to lower state revenue.

In reality, state appropriations went up 3.8 percent at community colleges and 4 percent at four-year institutions, according to the report. 

Additional takeaways:

  • Of the 10.31 million students enrolled in 2022, they represented a 2.5 percent decrease year over year.
  • State financial aid increased an average of 2 percent nationwide in 2022, reaching a record high of $990 per student.
  • The cost of a degree decreased by 1.2 percent from 2021, falling to an average of 41.7 percent nationwide.

Posted June 12, 2023.