Economic Impact Study: Students at Schreiner University
An economic impact analysis is designed to estimate both the direct and indirect effects on the economy that are associated with any given type of expenditure. In other words, an increase in the demand society has for a product sets in motion a series of various expenditures from the companies and organizations that provide what is needed to make that product. The parts and labor have to come from somewhere, so the economic impact is not just on the company from which the product was ordered, but on that company's suppliers and their suppliers, all the way down the chain. When it comes to services, though, such as would be seen with higher education, the economic impact analysis is somewhat different. Since the student is not ordering a good or a product of any kind from the school, there is more to the actual story than meets the eye.
Suppliers that provide textbooks and other materials can be part of the analysis, but that would focus more on the impact on the learning institution itself. When focusing on the students and the economic impact they face when attending an institution of higher learning, an economic impact analysis has to focus on how paying for higher education is carried out and how the need to pay for higher education impacts the overall economy (Kadlec, 2013). If students are spending money on education, they are not spending money on other things. That affects the school, but also affects the rest of the community and even the global economy through a lack of purchases. In the past, studies have been done that have looked at the impact of colleges and universities on local economies.
These include the expenses of supplies and other goods needed by students, and money the college spends in order to obtain what it needs. Money spent by faculty, staff, and students has also been examined. But what of the students themselves? How does the cost of attending a college or university impact their ability to buy and pay for other things. Retail expenditures like groceries, housing, and transportation are all affected by how much the students must pay in order to attend an institution of higher learning, and the more money they pay to the school the less they will have for anything else (Joint, 2013). Studies also have to look at money that comes into the state from outside sources (such as people coming to college from out of state) as well as money that moves within the state (such as locals attending the college). Here, the focus will be on the students of Schreiner University and how they are impacted by the cost of attending the university.
Schreiner University is a private, liberal arts college located in Kerrville, Texas, with a student population of approximately 1,200 (Schreiner, 2014). Tuition and fees are paid at a flat rate for 18 credit hours, instead of paying for a number of separate things that can all add up (Schreiner, 2014). Current 18-credit-hour tuition is just over $22,000 (Schreiner, 2014). While that is significantly higher than the majority of public universities in Texas, many people who attend the university also get institutional aid. Once they have received that aid, they pay less than $1,000 more for 18 credit hours than they would pay if they attended a public university in Texas, on average (Schreiner, 2014). However, not every student there receives that aid. For those who do receive help the cost of attending college is comparable, but for those who do not the cost can be prohibitive.
That can keep some students from going to the university, but more often it simply puts them and their families into a difficult financial position. In turn, that can have bigger impacts on the overall economy (Kadlec, 2013). It is not just the student who loses out when he or she must pay a significant amount to get a college education. The community also loses out on revenue that it would receive because the student would be spending money on something other than tuition. However, with the university's flat rate, at least the student knows how much he or she will be expected to pay, instead of finding that a lot of different fees are required that were not figured into the tuition.
Economic Impacts
The economic impacts of attending Schreiner University are very important when it comes to how these impacts are affecting the...
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