New Study Finds That Christian Institutions Like Biola University Is Responsible For More Than $60 Billion In Economic Impact Annually

Mar. 23, 2018 By Biola Staff

(Washington, D.C.) A groundbreaking new study from Philadelphia-based consulting firm Econsult Solutions, Inc. analyzes the significant economic impact of Christian institutions like Biola University has in the United States. Commissioned by the Council for Christian Colleges & Universities (CCCU), the study calculates the impact on the national economy of its 142 Christian colleges and universities across the country, collectively educating 445,000 students, employing 72,000 faculty and staff, and serving 3.5 million alumni around the world. The study finds that through their operations, capital investments and additional alumni earning power, these institutions generate more than $60 billion in economic impact each year (equivalent to $166 million generated per day for the U.S. economy).

 

Not only do Christian institutions like Biola profoundly affect the lives of students through their shared commitment to advancing faith and intellect for the common good, they also benefit the national economy and deliver a significant return on investment to the federal government.

 

Founded in 1908, Biola is an institution committed to the mission of biblically centered education, scholarship and service.With more than 6,300 students at its Los Angeles-area campus, the university offers more than 150 academic programs through its eight schools, ranging from the B.A. to the Ph.D.

 

“Christian colleges and universities provide a unique and valuable place for students to discern their vocation through the study of their chosen discipline,” says CCCU President Shirley V. Hoogstra. “They also develop a deeper relationship with God, with their peers and professors, and with their surrounding communities. Our rigorous academics and educational missions shape students who act for the public good—often at a cost to themselves—out of a love for Jesus Christ and for the world around them. The results from this report are powerful and illuminate a bright future for Christian higher education.”

 

“This report helps us understand the role of Christian colleges and universities, not only for faith-based scholarship and personal spiritual formation but also as a major economic engine in the U.S., supporting local jobs and generating federal tax revenues,” adds Lee Huang, Senior Vice President & Principal of Econsult Solutions, Inc. “Christian higher education’s value proposition to its participants, as well as to community and society, is very strong. Our nation and our communities need more of what these institutions do, which is act as anchors of economic activity, serve and engage with their immediate neighbors, and add intelligent and service-oriented graduates to tomorrow’s workforce.”

 

Key Findings from Report:

·       CCCU institutions are responsible for more than $60 billion in economic impact each year.

·       For every $1 in federal grant money a student receives, CCCU institutions provide $5 in aid to that student through grants and schol­arships.

·       The student loan default rate for graduates from CCCU institutions (6.3%) is nearly half the national average (11.5%).

·       Even though they are tax exempt, CCCU institutions still generate $9.7 billion in federal tax revenue each year. For every $1 in federal grant money a student receives, CCCU institutions generate more than $20 in federal tax revenue.

·       1 in 3 CCCU students are first-generation college students.

·       50% of CCCU students come from families that make less than $50,000 per year.

·       While approximately one in four college students across the country volunteer, more than one in three CCCU students participate in community service while enrolled. CCCU students perform an estimated 5.4 million community service hours per year.

 

This report was generously sponsored by America’s Christian Credit Union with support from Fieldstead and Company.

 

For additional information and to access the full report, visit cccu.org/economic-impact/.

 

Biola University is a leading Christ-centered university in Southern California that offers a premier, nationally ranked education and has been named one of the nation's “up and coming” universities by U.S. News & World Report four times in five years. Founded in 1908, Biola is committed to the mission of biblically centered education, scholarship and service — equipping men and women in mind and character to impact the world for the Lord Jesus Christ. With more than 6,300 students at its Los Angeles-area campus, the university offers more than 150 academic programs through its eight schools, ranging from the B.A. to the Ph.D. For more information, visit www.biola.edu. For more information, visit www.biola.edu or call (562) 777–4061.

 

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