For many parents and students, a new school year means more student loans. About 70 percent of Ohio college graduates will take out debt, with the average totaling nearly $30,000.
The president is in the midst of a statewide tour to tout his plan for affordable higher education. That plan could affect nearly 4,500 students from the Dayton region who attend OSU.
In the short term, OSU will freeze costs for in-state students in the 2015-16 school year, including fees, room and board and tuition. That’s the first comprehensive freeze at OSU in more than 40 years.
In-state students will pay $10,037 in tuition this school year, while out-of-state students will pay $27,365 — a 3.1 percent hike.
Over the next five years, Drake says the university will try to identity “administrative efficiencies” and make $200 million worth of cuts. During that same span, he wants to generate $200 million in new revenue that does not come from tuition or the statehouse.
“College is a major expense and concern for most families,” Drake said. “I put two kids through college. I’m sensitive to the cost.”
In addition, Drake shared details on his proposed $15 million President’s Affordability Grant program, which would annually provide up to $1,500 for more than 12,000 students whose annual family incomes are below $96,000.
The new grant would reach a lot of students who are not covered by federal grants. In total, more than 30 percent of the university’s undergraduate students are eligible. By 2020, he hopes to grow that need-based grant money by $100 million.
Aside from OSU, Drake wants to lead a national conversation about student costs.
In 2014, OSU joined a group of 11 universities across the country that are working to address affordability and access. That group has raised millions to help first-generation and low-income students. OSU will host officials from those universities in October.
Drake touched on many other topics, including college sports.
His father was the captain of championship football team while at Baltimore-based Morgan State University in the 1930s. Drake said football was a huge part of his family’s life.
“My dad died in his sleep (while watching a football game) at home during halftime,” he said, adding that his father practiced medicine until he was 99 years old.
Most college athletic programs operate at a loss, however, Drake said they add value.
“There are over 1,100 NCAA programs, but only a handful generate a margin,” he said. “Let me be clear, athletics are an investment, to improve experience. They build cohesiveness, pride and spirit.”
In addition, Drake said athletics are a way for universities to connect with alumni. He said when he goes to his alma mater’s website it’s “to check scores.”
So who will be the starting quarterback for the Buckeyes?
“We have a wonderful team, with quarterbacks from last year,” he said. “Coach (Urban Meyer) will choose.”
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