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Kazoo promise outlinr 3 9.5

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Stephen P. Banicki
Stephen P. Banicki

The Kalamazoo Promise provides funding for college tuition for graduates of Kalamazoo Public Schools. It will pay 100% of tuition for those attending public universities in Michigan if they attended KPS from kindergarten, and pays decreasing percentages for those attending fewer years, down to 0% for those only attending 11th and 12th grade. Since starting in 2005, the program has resulted in improved high school test scores over four years, more African American girls graduating than elsewhere in the state, and 90% of graduates attending college. It has also stopped suburban flight and has paid over $35 million to fund college for 2,500 students so far.

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Kalamazoo Promise Purpose: Kalamazoo Promise will pay up to 100% of a childs tuition for 4 years of college if the student graduated from a public school in the City and if he attends a state public university or junior college. Program started in November 2005. Percentage of the tuition paid: depends on how long the student attended a Kalamazoo public school. All other expenses must be paid by someone else. Length of Attendance......Benefit K-12.....................................100% 1-12.......................................95% 2-12.......................................95% 3-12.......................................95% 4-12.......................................90% 5-12 ......................................85% 6-12.......................................80% 7-12.......................................75% 8-12.......................................70% 9-12.......................................65% 10-12.......................................0% 11-12.......................................0% 12.............................................0%
Kalamazoo Promise Estimation of what this will save if Child starts in Kindergarten. Year Investment 1 -$2,725 2 -$2,725 3 -$2,725 4 -$2,725 5 -$2,725 6 -$2,725 7 -$2,725 8 -$2,725 9 -$2,725 10 -$2,725 11 -$2,725 12 -$2,725 13 -$2,725 14 $13,598 15 $14,414 16 $15,279 17 $16,195 NPV @ 6% -$66 Assumptions 1. Rate on investment 6.00% 2. Assumes today's tuition is 5,000 per year with 8% increases This chart calculates the cash flow needed for a student in kindergarten, graduating from high school in 13 years and attends college for a 4 year degree It further assumes that the cost of tuition is $5,000/yr. and rises by 8%/yr. The rate of return on the funds invested is 6%. The result is the fund needs to invest $2,725/yr. For the initial 14 years.
Kalamazoo Promise Results: High School test scores improved four years in a row. A higher percentage of African American girls graduate than any other part of the State. 90% of high school graduates go on to college. High school test scores have improved four years in a row. Suburban flight stopped after program was introduced. Through August 2012 Kalamazoo Promise has paid out $35-million for post secondary study for 2,500 students. On average $4,000 was spent on each student per semester. In the first year of the Promise added an additional 1,000 students enrolled in Kalamazoo Schools. Through fall of 20012 student population increased by 24% or 2,450 students. 39% of students are white and 44% are black.

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Kazoo promise outlinr 3 9.5

  • 1. Kalamazoo Promise Purpose: Kalamazoo Promise will pay up to 100% of a childs tuition for 4 years of college if the student graduated from a public school in the City and if he attends a state public university or junior college. Program started in November 2005. Percentage of the tuition paid: depends on how long the student attended a Kalamazoo public school. All other expenses must be paid by someone else. Length of Attendance......Benefit K-12.....................................100% 1-12.......................................95% 2-12.......................................95% 3-12.......................................95% 4-12.......................................90% 5-12 ......................................85% 6-12.......................................80% 7-12.......................................75% 8-12.......................................70% 9-12.......................................65% 10-12.......................................0% 11-12.......................................0% 12.............................................0%
  • 2. Kalamazoo Promise Estimation of what this will save if Child starts in Kindergarten. Year Investment 1 -$2,725 2 -$2,725 3 -$2,725 4 -$2,725 5 -$2,725 6 -$2,725 7 -$2,725 8 -$2,725 9 -$2,725 10 -$2,725 11 -$2,725 12 -$2,725 13 -$2,725 14 $13,598 15 $14,414 16 $15,279 17 $16,195 NPV @ 6% -$66 Assumptions 1. Rate on investment 6.00% 2. Assumes today's tuition is 5,000 per year with 8% increases This chart calculates the cash flow needed for a student in kindergarten, graduating from high school in 13 years and attends college for a 4 year degree It further assumes that the cost of tuition is $5,000/yr. and rises by 8%/yr. The rate of return on the funds invested is 6%. The result is the fund needs to invest $2,725/yr. For the initial 14 years.
  • 3. Kalamazoo Promise Results: High School test scores improved four years in a row. A higher percentage of African American girls graduate than any other part of the State. 90% of high school graduates go on to college. High school test scores have improved four years in a row. Suburban flight stopped after program was introduced. Through August 2012 Kalamazoo Promise has paid out $35-million for post secondary study for 2,500 students. On average $4,000 was spent on each student per semester. In the first year of the Promise added an additional 1,000 students enrolled in Kalamazoo Schools. Through fall of 20012 student population increased by 24% or 2,450 students. 39% of students are white and 44% are black.