Fayette County high school graduates who want to pursue degrees in science and technology at local public and private colleges and universities may soon get some financial help from the city of Lexington.
This month, Mayor Jim Newberry will ask the Urban County Council to fund a new pilot college scholarship program aimed at spurring economic development in Fayette County with tuition scholarships focused on science, technology, engineering and mathematics, or STEM, disciplines.
“In the global economy, education is economic development,” said Newberry at the program’s announcement in the auditorium of Bryan Station High School, flanked by local and state education and business leaders. “Our community, like all others, must make investments in its children today so that tomorrow we can reap the kinds of economic benefits that come from having a well-educated workforce.”
Called Lexington First, the scholarship proposal was initially presented by Newberry as part of his platform during his mayoral campaign. Under the current proposal, all graduates of Fayette County public and private high schools who choose to pursue STEM degrees at a college or university within roughly one hour’s drive of Lexington could receive up to four years of tuition fees. The actual award would be a need-based “last-dollar” scholarship, intended to cover the costs remaining after a family’s expected contribution and all other available financial aid are taken into account. For students who choose to attend more expensive institutions, it would cover up to the equivalent of the average in-state tuition costs at a four-year public institution.
Stu Silberman, the superintendent of Fayette County Public Schools, described the program as a “dream come true.”
“I do believe that when we look back, we’re going to know that today changed the history of Lexington,” Silberman said. “It sends out an expectation from this community that education is important for every student, and not just some students.”
Beyond its implications for education, the program is mainly intended to offer Lexington an economic advantage in its efforts to recruit, nurture and retain high-growth, high-wage businesses with a need for STEM-trained talent.
“Having a highly education workforce is a tremendous advantage when it comes to economic development,” said Bob Quick, president of Commerce Lexington.
While Lexington’s overall education attainment levels are higher than average nationally, Quick said, the demand for science and technology expertise today extends beyond our national borders.
“While the overall education level (in Lexington) is good, the number of students majoring in science, technology, engineering and math must grow significantly for Lexington’s citizens and companies to be true global competitors,” Quick said. “We may compare well nationally to other top U.S. cities, but our marketplace is the world.”
While next year’s city budget is projected to be tight, with a current structural imbalance of up to $30 million expected, Newberry said that the same economic pressures that cause some to question this new expenditure are also driving the need for the investment, especially in consideration of the city’s dependence on payroll taxes for more than 80 percent of its general fund revenue.
“If we want to make real progress, if we want to reverse this trend of declining revenues in our community, we’ve got to invest in our youth in a way that benefits our entire community,” Newberry said.
While funding for higher education by a municipal government is a rare occurrence, it reflects an understanding shared by many of today’s economists that “higher education is our best economic development strategy,” said Brad Cowgill, president of the state’s Council on Postsecondary Education.
In addition, as a need-based, last-dollar program targeted to high-payoff careers in STEM industries, the Lexington First program offers the opportunity for a high rate of return on the investment, Cowgill said.
If approved by the Urban County Council, the program would be administered through an independent third-party firm and it would be initiated as soon as possible after the new budget cycle begins on July 1, Newberry said. He expects the program to be funded through a public-private partnership, including both tax money from the city’s general fund and a significant amount of private sector donations.
While the potential number of recipients is difficult to predict at this time, roughly 300 graduates of Fayette County Public Schools last year went on to pursue higher education in STEM fields, Newberry said. The Lexington First program will also be available to local private school and homeschool students, but only those students who attend college locally and can demonstrate financial need would be eligible.
During his campaign for mayor, Newberry had initially suggested a requirement that scholarship recipients work in Fayette County for four years following graduation, but that requirement has been dropped from the current proposal because logistically it would be too difficult to implement, he said.
Amanda Florence, a sophomore at Bryan Station High School, said she thinks Lexington First is a good investment for Lexington and will have a positive effect on the career decisions of her fellow students. She hopes to pursue a career in the pharmaceutical industry and is currently considering UK’s pharmacy school, but without a college fund, she will be counting on scholarships such as the statewide KEES program and Lexington First to help foot the bill.
“I think they give a lot of people hope, people who wouldn’t normally have an opportunity to even look into going to college,” Florence said “They actually might have a chance to do something that they want.”
For Newberry, Lexington First will not only emphasize the city’s commitment to the education and open opportunities for its citizens, but it will show employers that Lexington is a city that values STEM-based knowledge and careers.
“If we continue doing in the future what we’ve done in the past, it’s unlikely that we’re going to get anything but the same kind of results,” Newberry said. “This is a change, and it is one that will have a price tag associated with it, certainly, but I can’t think of any better way for us to spend our money than to invest it in our young people, particularly (those) who want to stay in this area to further their education and who want to focus on the STEM areas of study.”