Arizona Board of Regents survey illustrates impact of college degrees

PHOENIX — A survey by the Arizona Board of Regents released on Friday found that the state’s three public universities contribute billions to the state’s economy, according to a press release.

The Regent’s Graduate Wages Report found that the state’s public university alums earned $14.9 billion in Arizona wages in 2019.

The same study found that those with graduate degrees earned an additional $7 billion, with the collective contributing $1.5 billion in state tax money.

Arizona Board of Regents chair Larry E. Penley said in the press release that the state’s public universities and their alums are essential to the state’s day-to-day existence.

“Our graduates are essential for Arizona’s economy, filling jobs of the New Economy and building the state’s tax base,” Henley said. “These graduates are meeting workforce demands in our state as baby boomers retire and moderate wage jobs like office support, food services and production work decline in our state.”

“It is imperative that we continue to increase the number of graduates from our universities as Arizona lags other states in terms of educational attainment.”

The regent’s study also found that median student loan debt repayment rates were between 5% and 5.8% for those with an undergrad degree and between 7.6% and 9.5% for those with a graduate degree.

It also found that median wages have increased after graduation since 2010, speaking to the value that degrees can have, according to Arizona Board of Regents executive director John Arnold.

“It’s clear that a college degree is worth the investment with wages rising over time and median debt accounting for a relatively small portion of many graduates’ earnings,” Arnold said in the release. “Graduates of Arizona’s public universities are more likely to be employed and have stronger earning power after graduation, even with student loan repayments.”

The regent’s survey found that median wages for ASU alums ranged from $56,188 to $71,649 for those with a bachelors degree.

ASU graduate school alums had a median income that ranged from $56,038 to $86,623.

Northern Arizona University’s undergrad alums saw median earning that ranged from $46,990 to $63,663; with graduate school graduates earning between $58,050 and $73,075.

The University of Arizona’s undergraduate graduates earned between $35,408 and $57,540, while graduate school alums earned between $74,739 and $84,470, according to the study.

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