Showcase of the IBHE Illinois Cooperative Work Study Grant Program Concordia University February 4, 2014 Rich Jachino IBHE Grant Administrator

Why Showcase the Cooperative Work Study Program ?

• • • Continued success and positive outcomes for the past 23 years Survey results consistently show that 70 percent of the interns get hired full-time in their fields of study Benefits thousands of students academically and financially annually across the state 2

Program Purpose

(110 ILCS 225/3) “A program of financial assistance to expand opportunities for students to pursue internships, clinical placement, cooperative programs with business and industry, and other work opportunities linked to a student's academic program. “ 3

Program Goals

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Expand opportunities for students to pursue internships, clinical placement, cooperative programs with business and industry, and other work opportunities linked to a student’s academic program; Strengthen cooperation between higher education, business, industry, and government; Encourage social and community service; Maximize the use of matching contributions from business and industry, and governmental and social agencies; Create new opportunities for public/private partnerships; Integrate other components of student financial aid to reduce reliance on student loans; and Encourage students to seek permanent employment in Illinois.

Support of Public Agenda Goals

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Goal 2 Ensure College Affordability

How - By allowing students to reduce their reliance on student loans while providing a link between academic programs and employment;

Goal 3 Address Workforce Needs

How - By prioritizing work study opportunities for students seeking degrees in high-demand fields; and

Goal 4 Enhance Economic Growth

How - By increasing the pool of funds for job training, which can result in businesses expansions in Illinois and

Important Facts

• • • • Initially funded in 1991 Eligible to all public and private, associate and BA degree granting Illinois institutions Fifty percent match from employers In FY2014, 1,187 students at 57 colleges and universities will participate, 665 Businesses with commit matching funds 6

Reduced Funding Over Time 46% reduction

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Impact of restored funding

• If funding was restored to FY2009 levels – An estimated 1,733 students could participate in the program – Resulting in an additional 382 Illinois students being hired in full time positions in their field of study 8