ROANOKE, VA. – A recent report from the Lumina Foundation shows that the number of Virginians who continued their education after high school remained flat in 2022.
The Lumina Foundation estimated that 59% of Virginians between the ages of 24 and 64 years old earned a workforce certificate, associate degree or above in 2022. In 2021, 59.3% received their workforce certificate, associate degree or above.
While that was a slight decline, Virginia’s education attainment rate increased nationwide from seventh to sixth.
More African Americans are going back to school as well. Black educational attainment rate increased by about two points to 39% in 2022. Hispanic and Latino education attainment rates also increased by 1.5 points to almost 37%.
CEO Mary Morris with Virginia 529 said continuing your education has several benefits. She also said it helps the state’s economy if people stay in Virginia after attaining their degrees or certificates.
“That’s always been something that has helped Virginia. Again, with our strong post-secondary system with 15 highly regarded four-year universities and our 23 community colleges across the Commonwealth employers like to come here,” said Morris.
The State Council of Higher Education for Virginia reports that 74% of the Commonwealth’s graduates from public colleges or universities lived in the state 10 years after graduating.
While going to college can have many benefits, it can also be costly. The state does have the Virginia 529 plan for families. The Virginia 529 plan is a tax-advanced savings account for higher education.
You can use the Virginia 529 plan for a four-year degree, private K-12 grade education, registered apprenticeship programs or even repaying some of your student loans.
More than 3 million people are participating in just the Virginia 529 plan nationwide, but other states have their own plans.
Morris said these plans can help you save a lot of money as you save for your education or someone else in your family.
“You know we look at it, if people can plan and save, save about a third maybe take on debt for a third of their cost of a more traditional four-year degree and then pay for about a third of it with current income and resources,” said Morris.
The current average balance of a 529 account is almost $29,000 and the average account size increased by 11% last year.