In the SREB region, state and local governments spend about 10 percent of their combined annual budgets on colleges and universities. Whether this is the right funding level during a time of growing enrollments, when states are working to boost education participation and close achievement gaps, is a good question for state leaders to ponder. But any way you look at it, state and local spending subsidizes the college educations of millions of students. It’s fair to ask, “What do states get for the investment?”

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