February 27, 2013. The Legislative Gazette with a good story about FPI’s analysis of the NYS DREAM Legislation’s strong return on investment, released in coordination with the annual Albany Day of the New York Immigration Coalition.
The Fiscal Policy Institute released a financial assessment of the New York state DREAM Act at the New York Immigration Coalition’s lobbying day in Albany on Wednesday. The controversial bill would allow undocumented students — many of whom were brought to the United States illegally by their parents, but at no fault of their own – to apply for financial aid for college.
According to the report “the legislation would be fiscally and economically a sound investment for New York” saying the DREAM Act would cost about $17 million per year, which is 2 percent of what the state pays in total Tuition Assistance Program funding.
The report also indicates that investment in higher education provides a “very strong return on investment,” concluding students who obtain a two-year degree earn $10,000 more per year than those without one, which adds an additional $1,000 per year in state and local tax revenue. Students who earn a bachelor’s degree earn an additional $25,000 more per year which would add an additional $3,900 per year to local and state tax revenue.