I find the Georgia’s HOPE Scholarship Program fascinating. It is one of the few systematic transfers of money from the lower class to the middle and upper class and cherished by said lower class.
Also, why is college tuition rising so fast? The answer is the people who get the service don’t pay for it. This is called the third-party payment problem, and it’s systemic in education.
Imagine for a moment that there were no public subsidies for education, and parents paid for their kid’s schooling the way we pay for everything else – by shopping around and finding the best quality at the best price. What if there were no government-guaranteed student loans for college or other federal aid to underwrite tuition. Does anyone believe that colleges would cost $30,000 or $40,000 or $50,000? No way.
Anyway, the Atlanta Business Chronicle is reporting that Georgia Lottery’s educational funding hit a record high in fiscal 2016.
By: Erica Relaford
Atlanta Business Chronicle
The Georgia Lottery Corp. sent a record $1.1 billion to state educational programs in fiscal 2016.
That’s the first time Georgia Lottery sent more than $1 billion in a year and is more than $117 million ahead of fiscal 2015.
The lottery sends profits to specific educational programs, including Georgia’s HOPE Scholarship Program and Georgia’s Pre-K Program.
“With these funds we’re making possible what some students and their families would never have achieved without the HOPE scholarship programs,” Gov.Nathan Deal said during the transfer at the Georgia Capitol Wednesday morning. “We’re helping them achieve the dream of great education, that all important component, to achieving the overall American dream.”
Since its first year in 1993, the Georgia Lottery Corp. has returned more than $17.6 billion to Georgia for education.