Career & technical education prog., associate degree programs, etc.; return on investment analysis.

A BILL to direct the Department of Education to prepare a return on investment report of career and technical education programs, associate degree programs, and baccalaureate degree programs in the Commonwealth for the purpose of ensuring future funding allocations are aligned with industry and market demand and support postsecondary success.

Be it enacted by the General Assembly of Virginia:

1.
§ 1.
The Department of Education
(the Department)

shall

prepare

a return on investment
report

of

the
career and technical education programs, associate degree programs, and
baccalaureate
degree programs
offered by public institutions of higher education in the
Commonwealth

for the purpose of
informing decisions relating to future allocations of funding to ensure alignment with industry and market demand and to support postsecondary
success in the Commonwealth
.

In
preparing

the
return on investment
report
, the Department shal
l
consult
with
the
State Council of Higher Education for Virginia, career and technical education directors, the Virginia Community College System, and such other stakeholders and industry partners as deemed appropriate by the Department
. The return on investment report shall:

1
.
Identify
the

(i) career and technical education programs offered by public institutions of higher education in the Commonwealth, including the Get Skill
ed
, Get a Job, Give Back (G3) Program established pursuant to §
23.1-2911.2
of the Code of Virginia, the New Economy Workforce Credential Grant Program established pursuant to Article 4.1 (§

23.1-627.1

et seq.) of Chapter 6 of Title 23.1 of the Code of Virginia, and other programs that support career and technical education; (ii) associate degree programs offered by public institutions of higher education in the Commonwealth; and (iii) baccalaureate degree programs offered by public institutions of higher education in the Commonwealth;

2.
Include f
or
each category identified pursuant to subdivision
1
:

a.
A return on investment analysis
;

b
.
The following information: (
i)
the
n
umber of students enrolled in
such
program
s
; (ii)

the
number of degrees or certificates aw
arded for
such programs
annually;
(iii) t
he average time to completion
of
such programs
;
(iv) t
he average cost for completion of
such pr
ogram
s
including any tuition and mandatory fees
;
(v) t
he average student loan debt incurred;
(vi) t
he employment rate of gradu
ates
;
(vii) t
he average

annual earnings of graduates one, five, and
10
years after graduation or co
mpletion of the program;
and
(viii) t
he

amount of funding annually allocated
to
s
uch
program
s

from
(
a
)
the
federal
government
; (
b
)
the Commonwealth
; and (
c
) local governments
; an
d

c
.
An evaluation of
the
(i)
average
value of t
he degree or certificate
earned through such programs

in the workforce, relative to the
average
cost of
completing such programs
,

and (ii) how long it takes, on average, to recoup th
e Commonwealth's investment
in each degree or certificate earned
through such programs
;
a
nd

3
.
Include r
ecommendations relating to alignment of future funding allocations with workforce and industry demand and postsecondary success
.

The Department shall submit

the
re
turn on investment report
to the
C
hairs of the Senate Committees on Education and Health and Finance and Appropriations and the House Committees on Education and Appropriations by November 1, 2026
.