Mantella, Anaya: Partnerships are key to Latino educational advancement

As America continues to travel through an ever-evolving economic landscape, the pivotal role of higher education in forging pathways to prosperity has never been more evident. Amidst this backdrop, the Latino community emerges as a beacon of untapped potential – enabling the creation of new generational wealth and the talent needed for the knowledge economy of the future.

The data is clear: higher education is a catalyst for economic mobility and college graduates earn an additional $1 million or more over their lifetimes compared to those with only high school diplomas.

Despite a 15% drop in overall college enrollment from 2010 to 2021, Latino students are defying this trend, showing a 30% increase in higher education enrollment, equating to 3.3 million students, as the National Center for Education Statistics has reported.

This significant increase is more than a statistic; it is an opportunity. The 2020 Census found more than 560-thousand Michiganians reported as Hispanic or Latino, which was 5.6% of the state’s population and a 29% increase from 2010. As the fastest-growing demographic in the United States, with a 23% increase since 2020, the Latino community is poised to rejuvenate both local economies and the broader national economic framework. Achieving an educated workforce in the U.S. is intrinsically linked to enhancing Latino college completion, given this community’s youth and expansion.

Grand Valley State University (GVSU) is leading in this effort with targeted initiatives, strong outcomes and a bold commitment to eliminating racial and ethnic equity gaps. The results are evident: a 106% increase in Latino student enrollment in the past four years, notable graduation rates, becoming the third largest producer of Latino bachelor’s degree holders in their state and a narrowing equity gap between Latino and White students. In 2019, Exelencia in Education, the premiere authority in accelerating Latino student success in higher education, certified GVSU with the Seal of Excelencia, a national certification that looks beyond enrollment and assesses efforts to intentionally serve Latino students.

This effort must penetrate all sectors of higher education including the more than half of the nearly 5,300 colleges and universities in the country that have a majority of White students. These institutions must follow GVSU’s lead and embrace the opportunity to serve Latino students and increase the completion rates that nationally average below 50%.

To accelerate this work, we need corporate partners like Bank of America, integrating work opportunities and making targeted investment into Latino education. About one in three checking accounts opened with Bank of America are by Latino clients and its support extends to financial wellness through programs like Mejores Hábitos Financieros™ (Better Money Habits) that provide free, online tools and education to help build financial literacy. Bank of America has also surpassed $500 million in equity investments to more than 150 minority- and women-led funds of which 22% are led by Latino managers and it has partnered with UnidosUS on the Latinos in Finance program to help Latinos navigate career pathways in financial services. Bank of America is committed to addressing the root causes of inequality through this company-wide commitment to advancing racial and ethnic equality and creating economic opportunity across diverse groups, including the Latino community.

By closing the equity gaps, we can usher in a future where more than a million more Latino individuals hold higher education degrees and contribute more than $26 billion to family incomes and the national economy. With historically low workforce participation and historically high talent gaps in our knowledge economy, the time to act is now. The future of America’s economy depends on it.

Philomena Mantella is president of Grand Valley State University and a member of Presidents for Latino Student Success, Excelencia in Education. Raul Anaya is president of Bank of America Business Banking.