New Jersey Governor Phil Murphy announced $400 million in new funding for higher education in the Garden State during a press conference today at the Rutgers campus in New Brunswick.
The revolving bond funds will be split into four funding areas aimed at improving college facilities and new capital projects.
Murphy said the investment is aimed at stemming “brain drain,” as the state’s best and brightest look elsewhere in the country for college.
“Right now, all across the state, high school seniors are sending out their college applications. Our goal, since day one of this administration, has been to see more and more of these applications headed to admissions offices right here in New Jersey,” said Murphy. “As I’ve said more times than I care to count, we need to stop letting our high-achieving young people be one of our state’s greatest exports.”
Assemblywoman Mila M. Jasey said two of her three adult children left the state to go to college, but all of them returned home. She said she hopes other Jersey parents never have to say goodbye.
“Having a little one coming up, you look at them and you think, ‘Gosh, are they going to leave?’” she said. “I believe that under the progressive leadership of our governor, we are encouraging more and more of our best and brightest and our young families to stay here in New Jersey.”
Officials say the state funding should also help keep tuition in check for students, as the state foots the bill for improvements colleges would normally have to pay for.
The state’s 74 colleges and universities may begin applying for funds in spring of 2022.