Leslie and Brinkman concluded the social rate of return studies understate the social rates of return by grossly understating the social benefits. Economic impacts of colleges upon communities. Leslie and Brinkman found that colleges and universities make many direct and indirect contributions to their communities, however only a few are readily identifiable in economic terms. The economic impact varies depending on the type of institution and community. Public 4-year colleges have a greater impact than community colleges.
Private institutions have greater impact than public institutions.
The bottom-line is that the impact is greater at the local level than at the state level. Depending on your view of the economic value of higher education, you may support different ways of financing higher education. Full Cost Pricing or High Tuition Students should be charged tuition to cover the instruction in his or her program. Institutions should be self-supporting. Advocates of this alternative suggest that high aid in the form of loans be available to students who cannot afford the tuition.