The American Institutes for Research report claims that more than $200 million in taxpayer funding went to waste because freshman the state invested in never made it to their sophomore year. Depending on the college, it can cost anywhere from $10,000 to $30,000 a year to educate one student at one of Virginia's state colleges.
Many of the students defray that expense with grants--funded by taxpayers. In many cases that investment is not seeing much of a return.
For instance, at Virginia Commonwealth University 15 percent of college freshman using grant funding don't make it to their second year. The cost to taxpayers is $9 million.
However, VCU is not the worst. At Virginia State University 32 percent of their freshman never become sophomores. At a cost of a little more than $14,000 per student, the total cost is almost $5 million.
The best investment and worst investment is the University of Virginia. The main campus boasts a success rate just shy of perfect – 3 percent -- but their wise campus loses 35 percent of their freshman before the second year.