Recently, the National Center for Higher Education Management Systems and the Pew Charitable Trusts released a study on higher education funding on the state level. The study is noteworthy because it questions whether high spending on public colleges and universities correlates with high quality.

Included in the study, “A New Look at the Institutional Component of Higher Education Finance: A Guide for Evaluating Performance Relative to Financial Resources” by Patrick Kelly and Dennis Jones, is a section where the authors discuss higher education spending and results. They focus on two state university systems – Colorado and North Carolina. According to the study, Colorado and North Carolina perform nearly the same on various measures. For example, 70.3 percent of Colorado’s students earn a bachelor’s degree and 68.5 percent of North Carolina students do.