One of the constant challenges facing higher education generally, and Southeast Missouri State University in particular, is how best to serve students and the region. It is always exciting to hear about the academic successes of our students. At that same time, however, it is troubling to learn of the growing number of students who say their dream of earning a college diploma is slipping away because of the current cost of a college education. Currently, more than 55 percent of the student body at Southeast Missouri State University is receiving some form of financial assistance.

While the university's Board of Regents has very prudently examined this issue over the past several years and has approved only modest increases in fees, we at Southeast, like our colleagues at Missouri's other institutions of higher learning, know that we must continue to keep pace with the demands of our changing society. This means we must strive to provide new academic programs, which often require additional resources, to meet the needs of students entering the work force of the 21st century.

A sound education is at the heart of getting a job and keeping it. Moreover, there is a direct correlation between more education and earning power. National studies place the average income of those with a high school degree at $22,494 a year. Two years of post-secondary education drives that average up over 40 percent. A four-year degree increases that person's average income by almost 70 percent.

At the same time, we find that our rapidly changing workplace is requiring more of employees. A high school diploma no longer is sufficient in today's competitive job market. At least 89 percent of all new jobs require some type of education beyond high school. The high school completion rate in Southeast Missouri is considerably lower than the rest of the state, and more must be done to improve that. At the same time, it means that those who do complete high school need to have every opportunity to go to college.

Many students are aware of the need to attain more training in preparation for today's job market and know that more education equates to higher earning power. Yet their major obstacle in attaining their educational goal is cost.

The Challenge Scholarship proposed by Gov. Mel Carnahan in his fiscal 1998 budget and currently before the Missouri General Assembly is one way to overcome that obstacle. The Challenge Scholarship is designed to make higher education more affordable and accessible for all Missourians. Under the program, over the next three years, a tax credit would be phased in of up to $1,500 a year to every Missourian who wants two more years of education beyond high school. Any Missouri resident enrolled full or part time in a certified public or private post secondary Missouri school and who has completed less than 60 credit hours could qualify. Students must be making satisfactory progress toward a degree or certificate.

Under the proposal, Challenge Scholarships would be in addition to existing Bright Flight Scholarships and Missouri Student Grants to cover tuition and fee costs above those awards. The tax credits also would be coordinated with President Clinton's Hope Scholarship program.

We strongly urge Southeast Missouri residents to study these important bills -- Senate Bill 287 and House Bill 538. After doing so, I hope you will agree with us that this is a good approach to helping students fund their college education and that you will contact your legislators and express your support for these bills.

By helping students offset the cost of tuition and fees, we will be able to encourage more people to go to school and keep the worry of financial constraints from Missourians who want to improve themselves. This single piece of legislation is a giant investment in our future. Let's not let this opportunity get away.

Dale F. Nitzschke is president of Southeast Missouri State University.