Higher Education Doesn’t Guarantee Higher Lifetime Earnings

Aug 5, 2011

by Suada Kolovic

Higher Education Doesn’t Guarantee Higher Lifetime Earnings

Pop quiz: What level of higher education earns the most money over a lifetime? (A) a bachelor’s degree, (B) a master’s degree or (C) a doctoral degree? It seems the obvious answer would be the doctoral degree but according to a recent study, the gap is rapidly closing.

The College Payoff, a report published by the Georgetown University Center for Education and the Workforce, revealed that those holding bachelor’s degrees earn about $2.27 million over their lifetime, while those with master’s, doctoral, and professional degrees earn $2.67 million, $3.25 million and $3.65 million, respectively. "It's still true that, on average, it's better to get the higher degree; it's better to keep climbing—but it's less and less true," says the center's director, Anthony Carnevale. That being said, the major and industry a student selects is precisely what determines lifetime earnings: Those who pursue bachelor’s degrees in science, technology, engineering and mathematics (STEM) will earn more, on average, than those with advanced degrees of any level who work in fields like education, sales and community service.

If you’re wondering whether or not earning a college degree at all is worth it, it definitely is. Those with bachelor’s degrees, in any field, will earn vastly more than their counterparts with some college ($1.55 million in a lifetime) or a high school diploma ($1.30 million), indicating that earning a four-year degree is essential to financial success later in life. What do you think of the study’s findings? Are you less likely to pursue a higher degree if the payout is minimal? Weigh in here or via our Resolve to Evolve Essay Scholarship.

And don't forget, you should pay for your college education with as much free money as possible! Find as many scholarships and grants as you can before turning to student loans. Visit the Scholarships.com free college scholarship search today where you'll get matched with countless scholarships and grants for which you qualify, then apply and win! It’s that easy!

Most Shared Articles

The incoming Trump administration could reverse President Obama's actions on college sexual assault, giving hope to those who claim their lives were destroyed by false rape claims. However, this raises concerns for some that perhaps those who have been victims of sexual assault and made legitimate reports may not get the protection they deserve. Since 2011, colleges and universities have been [...]

1 months ago 4 comments Read More

Students are being called to "expose and document" professors "who discriminate against conservative students, promote anti-American values, and advance leftist propaganda" on a new website called Professor Watchlist. Turning Point USA, a 501(c)3 non-profit organization founded in 2012 promotes ideas of free-market capitalism and "educates students about the importance of fiscal [...]

1 months ago 7 comments Read More

Finding trustworthy and accurate scholarship and other financial aid information can be tricky these days, especially when it comes to sources that offer unreliable, often misleading content. "Scholarships" offered by scammers who charge fees and operate outside the laws, rules and ethics of modern-day netiquette abound. Here at Scholarships.com, we carefully and thoroughly vet [...]

1 months ago 0 comments Read More

American Flags designated for a Veterans Day ceremony at Brown University were torn and trashed by university students. While a group tried to protect remaining flags, others continued what they believe was a "justified" protest against the recent presidential election. The American flags arranged on Brown University's Main Green flew in honor of the annual Veteran's Day ceremony, which made [...]

1 months ago 16 comments Read More

Black Friday deals will be unleashed in just two weeks with some of the largest retailers getting an early start on Thanksgiving Day. When it comes to end-of-the-year scholarship hunting, no worries - we've got you covered. Score big this holiday season (and semester) with free college money: RMA Foundation [...]

1 months ago 0 comments Read More

The Associate Dean featured as the "chief villain" in a discredited Rolling Stone article on an alleged gang rape at the University of Virginia has been awarded $3 million by a federal court jury. This decision followed an earlier ruling that the discredited article ruined her reputation and "undermined her work to help students who had been sexually assaulted." In November 2014, Rolling Stone [...]

1 months ago 6 comments Read More

November is National Scholarship Month and in its honor, we're doing what we do best - offering the best scholarships out there to help students like you fund the cost of college. Whether you're in high school trying to land some free money before heading off to school or a college student looking to pay next semester's tuition, here are some of the few generous scholarships available to [...]

1 months ago 0 comments Read More

Two fans at UW Madison's weekend football game wore costumes depicting Donald Trump lynching President Obama. The school, though stating the costume was "repugnant" and "insensitive," backed the demonstration as free speech, protected under the First Amendment. Critics are now "deeply concerned" with the lack of action. A photo of the costume went viral on social media and police asked the [...]

1 months ago 13 comments Read More

Chicago is a baseball city and naturally, Cubs fans are "losing their minds" as the team makes its way to their home field at Wrigley Stadium for the next three games. Not only could they make history by clinching the World Series Championship - experts believe ticket prices could break the record for the most expensive sales in U.S. sports history. If you have a passion for baseball and [...]

2 months ago 0 comments Read More

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 
Comments (0)