U.S. News had an interesting piece in their education section last week about the monetary benefits of a college degree. Citing government statistics and several recent studies, the author related that students who complete a bachelor's degree can expect to earn $300,000 more in today's dollars over the course of their working lives than students who just complete high school. Students who earn a professional degree, go to law school, or complete business school can expect to earn even more.
A full-time worker with a bachelor's degree makes about $20,000 more a year than a student with a high school diploma, and a student with, say, an MBA can expect to make about $100,000 more than a high school grad each year. While such annual income disparities add up to more than $300,000 over a lifetime of work, studies citing that figure also adjusted for inflation, the extra money high school grads earn in those first four or five years, and the average cost of attending college for four years.
Another benefit of a college degree is a better chance of landing and keeping a job: the unemployment rate for college grads is half what it is for those who don't go to college. Students from low-income backgrounds also reap more benefits from receiving a degree, as they're able to land not only higher-paying, but also more stable jobs and better-benefited jobs, and to have opportunities that would not have been available to them otherwise. Going to college can also provide significant academic advantages for your future children.
So if college costs are daunting and you're considering whether your education is going to be worth the price you pay for school, do some research. You're statistically more likely to live a better life in a lot of ways if you go ahead and earn that degree. There are tons of reasons to go to college, and also tons of ways to help with funding your education. Do a thorough college search to find the best and most affordable fit for your educational goals, and then search for available scholarships and other financial aid to help you pay the bill.
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