Getting That College Degree Still Worth It!
There has been some speculation recently about the importance of attaining a college degree. That discussion should again be put to rest as that latest data definitely proves a college degree is quite valuable.
A recent article by Mary Beth Marklein of USA Today shows that even though the tuition continues to rise at colleges and wages earned by college graduates continues to fall, a college grad will earn more than $1 million over his or her lifetime compared to someone who only has a high school diploma, according to a report released Tuesday by the Federal Reserve Bank of New York.
The Federal Reserve Report shows that average wages have also declined for workers without a college degree and that the gap between wages for college grads and those without a degree remains near an all-time high.
The report said, “Investing in a college degree may be more important than ever before because those who fail to do so are falling further and further behind.”
This information is very significant due to the current sluggish labor market and the rising levels of student loan debt, both of which have been recently questioning the importance of having a college degree.
According to Marklein, the Federal Reserve study, incorporating four decades of data, calculated federal data on wages for full-time workers between the ages of 16 and 64 from 1970 to 2013. The data focused on those workers in three categories: workers with no more than a high school diploma, workers with no more than an associate’s degree, and workers with no more than a bachelor’s degree.
On average, workers with a bachelor’s degree earned almost $2.9 million from when they entered the work force until the age of 64. On the other hand, those with only a high school diploma earned $1.8 million over that same span.
So, as you can see, going to college and earning that degree is still an enormous financial benefit. In addition, the experiences, knowledge gained, and friendships associated with the college experience are hard to match.
If you are planning on going to college and need some guidance or advice about how to go through the college admissions process, please give us a call as we offer a variety of programs that will prepare you in making that right decision to attend college.