Is Getting A College Degree Really Worth It?
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Here's a detailed look from the Bureau of Labor Statistics (BLS) at education levels in regard to median weekly earnings and unemployment statistics to give you a broad idea of how a degree can affect your income on the big whole. Keep in mind, these numbers cover all degree subjects and all areas of the U.S.; details on those two subjects will be covered later.
Here are the national median weekly earnings by education attained:
| Education | Weekly Earnings |
|---|---|
| No high school diploma | $493 |
| High school diploma | $678 |
| Some college, no degree | $738 |
| Associates degree | $798 |
| Bachelor degree | $1,137 |
| Masters degree | $1,341 |
| Doctorate degree | $1,623 |
Here are the unemployment percentages by education attained:
| Education | Unemployment Percentages |
|---|---|
| No high school diploma | 5.6% |
| High school diploma | 4.1% |
| Some college, no degree | 3.7% |
| Associates degree | 2.8% |
| Bachelor degree | 2.2% |
| Masters degree | 2.1% |
| Doctorate degree | 1.6% |
As you can see, the median income with a bachelor’s degree is almost double the income with only a high school diploma. Also, note the large difference between an associate degree and a bachelor’s; this is the primary reason a four-year degree is recommended over a two-year degree. The same trend continues with unemployment. If you hold a bachelor’s degree, your chance of being unemployed is almost half of that of a high school graduate.
The Opinions
There are a lot of news articles and polls about college degrees and cost; it's easy to get confused when you're making a major financial decision. While the majority (77%) of college graduates agree that their education was worth the cost, that still leaves almost a quarter of Americans who disagree. Why?
For the most part, those who feel their degree wasn't worth it fall into one of two categories: they are either in debt over $50,000, or they chose a degree that isn't very marketable. There's also a discrepancy between recent graduates and those who have been working in their field of choice for several years, most likely because many new graduates expect to be immediately hired into a high paying position, only to find they need to gain experience to qualify for higher-paying positions.
A college degree has substantial financial value, both on average and for the vast majority of graduates. This is true even after making several "adjustments" to lifetime earnings which provide a much more accurate view of the value afforded by attending college. Attending college is not without risk, however. The financial and time investments will not pay off for everyone, especially if we continue to see about half of those who enroll at the average 4-year college not holding a degree 6 years later.
You can read the entire article, which was first seen on University HQ at https://universityhq.org/degrees/bachelors/getting-college-degree-worth-it/
