Is it worth it to complete a college degree?
The US Census Bureau says yes!
The value of a dollar is continually changing and recent history shows that the value of higher education has risen faster each year, immensely over the past two decades.
The average cost of a 4-year public education (tuition and fees) is over $30,000.
You could:
- Invest the money into a high-interest account and watch it grow over a 40-year time span. End result: $140,027*
OR
- Use the money to complete a higher education degree, such as a bachelor's degree. End result: Earnings of at least as much as $1,000,000 more than having a high school diploma.
Further. by 2007, over 1 in 4 adults, ages 25 and older completed at least a Bachelor's degree. This number continues to grow. As more and more people complete higher education, careers will become more competitive.
A US Census Bureau study shows a 1992 calendar year and confirms that more education means greater earnings over a year's time. Over the length of one's working life (calcuated as 40 years), these earnings become an enormous difference.
- People who have not completed high school would make (in 2006 dollars**) around $850,000 in their lifetime.
- Completing high school would add about $300,000, making $1.4 million in their lifetime.
- Those who completed a Bachelor's degree would make in the $2.15 million range.
- Doctorate and professional degree holders would be at just over $2.85 million and as much as $4.3 million.
A study from the American Savings Education Council (ASEC) reinforces the value of education. In 2005, workers 18 and over had extreme differences in annual earnings:
- Without high school diploma: $19,200
- High school diploma: $28,600
- Bachelor's degree: $51,600
- Advanced degree: $78,100
*assumes a 4.5% apy.
** 1992 values adjusted for inflation