The Pains And Gains Of Higher Education

THE PAINS & GAINS OF HIGHER EDUCATION College Worth It ? WHAT AMERICANS SAY | WHAT THE NUMBERS SAY For most high schoolers today, college is the obvious next step. But a recent Pew study gives us pause: Is college really worth it? While no two circumstances are exactly the same, and the answers are largely subjective, we can still draw conclu- sions based upon survey results and statistical figures that reveal the monetary gains of attending college. HERE IS HOW AMERICANS RESPONDED TO THE FOLLOWING QUESTIONS: WHAT DO AMERICANS 1. “How would you rate the job the higher education system is doing providing value for the 3. "Has college been a good investment for you personally?" (% of college grads) 2. "Is college affordable?" THINK? money spent?" 86% While people say that the cost of higher education is expensive and doesn't provide great value, those who have attended college say that it was a good experience. 40% Ves 75% 57% Excellent/ Good No 22% Only Fair/ Yes Poor 3% Don't Knor 3% Don't KnOr 6% No Not Sure % saying each is extremely important in helping young person succeed in the world today % very satisfied with their education Graduate School 90% Good work ethic 61% College Graduate Knowing how to get along with people 57% Some College / Vocational 41% Work skills learned on the job 43% High School or Less 38% A college education 42% MEAN ANNUAL EARNINGS OF 25 TO 29-YEAR-OLDS, 2009 WHAT IS THE MONETARY PAY-OFF OF $49,551 Bachelor's degree or more HIGHER EDUCATION? $37,503 Associate degree According to the numbers, higher education pays off over the course of a career. However, some degrees hold more value than others. $33,998 Some College $31,093 High School Graduate THE MOΝΕΤARY ΡΑΥ-OFF The typical college graduate earns an estimated $650,000 and nets an estimated $550,000 more than the typical high school graduate over the course of a 40-year work life. Of course there are exceptions to the rule, but in general, college grads make quite a bit more than those who ended their education after high school. ESTIMATED WORK-LIFE EARNINGS $1,600,000 $1,400,000 The typical person with a master's degree nets only $200,000 more than those with a bachelor's degree. $980,000 $770,000 High School Graduate Associate Degree Bachelor's Degree Master's Degree Master's Degree Associate's Bacbelor's Degree Degree THE BIG PAY-OFF Bachelor's Master's Typical College Graduate Bachelor's Degree in Education Degree in Liberal Arts Degree for a Liberal Arts Major Associate Degree $ 480,000 $ 590,000 Net Earmings $ 650,000 Gain: $ 210,000 $ 180,000 Minus Out-of- pocket College Costs/Forgone Earnings: Minus Out-of- pocket College Costs/Foregone Earnings: Minus Out-of- pocket College Costs/Foregone Earnings: Minus Out-of- pocket College Costs/Foregone Earmings. Minus Out-of- pocket College Costs Foregone Earnings. $ 100,000 $ 178,000 $ 100,000 $ 47.000 $ 100.000 $ 380,000 $ 412,000 $ 550,000 $ 163,000 Net $ 80,000 A master's degree for a liberal arts major will net only $32,000 more than a bachelor's degree for a liberal arts major. Pay-off: Unemployment rates in March 2010 THE BIG TAKEAWAY Less than a Bachelor's degree 11% Higher education costs money and timethere's no doubt about that, but the monetary gains don't lie: those with higher degrees make more money, although the payoff is greater for some areas of study. Mix together the monetary benefits and the employment security, and you have a recipe for success. Bachelor's degree or higher 6% mindflash.com Source: http://pewsocialtrends.org/2011/05/15/is-college-worth-it/6