A college degree can boost your lifetime earning potential
March 29, 2012
Data shows that individuals with a college degree earn considerably more than those without one. The U.S. Census Bureau recently reported that individuals whose highest level of education is high school made an average of $31,000 per year in 2010. For those whose highest degree is a bachelor's degree, the average was $58,000.
Now, new research from the Pew Research Center reveals that over a lifetime, college graduates will make $650,000 more than those without a college degree. Researchers classify a lifetime as the 40 years between the ages of 25 and 64.
Over the course of his or her career, a college graduate with a bachelor's degree will make more than $1.4 million dollars, according to the Pew Research Center. A high school graduate with no further education is expected to make $770,000 during the same time period.
While the calculations do not take into account the time and money spent earning a college degree, researchers say that the payoff remains substantial for those who go to school to get a bachelor's degree.
According to the College Board, the average tuition for the 2011-2012 school year at a four-year, public college or university is $8,244 for in-state residents and $12,526 for those who live out-of-state. At private, four-year colleges and universities, the average tuition is higher - $28,500.
However, the reality is that college scholarships, grants and other financial aid, along with tax benefits, often help make the actual cost of college much less. The College Board reports that students attending in-state, public four-year colleges and universities, will pay about $1,500 per year. The typical student at a private, nonprofit four-year institution pays about $11,300 in tuition and fees per year after aid and tax benefits are considered.
This is good news for mothers who want to boost their earning potential and achieve their dream of getting a college degree, as there are many grants for parents, scholarships for mothers and single mother scholarships available to help make college more affordable for them.
It's important to note, as well, that not all college majors result in high salaries. The Pew Research Center reports that majors that require numerical competencies such as engineering and computer science tend to result in higher-paying jobs than for majors such as education and liberal arts.
