Introduction

If you have finished high school and are considering college or are an older adult looking to retrain yourself, college degree is a significant investment.

How much will it cost? Is it worth the expense? In this guide, we’ll walk through the data on everything from average earnings by degree type and significance to default rates on student loans, so you can make the most informed decision about whether college is right for you.

It seems like every day, and we see headline warnings.

As you may have noticed, there’s a lot of talk in the media about whether a college degree is worth it. Every day, we see another headline warning that college degree is a waste of time and money.

We think this narrative could use some nuance. On the one hand, college degree costs a lot, about $30,000 per year, at public colleges and universities in the United States (not including housing or other expenses).

According to research from Georgetown University’s Center on Education and Workforce, people with bachelor’s degrees earn an average of 80% more over their working lifetimes than people without them, and even those with associate’s degrees can expect to reach nearly $600 more per week than high school grads do. Plus, all kinds of benefits go beyond just your paycheck.

Data still shows that college degree is worth the investment.

College graduates have lower unemployment rates and earn more than high school graduates.

The value of a college degree has never been higher, with students graduating with less debt than ever before while costs have not risen as much as inflation over the past decade.

Going to a college or university is still your best bet for financial success in life today.

According to the Federal Reserve.

According to the Federal Reserve, a bachelor’s degree can be worth up to $1 million in additional earning power.

The average college graduate earns $1 million more over a lifetime than someone with just a high school degree.

Since college degree graduates are likely to get higher-paying jobs and access benefits like health insurance and retirement plans that help them save for the future.

However, if you’re already considering going back to school or taking out student loans, you must consider how your decision will impact your finances after graduation.

According to Student Loan Hero, the average college degree student will graduate with around $30,000 of debt, not including any private loans they may have taken out during their time at school.

Many students always struggle to pay off their student loans (I’m sure we all know someone unable to pay theirs off), which can make it difficult for them later on down the line if they want things like mortgages or credit cards down the road.”

Most studies show that with any average metric, earnings

The real question is whether or not it’s worth it. The answer is yes.

Most studies show that with any metric–average earnings, employment rate, unemployment rate–the benefits of going to college degree exceed the cost.

But some new research shows that

However, some new research shows that comparing every individual pursuing a bachelor’s degree to a two-year or four-year school is more affordable for everyone if you stick with going to a two-year institution and then get your degree later.

Why? Even though the cost of a four-year degree is higher than that of a two-year degree (with financial aid), the returns on that investment are much more significant.

That means that even though the upfront costs are higher in tuition payments, those who earn bachelor’s degrees make enough money over their lives to pay off those loans faster than someone who gets an associate’s degree and then transfers or completes them later.

There are some caveats here: First off, not every student can complete their associate’s program without first earning credits from another school before transferring them into their program at community college, so this might not be an option for all students who get an associate’s degree before moving back home again later on down the line.

Secondly, getting into graduate school after completing only one year at community college degree isn’t always possible either, meaning you may have no choice but to attend full time while enrolled as well so that by graduation day (and especially if your goal was originally law school), not only do they know who YOU ARE but also where you are.

When you compare the cost of going to community college

The key takeaway from this research is that when you reach the cost of going to community college for two years and transferring to get your degree versus paying full freight for four years at a four-year institution, you could save thousands of dollars by going to community college first.

According to College Board data, the average tuition cost of attending a private four-year university is $34,740 per year while the average tuition cost of attending a public four-year University is $9,350 per year.

If you go straight through and attend both community college degree and then a four-year university without any breaks in between, it will cost roughly $17k more than if you went straight through with no breaks.

A separate study found that a more significant percentage of students are now defaulting on their student loans than ever before. These defaults add up to billions of dollars in lost income for people who don’t graduate.

In 2020, almost 7 per cent of young adults aged 20-24 had defaulted on their student loans. Today, that number has risen to 9 percent.

The default rate is higher than ever before, hurting people who don’t graduate: they’re less likely to have professional jobs and make more money than those who graduate.

This fact hurts the economy as a whole because companies have fewer qualified applicants for jobs after graduation.

Conclusion

College is worth the investment. It can lead to a better career and higher earning, but it’s also important to consider that college graduates have lower levels of unemployment.

The unemployment population of people with a bachelor’s degree is just 2 percent compared to 4.6 percent for those with only a high school diploma.

If a high school student considers college, you should know that it can pay off. A new study shows that college graduates are more likely to find a job and earn more money than those who don’t graduate.