How Much is a College Degree Really Worth?
April 20, 2009 by Daniel Kane
Filed under Online Colleges
United States Department of Labor 2004 statistics reveal that full time workers 25 years of age and older earn a median weekly salary of $676. Those without a high school diploma average nearly $300 a week less ($396). High school graduates with no college average $562, and college graduates holding at least a bachelors degree earn nearly $1000 weekly.
College graduates with an undergraduate degree only had median weekly earnings of $926, while those with an advanced degree had median earnings of $1,149.
Several other surveys indicate that the Department of Labor reports understate the differences in income by educational level. In fact, it is often reported by reliable researchers that the lifetime earnings differential between high school and college graduates exceeds $1,000,000. And, most economic and labor experts believe that the earnings gap between high school and college graduates will grow significantly in future years.
A report by the Washington Research Council states that the new economy of the future will require “higher and higher levels of education” and that advanced education will become more and more important for those hoping to land the highest paying positions.
In addition, well educated workers will continue to be better protected against unemployment, overseas outsourcing, and increasing worldwide competition than their less educated colleagues. But, higher incomes and better job security are only two of the benefits of higher education.
College graduates, overall, are happier with their jobs and careers than are other workers. That’s because the better educated a worker is, the more likely he or she will qualify for promotions and/or new career opportunities. It stands to reason that people who are not trapped in dead end jobs will experience higher job satisfaction.
All available evidence points to the conclusion that bachelors and graduate degrees open the doors to substantially higher earnings, increased employment options, job advancement and job satisfaction. As more employers seek educated workers, as more workers realize the benefits of education, and as financial aid has become available to traditional college students and adults seeking online degrees, the number of college students, including working adults, continues to soar.
Whether earned online or on campus, in a part time program or a full time program, a college degree has never been worth more than it is today.
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