{"id":1549,"date":"2008-01-10T10:58:28","date_gmt":"2008-01-10T18:58:28","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/2008\/01\/10\/the-value-of-a-college-education\/"},"modified":"2023-10-04T20:18:40","modified_gmt":"2023-10-05T02:18:40","slug":"the-value-of-a-college-education","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/the-value-of-a-college-education\/","title":{"rendered":"The value of a college education"},"content":{"rendered":"

\"\"I’ve been thinking lately about the value of a college education<\/a>. I earned a B.A. in Psychology from Willamette University<\/a> in 1991 (with a minor in English Lit, and almost<\/em> another minor in Speech Com). What have I done with this degree? Almost nothing. Yet I do not regret the money and years I spent working to earn it.<\/p>\n

<\/span>The Financial Value of a College Degree<\/span><\/h2>\n

Does earning a college degree make a difference to your future? Absolutely. The facts are striking. On average, those who have a college degree earn almost twice as much as those who do not. According to the U.S. Census Bureau:<\/p>\n

Adults with advanced degrees earn four times more than those with less than a high school diploma. Workers 18 and older with a master’s, professional or doctoral degree earned an average of $82,320 in 2006, while those with less than a high school diploma earned $20,873.<\/p><\/blockquote>\n

Workers with a bachelor’s degree earned an average of $56,788 in 2006; those with a high school diploma earned $31,071. This flurry of numbers makes more sense when viewed in a table:<\/p>\n

\n\n\n\n\n\n\n\n
Education<\/strong><\/td>\nAvg. Income<\/strong><\/td>\nIncrease<\/strong><\/td>\n<\/tr>\n
Drop-out<\/td>\n$20,873<\/td>\n—<\/td>\n<\/tr>\n
High school<\/td>\n$31,071<\/td>\n48.9%<\/td>\n<\/tr>\n
College<\/td>\n$56,788<\/td>\n82.8%<\/td>\n<\/tr>\n
Advanced<\/td>\n$82,320<\/td>\n45.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Completing college is huge. Over a life-time, a college degree is generally worth almost a million dollars. That’s money that can be used for saving, for fun, for whatever. The financial benefits of a college education are significant, and they’re very real.<\/p>\n

<\/span>Other Benefits of a College Degree<\/span><\/h2>\n

Obtaining a college degree isn’t just about making more money. According to Katharine Hansen at Quintessential Careers<\/a>, a college education is associated with other benefits, such as:<\/p>\n