)Most educators at two-year institutions of higher learning will tell you that when there is a big lay-off in the area, college enrollment soars. Many students take advantage of all the opportunities available to them to attend college: grants, loans, and scholarships make it easier for potential students to take the first step toward earning a college degree. For many, it’s a blessing in disguise.
The Intrinsic Worth of a College Degree
Many adults who find themselves suddenly unemployed choose to see their situations as opportunities for growth. For instance, a woman who has always wanted to become a nurse is often relieved to have the opportunity to pursue her dreams when a job loss opens up more time in her schedule to learn.
On the other hand, a man who lost his job because his employer has chosen to outsource the work overseas may be able to take advantage of displaced workers benefits through his employer to sharpen his job skills.
If you’re thinking about going to college, there’s no better time than now to start your journey toward a better future. The sooner you begin your degree program, the more you’ll earn over the course of your lifetime.
The Return on Investment of a College Degree
Despite rising costs of tuition, books, and other expenses associated with getting a college degree, the return on investment over the course of your lifetime makes getting a college degree worth the investment.
There are many factors to take into consideration when choosing a college. For instance, should you choose to attend an Ivy League School if you plan to teach high school? If you’re looking for a positive return on investment, going to an Ivy League college—in this case—is not a good choice.
Since the average K-12 teacher salary ranges from $40,000-$43,000 in the United States, spending a mint to earn a teaching degree is not a good investment. However, if you want to work in corporate law, going to Harvard or Yale is more likely to land you the job—and salary—of your dreams.
The average cost for a bachelor’s degree at a public, in-state college will be about $20,000. If you attend a private, four-year institution, you could pay upwards of $80,000. These totals include tuition, books, fees, and other education-related expenses.
In essence, you need to maximize your investment by matching your career goals with the cost of your education. It’s always a good idea to begin with less expensive options like starting at a two-year school and studying at an in-state college. At the end of the day, a bachelor’s degree is a bachelor’s degree, regardless of where you took your classes.
For obvious reasons, earning a graduate degree increases your overall return on investment. Individuals who earn master’s degrees and doctorates in their fields earn significantly higher salaries than their co-workers who have bachelor’s degrees alone.
When you think of the significant discounts you may receive with grants and scholarships, the return on investment soars.
The True Value of a College Degree
According to the U.S. Census Bureau, Current Population Surveys, March 1998, 1999, and 2000, the average lifetime earnings of individuals with or without college degrees are as follows:
• An individual with a professional degree earns an average of $4.4 million over the course of a lifetime.
• A college graduate with a doctoral degree earns an average of $3.4 million during his or her lifetime.
• College grads with master’s degrees earn an average of $2.5 million in their lifetimes.
• With an associate’s degree, individuals can expect to earn a lifetime average of $1.6 million.
• For individuals who have some college education, their expected earnings total about $1.5 million.
• High school graduates earn about $1.2 million over the course of their lives.
• Individuals who drop out of high school can expect to earn about $1.0 million in total over the course of their working lives.
Of course, as with any degree program, the type of degree and the amount you can earn varies by industry. Your best bet is to do your research because all degrees are not the same when it comes to return on investment. However, your lifetime earnings with a degree will be significantly higher than your earnings without it.
