As the cost of college increases, doubts of how important it is to study a bachelor’s degree raises as well, it is time to assess if it’s still the right investment for your future.
The cost of college has been rising steadily for decades, and many people are wondering if it is still a good investment. After all, college graduates are now facing a significant amount of student loan debt. If you’re looking into getting a student, you should also review your options, check out this article to get a better idea of them.
According to SavingForCollege.com, people enrolling in college in 2023, can expect your four-year undergraduate degree to cost between $110,000 and around $240,000.
However, college is still a good investment despite the rising costs. According to Forbes Media, college graduates earn significantly more money than people with only a high school diploma.
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The median earnings of a worker with only a high school diploma was $730 a week, while those with a bachelor’s degree earned $1,200, according to the US Bureau of Labor Statistics (BLS).
Also bear in mind that the cost of tuition can vary from school to school. For instance, the cost of a college degree will be lower with an in-state school versus an out-of-state private school.
Over a lifetime, the increase in salary can make a significant impact on the overall financial wealth of an individual. In many cases the difference between a high school degree and a college degree can be in the hundreds of thousands of dollars.
Benefits of a College Degree
Let’s take a look at the benefits of a college degree:
- A high median salary - You can make about $1,200 a week more versus a high school graduate.
- More wealth - You can make hundreds of thousands to millions more with a college degree.
- Better job stability - Those with college degrees are less likely to be laid off or made redundant.
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The median amount of money earned in a year by college graduates is about $18k more than those who didn’t graduate according to data from the American Community Survey, carried out by the U.S. Census Bureau and the BLS.
While the median college graduate worker makes $52k, the high school graduate worker makes $34k, some college graduates make more than double, up to $70k (inside the 25-75 percentile range).
Choosing the Right Degree for Best Return on Investment
Be wise to choose what to study, find a formula of what you are good at, what you like, the most demanded job positions and the best paying jobs.
When you waive your options, take in mind that your career will have a development from when you graduate through your professional life as well as ascending positions or changing companies therefore you should take in consideration today’s labor demand, its salary as well as the future of the positions that will require the major you chose
For instance, degrees in STEM (science, technology, engineering, and mathematics) are expected to grow 10.5% over the next eight years, according to BLS, compared to a 7.5% increase expected for non-STEM occupations.
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U.S. News & World Report publishes an annual list of the best paying jobs in America, which can give you a good idea about of what you can study, in the other hand BestCollegeReviews.Org has a list of the best career paths you can take, based over the most demanded job positions, that can also be of help.
According to The Labor Market for Recent College Graduates, a study made by the Federal Reserve Bank of New York based on data from the American Community Survey, with an interactive web feature you should check out, we have these takeaways for you to consider.