A new College Board study just released found some interesting, quantifiable results about college graduates. The study acknowledges that even with college costs at all time highs during a sluggish economy, the value of an education continues to increase.
The College Board study points out that college graduates will make 79% more money than people with a high school diploma. This amounts to almost double the money which can be a large sum. Other interesting information the study found is that college graduates are more likely to vote, exercise, volunteer and carry health insurance.
This study comes on the heals of another higher education study that looked into how many years it takes a college graduate to make enough money more than they would have without a higher degree to pay for the cost of their education.
The findings showed that on average by the age of 33 a person with a college degree will have made enough money to pay off their education.
The details of the study took into account the amount of time (typically four years) that a student is out of the labor force and the cost of an average four year education.
This study provides good backing to the recent trend in students deciding to forgo college in the assumption that they can make more money “now” during the four years they lose out while in a four year university.
Other interesting statistics are:
• Median full-time earnings with a bachelor’s degree in 2008 were $55,700, $21,900 more than high school graduates.
• The unemployment rate for college graduates rose from 2.6% to 4.6% between 2008 and 2009, while it rose for high school graduates from 5.7% to 9.7%.
• In 2008, 8% of high school graduates 25 and older lived in households getting food stamps, vs. just over 1% of those with a bachelor’s degree.
• 14% of male high school graduates earned as much as or more than $65,800, the median earnings of male four-year college graduates in 2008, and about 20% of male four-year college graduates earned less than $39,000, the median earnings of high school graduates.
