Income Prospects for College Graduates

I'm trying to figure out if going to college is a good financial move. Do college graduates really make the most money compared to those who don't go?

While it's true that individual outcomes can vary, overall data suggest that individuals with a college degree are likely to earn more over their lifetime than those with only a high school diploma. According to a Georgetown University study, on average, college graduates earn $1 million more in earnings over their lifetime. Another survey from the Bureau of Labor Statistics shows that median weekly earnings in 2020 for those with a bachelor's degree were $1,248, compared to $746 for people with only a high school diploma.

These numbers can vary significantly depending on the specific fields of study and careers you consider. For instance, STEM fields tend to have higher earning potential than some humanities disciplines. There are exceptions to this rule, however. So, if you're thinking about a specific industry or job, it would be worthwhile to look into the average salaries for that field specifically.

On top of potential wage premiums, college also offers the benefit of expanded opportunities. The knowledge and skills you gain in college, coupled with networking opportunities, can open doors to careers that might otherwise be inaccessible.

However, college isn't just about financial return. It's also about personal growth, learning, meeting diverse individuals, and expanding your perspectives. It's a personal decision that should take into account many factors, not just potential income. The expense of college and potential student loan debt should also be considered carefully. Using net price calculators for the universities you are considering can help give you an estimate of the financial investment required.

So, yes, data indicates higher earning potential for college graduates on average, but it's crucial to evaluate this in the context of your personal goals, interests, and potential college expenses.