College Grads Earn Double Vs. Non-Grads
Career College Central summary:
The cost of college is getting super expensive, but data show that college grads earn nearly 2 times more than what high school grads earn. And students who secure post-graduate degrees get paychecks that are roughly 3 times what a high-school grad can command. While the 2013-14 average cost for “tuition and room and board” for an in-state student attending a public college is a pricey $20,760 ($25,560 for out-of-state students), according to The Scholarship Workshop, it’s clear hitting the books pays off when adults 18 and up enter the workforce.
From a personal finance standpoint, however, the key is to earn a college degree or advanced degree, but not take on crushing debt. Borrowing too much in student loans in order to graduate with a bachelor’s, master’s or law degree could cause cash-flow issues early on in a person’s career, postponing major purchases, such as a first home or car. Of course, that’s easier said than done. Consider these college debt statistics released in December 2013:
College graduates who borrowed for bachelor’s degrees granted in 2012 had an average student loan debt of $29,400, according to a report from the Project on Student Debt at The Institute for College Access & Success (TICAS). Seven in 10 college seniors (71%) who graduated last year had student loan debt.
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