Want to Earn an Additional 650,000? Then Go to College

According to CNN Money.com, the Pew Research Center states that the average college graduate earns about $650,000 over a 40-year period than those who only have a high school diploma. A person with an undergraduate degree earns about 1.4 million during this period, compared to high school graduates who make about $770,000. However, people must remember that college does cost quite a bit of money, and if you haven’t been blessed with a college fund than you’ll probably have to take out a variety of loans and grants.

Therefore, after you take this into consideration, you still come out on top, making about $550,000. This of course is based on the fact that you attended a four-year university in your home state. However, how much you earn in your lifetime is dependent on the field you majored in. For instance, a person who received a bachelor’s in engineering will make close to 2 million during the length of his/her career, while someone who majored in education will make about half of that.

So what was the motivating factor behind the influx of students in current times as well as during the 1980’s? The motivating factor was a poor economy. More and more people were interested in furthering their education in order to have more and better employment opportunities. In addition, while going back to school seems like a good idea, it’s better to do your research first and foremost to figure out the cost of your education before you start applying for and begin being approved for loans. Many colleges offer different types of loan programs and if your grades are strong, you may even qualify for a scholarship, especially if you have a strong ethnic background.

However, the problem with school loans is that many people do not read the fine print end up taking out too many loans. Then they end up either dropping out of college or not obtaining their degree. What they fail to realize is that they’ll still have to pay back the loans they took out. If you do plan to go back to school, make sure you have a well-thought out plan as to how you hope to accomplish this before you enroll, that way you know how much money you need to come up with and whether you’ll be able to pay back the money you borrowed.