Even in the economic recession people who receive college degrees are still significantly better off than their peers who have just their high school diplomas, more than $20,000 a year better off, according to a new report.
In 2008, the most recent available data, college graduates earned $55,700 a year on average compared to high school graduates making $33,800 per year on average, according to the Education Pays 2010 report put out by the College Board Advocacy & Policy Center.
Co-author of the report Sandy Baum said one explanation for the growth in the gap between college grads and high school grads is the demand for college graduates has risen more rapidly than the supply of available students.
“There has been some talk that it just not worth it [to attend college] anymore, but that’s just not true,” Baum said.
Having more money in the bank is not the only benefit to receiving a college degree, it is also good for people’s health and weight.
A press release from the College Board said 68 percent of college degree holders had employer-provided health insurance in 2008, compared to only 50 percent for high school graduates.
The report also found adults with only high school diplomas ages 25 to 34, were 14 percent more likely to be obese then college degree holders.
The report also showed students who attend college for four years, starting at the age of 18 and financially responsible for all of their tuition, are likely to pay off all of their bills and make up the lost working time by the time they are 33.
Aaron Brower, University of Wisconsin vice provost for teaching and learning, said UW has a cost estimator that shows how much you can expect to pay for college and how much you will be expected to make in your chosen career to help students see college is a worthwhile investment.
UW has also spent a lot of time trying to determine if UW graduates make more money because of their college degree or because of what they learn while at school, and so far they it appears to be a combination of both, Brower said.
