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Edufacts™
March 2005
College degree brings twice the earning power
Higher education is worth the effort. The U.S. Census Bureau reports that higher levels of education are closely associated with higher average earnings for workers aged 25 to 64. For workers with less than a high school diploma, 2002 earnings were $21,539 — $8,100 less than earnings for workers with a high school diploma. The attainment of a college degree has an even greater impact on earnings. Graduates with a four-year degree earned an average salary of $53,700 in 2002, nearly twice what was earned by high school graduates, and those with a professional degree earned almost $116,000.
The difference in the salary earned by higher-educated workers compounds over a lifetime. The estimated earnings during the worklife (approximately 40 years) of a full-time worker who didn't complete high school are about $1 million dollars. Completing high school increases earnings by about a quarter of a million dollars, and completing a bachelor's degree raises worklife earnings to over $2 million.
Finally, people with less education often have fewer choices in life and are more likely to depend on government services than the rest of the population: 8.8 percent of high school dropouts were unemployed in December 2004 — versus 2.3 percent of college graduates — and average 2002 earnings for this group were $21,539. Raising educational levels of all groups would not only benefit individuals, but would also benefit society as a whole through higher incomes, more tax revenue, and fewer people on public assistance. A well-educated citizenry also is more likely to play an active role in the civic life of the nation. (Source: State of Student Aid and Higher Education in Texas, 2005)
For tips on how to establish high expectations for students as early as middle school and for assistance in planning for higher education academically and financially, visit www.AIE.org. TG provides this Web site as a public service to help all families and students achieve their educational and career dreams.
About Edufacts™
As a public service, TG provides Edufacts, current information about education issues, on a monthly basis.
About TG
TG is a public, nonprofit corporation that helps create access to higher education for millions of families and students through its role as an administrator of the Federal Family Education Loan Program (FFELP). Edufacts is one of the many ways in which TG promotes awareness of education issues, advising the public on national and state trends in education and student aid, and serving as a premier source of information.
High resolution files suitable for publication are available as a free download from TG’s web site at http://www.tgslc.org/edufacts/index.cfm. For more information, please e-mail or call kristin.boyer@tgslc.org or (512) 219-4990.
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