Can a Degree Really Increase Your Income?
Published on May 16, 2016 by Tom Westover
Most students thinking about beginning a college degree, or going back to college, have one big question: is college worth it? Will completing a degree really lead to a higher income? Most importantly, will I be able to repay the loans I might have to take out in order to pay for my tuition?
Although there are many variables to consider that make answering this question complicated, the very simple answer is: yes! Overall, the higher degree a person has obtained, the higher their salary will most likely be. In many fields, lacking a degree can be a barrier from advancing and earning a promotion. Some lucrative and fulfilling jobs require certifications that can only be obtained after higher education.
According to the College Board’s Education Pays 2013 report, not only do individuals who have obtained a higher level of education earn more money, they’re also more likely to be employed. Moreover, the difference in income between high-school graduates and college graduates has increased over time, and will likely continue to do so. The Education Pays report reveals that, in addition to this difference in income, college graduates are more likely than non-graduates to receive additional benefits from their jobs, such as health insurance. Although harder to quantify than monetary earnings, these benefits are valuable and are also indicative of the increased earning potential of a college graduate.
In 2011, the Center on Education and the Workforce at Georgetown University published College Payoff, a report that details the difference in lifetime earnings by college graduates and non-graduates. According to College Payoff, for an individual who possesses a Bachelor’s degree and is a member of the workforce from age 25 to 64, that degree will be worth $2.8 million in lifetime earnings, on average. Compared to an individual with only a high school diploma, the BA holder will earn 84% more, on average, over the lifetime of their career. Even for a student returning to school later in their career, earning a degree could mean a significant increase in earnings over the remainder of your career.
Clearly, there are significant monetary advantages to earning a degree. But don’t discount the additional benefits as well, such as the ability to transition into a fulfilling career and the sense of accomplishment that comes with having achieved a higher level of education.
Broadview University offers numerous many degree programs that can help you enter a field of your choosing, or advance in a career you already love, and can improve both your job satisfaction and earning potential. For example, take a look at our Veterinary veterinary Technician technician program . Our program will prepare you to become a Certified Veterinary Technician (CVT), which potentially comes with higher earning potential than an uncertified position as a Veterinary Assistant.
Broadview is committed to offering students the best possible educational value, so your tuition money goes further. That’s why we developed CareerPath , an innovative program that allows students to complete their degree program faster and for less money. If Broadview sounds like a good option for you, contact our admissions team to learn more.