Why You Should Invest In Education | 03.13.09

Posted in Financial Aid By Student Loan Network Staff

For those of you who think that college is a waste of time and that you can find a job without a college degree, I can not disagree.

The fact is most of you will find a job, but what kind is the real question. Odds are your job will hold limited compensation potential and little chance of advancement without that piece of paper. And before you start saying, well my father didn’t go to college and he did pretty well, my answer to that is, it’s a different era now! My Dad bought his first new car for $1,400, but that’s not happening in 2009.

If you want to get ahead a bachelors degree is the bare minimum you need these days (unless you are handed the keys to the family business or have a fat trust fund to live off). Not to mention the more education you have the more likely you are to keep or find employment.

The chart below, with 2007 numbers from the U.S. Bureau of Labor Statistics, shows a clear correlation between eduction,employment, and compensation.

Unemployment Rate in 2007 Level of Education completed Median earnings in 2007
7.1% Less than a High School diploma $22,256
4.4% High School graduate $31,408
3.8% Some college, no degree $35,516
3.0% Associate degree $38,480
2.2% Bachelor’s degree $51,324
1.8% Master’s degree $60,580
1.4% Doctoral degree $77,844
1.3% Professional degree $74,204

You can debate the merits of going to school vs. not going to school if you’d like, but the unabashed truth is starring you right in the face. Don’t lie to yourself, you know the numbers don’t lie.

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