Just what is the value of a college degree? It is a lot more than most people imagine. Yes, there are those very rare exceptions like Steve Jobs and Bill Gates, who never graduated from a university, but it’s their absolute rarity that makes them stand out. These kinds of people are the equivalent of lottery winners, and the odds of a dollar and a dream actually paying off are astronomical.
The simple truth is 99.9% of humanity has to work for the likes of a Jobs or Gates. Even these multi-billionaires recognize a person with a degree individual’s education and pays appropriately. Their companies, Microsoft and Apple respectively, will pay for their employees to continue their education through online colleges.
How appropriately? The U.S. Census did a study last year and the returning numbers are eye opening. The average income of a high school dropout, working full time, is $22,152. Just by graduating high school, the average income goes up to $30,732. If you go on and obtain a Bachelor’s degree, the salary virtually doubles to over $50,000. Recipients of a professional or PhD push it up to approximately $80,000.
Basically, having a college degree ends up being probably the most lucrative investment an individual can make. Consider this: If a person spends the next 45 years in the work force, the high school drop out will make barely $1 million over that lifetime. A recipient of a Bachelor’s degree will make over $2 million. That’s double the return for one piece of paper.
Another advantage a person with a degree has over someone without a degree is job availability. These days most corporations won’t consider putting personnel into upper, much less middle, management unless that person has a degree. The U.S. News and World Report notes the quality of the jobs college graduates get is far better, for example. College graduates are more likely to get jobs with health insurance. It is easier for them to find and hold jobs.
According to the Bureau of Labor Statistics (BLS), the unemployment rate for college graduates was just 2.2 percent in 2008, half the unemployment level of those with only high school diplomas. At that time, unemployment for drop outs was at 9.0%. Even a year later, in the midst of the recession, the unemployment rate for people with Bachelors is only 3.8% while high school drop outs is over 12.0%.
There are other advantages to having a degree. The first is the perks a job held by a drop out will get compared to a person with a degree individual. Jobs held by a people with college degrees have a greater chance of getting health care than those without. They have easier access to mortgages and savings accounts.
In all, these days a masters degree online carries so many advantages–doubling one’s wages, better security against unemployment, a better shot at a savings account, credit line and health insurance-it’s hard to conceive not wanting one. Now it is easy to get grants for online college.
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