Over the past few years a variety of commentators have questioned the need for a college education.
Skyrocketing tuition costs and an increased demand for jobs that don’t require a college degree are often cited as reasons to consider skipping the university experience.
And while college certainly isn’t for everyone, overall it’s a poor bet financially to skip the higher education route.
According to the Census Bureau’s Current Population Survey, in 2011 the median income of a high school grad who never attended college was $28,659; for those with some college but no degree, it was $32,036.
By comparison, college graduates without advanced degrees had a median income of $49,648. Those with professional degrees had a median income of $87,356, more than three times that for high school grads.
Each year, the individual with a bachelor’s degree earns $20,989 more than the individual who only has a high school diploma. That adds up to a difference of more than $100,000 every five years.
That said, the benefits of a college education go far beyond dollars and cents.