How much is a college degree worth? Time and time again, I have said that a college degree equals huge earnings over a lifetime, and it only goes up for graduate and professional degrees beyond the standard bachelor’s degree.
But some economists are now doing rebuttals to this viewpoint. A couple years ago, The Wall Street Journal published an article discounting the commonly held belief that a college degree can earn you between $800,000-$1 million more over a lifetime versus a high-school graduate.
Yet they weren’t saying that it’s not worth more. They were just challenging the methodology which researchers used to arrive at the $800,000 figure.
On the other side of the debate, The New York Times‘ Economix blog recently reported the following tidbit that shows four-years degrees are becoming more necessary than ever:
“In the late 1970s, the median wage was 40 percent higher for college graduates than for people with more than a high school degree; now the wage premium is about 80 percent.”
Now, college is not for everybody. I have no bones about saying that because it’s true. But it’s important to remember that a college degree often lends itself to a more stable work history and lower unemployment versus someone who didn’t go to school.
Is the cost of college worth it? You decide…