Going to university can be a very difficult decision for students who come from low-income families. Therefore, it is best to consider whether obtaining a university degree is worth the time and money and do some research on the benefits and rewards that you will get from the degree before entering the university.
Economic Value of Higher Education
The benefits of a college education usually offset the money spent toward a degree. Although the salaries of high school graduates often do not differ significantly from those of college graduates before the latter gain years of work experience, college graduates usually earn more money during their entire careers than people with only high school degrees.
The U.S. Census Bureau reports that college degree holders earn nearly $2 million, diploma holders earn nearly $1.5 million, and high school diploma holders earn nearly $1.2 million during their careers.
Increased income throughout working life is only one of the reasons to get a college degree. However, many students choose to enroll in supplementary education programs after completing secondary education, as these programs do not cost as much money as public universities.
Public college and university students typically pay just over $8,000 per year for tuition, books, and living expenses, while community college students typically pay just over $1,300 per year.
Getting a college degree can be expensive, but college graduates typically earn more money during their lives than those who did not finish college, and the higher costs of attending college should be seen as a long-term investment that pays dividends later in life.
The Relation Between Increased Income and Education Level
The average income of the employed individuals - who were included in this study according to the periods in which they worked and between the ages of 25 and 64 years - was $ 34,700 annually. Income averages were distributed as follows:
Those without a secondary education earned an average of $18,900 per year, while those with a high school diploma or its equivalent made an average of $25,900 per year. Bachelor's degree holders earned an average of $45,400 per year, while those with master's or doctoral degrees earned an average of $99,300 per year. Therefore, there is a relation between increased income and high education level.
Work experience is another factor that affects wages. Typically, full-time employees throughout the year are paid more than part-time employees or seasonal employees. When this survey was conducted, more than 70% of workers worked full-time. However, this is also related to education level.
For example, people with college degrees are more likely to work full-time than those with a high school diploma.
Men work more than women because many women stay at home and raise children. Higher-educated workers typically make more money regardless of their level of experience.
To obtain a more accurate understanding of the labor market without biases for a particular segment, it is best to evaluate earnings projections drawn from full-time employee statistics throughout the year. On average, college graduates' salaries were 56% higher than those with a high school diploma in 2015, while high school graduates earned 40% more than those with lower degrees.
Understanding the rising need for skilled workers in the labor market will help you better understand the relationship between wages and education level.
College graduate wages declined during the 1970s because of the high number of university employees in the labor market. Despite this, technological development in recent years has led to an increase in the demand for employees with academic education and precise specializations, which led to higher wages for university employees.
It was the opposite for the less educated employees. Given that trade unions are no longer as influential as they were in the past, in the 1970s, the wages of employees who only obtained high school certificates or lower certificates decreased.
Wages Differences and Their Relation to Education Levels Differences
Wage differences can be viewed based on the individual's career, and this view provides a clearer picture of the differences in salaries between those with higher education degrees and those with only a secondary certificate or less.
By this measure, full-time employees with a high school education are likely to earn nearly $1.2 million over 40 years of work, while employees with lower secondary education are likely to earn just under $1 million over the same period.
An employee with a college education without graduating from college is likely to earn about $1.5 million over 40 years, while graduates with a diploma's degree typically earn about $1.6 million over the same period.
As for higher wages, they go to those who have completed higher education. Those with a college degree can expect to earn approximately $2.1 million over 40 years of work, while those with a master's degree can earn just over $2.5 million, and those with a Ph.D. can earn about $3.4 million over their careers.
Likely, professional lawyers or doctors - who hold experience and specialization certificates in addition to their college degrees - will earn approximately $ 4.4 million over 40 years.
This data shows that employees with higher levels of education typically earn more during their careers than their peers with less education. Therefore, education can be considered an investment that yields returns at a later stage in life.
Other Benefits of Higher Education
In addition to receiving high salaries, there are many advantages that a college degree provides. For example, university graduates usually enjoy the ability to find work in their area of residence, in addition to more time for entertainment and a high standard of living.
Also, they experience some of the most important advantages of university education during their university studies themselves, like the opportunity to get acquainted with different cultures and interesting topics, as well as new ideas and theories that they may not have seen without joining the university.
Some studies indicate that many university graduates lead healthy lifestyles. As a result, they often give their children guidance on good nutrition and the importance of exercise, which enhances their quality of life and increases both their and their families life expectancies.
Higher Education Social Value
Some studies have shown a relationship between moral commitment and university education. For example, researchers have found that mothers with a higher education degree are more interested in teaching their children good morals and values. Society as a whole benefit from university graduates, these benefits include higher tax revenues, greater social awareness about important issues, and lower unemployment rates.
The Difference Between Attending University And Graduating From It
About 600,000 students drop out of college every year, according to a recent study. Those who went to college but did not graduate typically make less money than graduates, whether they are from public or community colleges.
Graduates of community colleges get the opportunity to develop their knowledge at the same level as graduates of traditional colleges and universities, but the difference usually lies in the costs of tuition for each of the two types. Students in traditional university-affiliated programs pay more.
People who cannot finish their undergraduate studies are advised to enroll in community colleges due to the nearly identical skills in both types of education and affordable tuition. When it comes to students who enroll in universities, they should finish their degrees so that their time and money spent studying are not wasted.
In Conclusion
The Greek philosopher Aristotle said, “The educated are as different from the uneducated, as the living are from the dead.”
Aristotle's point can also be applied more generally to the present, as in today's competitive world, an individual cannot demonstrate their worth without academic skill. University education is the most common, accurate, and effective method in terms of acquiring skills and developing abilities, and there is no doubt that anyone needs it.
Add comment