We all know it’s getting more expensive to obtain a bachelor’s degree. Even books cost almost as much as tuition, and there are other expenses such as health insurance and mandatory food plans. Today nearly 70% of people going to college take out student loans to pay for it, and they graduate with an average of nearly $40,000 in debt. In fact, the rate of student loan debt has outpaced the rate of inflation by two times in the last 20 years.
Convincing potential students to go to college has become exponentially more challenging for college recruiters in recent years. The job market has stagnated, so all that student loan debt may not seem like a great decision. There are certainly plenty of non-economic reasons to go to college, but students may need some convincing that it’s still economically feasible and worth it.
The good news is that even with all that debt, students are still better off with a college education. A degree will get you an average of 66% more income than someone with a high school diploma. The average salary for a college graduate is almost $20,000 more a year than that of a high school graduate. That works out to an average of an extra million dollars over a working career! Compared with the $40,000 worth of debt a student will graduate with, this is a no-brainer.
No matter what, the absolute worst thing a student can do is go to college, amass student loan debt, and then drop out before they receive their diploma. This is the worst-of-both-worlds scenario: low earning power and high debt. But as long as graduation is possible, going to college is still the best bet. The numbers don’t lie: young people will be better off with a college degree. Let this infographic prove it to you!
Brian Wallace is the President of NowSourcing, one of the world’s top infographic design agencies based in Louisville, KY and Cincinnati, OH. Brian has been named a 2017 Google Small Business Advisor.