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What is this?
Increase your value — attend college
Published Wednesday, December 16, 2009
Just how valuable is a college education?
Are you asking yourself this question? Is the economy and the growing cost of higher education causing you to wonder about the value of education beyond high school?
Considerable study has been done on the benefits of higher education. Significant support can be found for the notion that the rate of return on investment in higher education is great enough to offset the financial burden associated with the college degree. According to research done by the University of Maryland University College, college graduates earn nearly twice as much during their working years as high school graduates.
Information from the U.S. Census Bureau stands behind the value of a college education. The bureau reports that seasoned workers across the United States who are 25 and older with a bachelor’s degree earn an average of $59,635 a year, while those with a high school diploma earn $33,609. Workers with a master’s degree make an average of $70,559, and those with a doctoral degree earn an average of $95,785, and a professional degree earns an average of $121,340.
If you look at it from a different angle, over an adult’s working life, high school graduates can expect, on average, to earn $1.6 million; those with a bachelor’s degree, $2.9 million; and people with a master’s degree, $3.4 million. Persons with doctoral degrees earn an average of $4.3 million during their working life, while those with professional degrees do best at $5.4 million. (U.S. Census Bureau.)
Graduating from college can also qualify you for some jobs that would not be available to you otherwise, so getting a college degree should actually be considered a career necessity in today’s business world. Instead of thinking of college as just one more school, think of it as a lifetime investment, while knowing that you will ultimately get back more than you put in.
In addition to higher income, college graduates can expect to enjoy other benefits.
The Institute for Higher Education Policy pushed a report outlining some of the many individual advantages of a college education.
These advantages include higher levels of savings, increased personal/professional mobility, improved quality of life for their children, better consumer decision making, and more hobbies and leisure activities. (Institute for Higher Education Policy, 1998.)
A Carnegie Foundation report stated that there are non-monetary benefits of higher education which may include adults who are more open-minded, more cultured, more rational, more consistent and less authoritarian and that these benefits may be passed along to future generations. Also, college attendance tends to “decrease prejudice, enhance knowledge of world affairs and enhance social status” (Rowley and Hurtado, 2002.)
Along with the individual benefits of education, the public shares in the rewards. These include increased tax revenues, greater workplace productivity, increased consumption, increased workforce flexibility, and decreased reliance on government financial support. (Institute for Higher Education Policy, 1998.)
Eric Schurenberg (2009) recently reported on CBS MoneyWatch that the non-financial payoffs to education may be as great as the monetary one. He produced charts showing that the better educated you are, the happier, healthier, more trusting and less likely to get divorced you are. Another report published by the National Bureau of Economic Research indicates that experiences and skills acquired in school continue throughout life and not just through higher earnings. “Schooling also affects the degree one enjoys work and leads individuals to make better decisions about health, marriage, and parenting. It also improves patience, making individuals more goal-oriented and less likely to engage in risky behavior. Schooling improves trust and social interaction.” (Oreopoulos and Salvanes, 2009.)
As the trend continues toward multiple jobs and even multiple careers, higher education is critical in preparing you to make the transitions to new challenges. A college degree is, without a doubt, well worth your investment of time, energy and money. With careful planning and the help of a good college or university, you can see the realization of many of your dreams in two places that they matter most — your life and your paycheck!
Citizens of Natchez and Southwest Mississippi are blessed to have wonderful institutions of higher learning right here in their own back yards.
Alcorn State University, Copiah-Lincoln Community College and Southwest Community College not only provide access to higher education but they offer success for the future.
Ruth Nichols is the special assistant to the president at Alcorn State University.
Comments
Posted by Crakalakin (anonymous) on December 16, 2009 at 6:47 a.m. (Suggest removal)
"Ruth Nichols is the special assistant to the president at Alcorn State University."
I applied for the spring semester over a month ago. I've taken a total of three days off work, gotten vaccinations, brought transcripts and met with three different people on your campus. I decided to go through this despite the fact that nobody would return my emails when I was inquiring about a particular program for the fall semester last summer.
Despite all that, Alcorn has yet to send me the first piece of paper, send me an email or call me with regard to anything. In the past, anytime I've submitted an application or requested information from a college, a large manilla envelope would soon appear in the mail with more information than you could read in a week and any relevant paper work a prospective student may need. Alcorn? Nothing.
This was a great article that I agree with whole-heartedly. That said, Alcorn has to do it's part as well. The way I've been ignored and passed-off this past month does little to build my confidence in your school. We've pretty much written off Alcorn. I should have known better. I will get an advanced degree but it appears we will have to move to do so. So be it.
Posted by Braveman1906 (anonymous) on December 16, 2009 at 7:33 a.m. (Suggest removal)
Crakalakin, I sure hate you feel slighted by the staff at Alcorn. As a proud alum, I can honestly say that the Alcorn State of the past had issues cultivating a customer serviced-centered organization. Shoot, there were times when even I wanted to shake some sense into some employees, but thankfully, a lot of those issues have changed and are continuing to change.
The staff at Alcorn may not be perfect, but Alcorn States provides a viable and valuable solution for many in the Miss-Lou area.
Best wishes on your academic pursuits.
Posted by booberry (anonymous) on December 16, 2009 at 1:19 p.m. (Suggest removal)
These stats don't really mean much since they first need to be put into context.
$60,000 for a "seasoned" worker with a B.A. who is over 25? Hmm... First of all, a 25 year old could not be considered a seasoned worker, assuming they have spent four years in college (until they were 22) in order to earn a B.A.
Fact: If you look at jobs that actually post their salary (e.g. on the State Personnel Board for MS or LA), they pay on average $25,000 for someone with a B.A. and $30,000 or so if you have an M.A. (Of course the public sector, in general, pays less than the private; but this can give you an idea.)
So those stats are very misleading. Especially the stats that claim you'll make millions more over the course of your lifetime with a B.A. For these stats include people who are millionaires/billionaires--many of whom may have inherited their wealth--which skews the results.
If you really want to earn money, learn a trade (A/C refrigerator repair, welding, etc.) For your investment of time and money, in the long run, you'll get much more out of it (money, as well as providing services that people really need.) If you want to increase your "breath of knowledge" (a phrase used to convince people to get a liberal arts degree), read what you want to (for free) at the public library.
For the real scoop on the value of a college degree, check out: http://millennialvoice.blogspot.com/2009...
Or, simply google "over educated and underemployed," to get another view on this pollyannaish view of getting a diploma.
Posted by booberry (anonymous) on December 16, 2009 at 1:25 p.m. (Suggest removal)
Oh, if clicking on the link, be sure to scroll down and check out the video clip of a 20/20 story.
Posted by happyreader (anonymous) on December 16, 2009 at 4:20 p.m. (Suggest removal)
I was thinking some of the same things that booberry said. The plumbers, carpenters, and auto mechanics that I pay to take care of various repair jobs that I need probably make as much as or more than I do with my college education. Don't get me wrong... I'm glad that I went to college. It was a great experience, and I truly did learn a lot that I otherwise probably wouldn't have learned. I think if it is financially and academically feasible for a person to go to college, it can be a wonderful opportunity. But sometimes I think we get into the mindset (and try to pound it into kids' minds) that college is the only respectable life path after high school, and that just isn't so. There are lots of people who might not enjoy reading a textbook in a college classroom but who might light up in a hands-on technical trade school. (While I, on the other hand, would probably set my hair on fire or nail my feet to the floor, LOL.) Different strokes for different folks.
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