Is college worth it? College costs a lot of money. And depending on where you go, it can cost a seemingly ridiculous amount of money. As tuitions go up, people are asking themselves if college is really worth it.
A new study published by the Federal Reserve Bank of San Francisco says yes, indeed, those who have a college degree do earn a significant amount more than those who don’t. Even after taking into account tuition and lost wages over the 4-year time period students are in school, the average U.S. college graduate will earn at least $800,000 more than the average high school graduate over a lifetime.
There are always exceptions—those who drop out of college or don’t bother with college at all who end up as successful entrepreneurs. But for most people, college is still the way to go.
The study also stated that “although some colleges cost more, there is no definitive evidence that they produce far superior results for all students.” So students who pay the astronomically high tuitions of some of the upper-rung private colleges may not see as much payoff as those who go to good schools that aren’t as expensive.