Everyone and their mother knows that college can be an expensive proposition but the cost of not going to college could be even bigger. A study from the Federal Reserve Bank of San Francisco found that those with college degrees make at least $800,000 more than those who don’t over the course of their lives.
Student loans aren’t really helping college graduates get ahead by sticking them with mountains of debt and interest rates payments that seem like they’ll never be able to pay back in their lifetime. However, the study found that those students who paid an average of $21,200 per year of college would recoup that amount by the time they turn 38-years-old if they earn their degree. Ninety percent of college students who went to public institutions paid even less than that amount and were able to recoup their money at an even younger age. By the time they reached retirement, they were able to earn $831,000 more compared to those who didn’t finish school.
Of course, these are all based on averages and you could surely find examples of people who didn’t finish college and went on to make millions of dollars as well as college grads with lives of financial struggle and destitution. So really, it comes down to being on the right path of circumstances, connections and a little luck. We’re also sure that picking the right degree plan might have something to do with it. After all, we can’t see how someone with a degree in floral management or Canadian studies could be earning a hell of a lot of money or maybe we just don’t want to imagine it.