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College Board report shows a degree may be worth the price
09/30/2010
Even though more Americans are taking on student loans at a staggering rate, a report released by the College Board this week showed that it may still pay off to spend on a higher education.
The "Education Pays: The Benefits of Higher Education for Individuals and Society" study found the average earnings of employees with bachelor's degrees was $55,700 in 2008. Individuals without a bachelor's degree earned $21,900.
"Even for students who use loans to finance all of their tuition, it would only take about 11 years to recoup the cost plus foregone earnings," College Board president Gaston Caperton told the University of Cincinnati News Record. "Over the long run, they would be much better off financially than their counterparts without a degree."
A release distributed by New York Attorney General Andrew Cuomo's office in the beginning of September noted the average college student graduates with $4,100 in credit card debt and $20,000 in student loan debt after four years of schooling. Although a higher education comes with a big price tag, consolidation and debt counseling are options for grads struggling with loan payments after college.
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