The Economic Importance of a College Education

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Quite often, we meet parents who, for a variety of reasons, but most specifically “sticker price,” either no longer believe or are no longer convinced that a college education is as important as it once may have been.

Many of those parents appeared hopeless, believing they had absolutely no way of covering their portion of the cost of their children’s education.

And, many of those parents were resigned to the “fact” that their children’s lives would not be better than their own.

So…

Just how important to a child’s success is a college education???

According to a September 20, 2017 column on townhall.com written by Terry Jeffrey, a major factor affecting income inequality is the level of education attained.

According to the Census Bureau’s Table FINC-01, families with a householder 25 or older:

Level of Education                                         Median Income

High school graduate, no college                 $     54,601

Some college, no degree                                $     66,859

Associate’s Degree                                          $     76,012

Bachelor’s Degree                                           $   105,271

Master’s Degree                                              $   124,302

Doctorate                                                         $   155,089

Professional Degree                                       $   166,662

It’s clear that median income directly correlates with the level of education received. Further, the difference in median income between a high school graduate and a graduate with a Bachelor’s Degree is just over $50,000 – not an insignificant sum!

While it’s possible for our children to survive economically with only a high school degree, might it not be in their best interests, the best interests of their future family, and the best interests of society to help them do more than just survive economically. Wouldn’t it be better for all concerned to help them thrive?

Contact our Professional College Planners for assistance in beginning your family’s college planning campaign.

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