“To be successful and make good money, you must have a college degree.”
You’ve probably heard some version of that declaration since you were old enough to understand words. So, you grew up figuring you’d go to college.
But now that you’re grown up and it’s time to start looking at which university or college you’ll attend after graduation, you realize: higher education is way expensive. Haven’t we all heard the stories—which right about now might be starting to seem scarier than a horror flick—about college graduates who get good jobs that might as well be minimum wage gigs because most of their paychecks go toward paying off student loans—for a decade?
And to pile on even more, lately everyone’s dream employers—Apple, Google and Netflix, to name a few—have stopped requiring a degree to get in the door. Apple’s Tim Cook estimates about half of his U.S. workforce doesn’t have a four-year degree—and he also doesn’t think higher ed teaches the skills business leaders need the most.
So, you could be forgiven for wondering why you should waste four-plus years and a ton of money you might never earn back when you can just jump into a great job right after high school. After all, if the CEO of the most successful company in the known universe is saying it might not be worth it go to college anymore, who are you to say he’s wrong, right? RIGHT???
Actually…not quite. In fact, it turns out that earning a college degree really, truly does pay off. And not just in your eventual paycheck, but in less visible ways that benefit those around you, from your local community to the world at large.
Here are some real-world numbers and facts to ponder as you consider what your next move should be once you have your high school diploma in hand. (Sources appear at the end of this article.)
All the Numbers
- College graduates earn an average of $78,000, while those with a high school diploma alone earn $45,000. That’s an annual wage premium of $33,000.
- Take a look at the financial advantage of a college degree in this Bureau of Labor Statistics breakdown of median weekly earnings by education level:
- $712 with a high school diploma
- $774 with some college, but no degree
- $836 with an associate degree
- $1,173 with a bachelor’s degree
- Those who earn a four-year degree will earn an average of nearly $2.3 million in their lifetimes—84% more than those with a high school diploma only.
- A college graduate is 177 times more likely than a high school graduate to earn $4 million or more during his or her lifetime.
- Millennial workers with a high school diploma can expect to earn only 62% of what the typical college graduate earns.
- A 50-year-old college graduate earns an average yearly salary of $56,000, while a 50-year-old high school-only graduate earns an average yearly salary of $29,000.
Job Security
- Workers who hold a bachelor’s degree are half as likely to be unemployed as workers with just a high school degree.
- When unemployment was at its highest in 2010 (during the Great Recession), the unemployment rate for recent college graduates was 6.9%, compared with 15.8% for all young workers.
- Today’s jobless rate for those with a bachelor’s degree is 5%.
- 99% of jobs created since the Great Recession went to people with at least some post-high school education.
- Bachelor’s degree holders are 5 times less likely to fall into poverty as those who hold a high school diploma.
Quality of Life
- If you have a bachelor’s degree, you’re 47% more likely to have health insurance through your job—and your employer will contribute 74% more to your health care.
- Studies suggest that those who attend at least some college could live seven years longer than those with no post-high school education.
- College graduates are more likely to own homes; three-quarters of bachelor’s degree holders are homeowners, compared to 64% of those with high school diplomas.
- In a time when pension plans are mostly history, college graduates are more likely to contribute to a 401(k)-type retirement plan. Even when high school graduates and college graduates had similar plan access and incomes, the college grads contributed 26% more to their retirement plans.
- Since companies tend to cast a wider recruiting net for high-skilled jobs, college graduates are more likely to have the opportunity to move to find work than those with a high school-only education.
- Over a lifetime, the average bachelor’s degree holder will contribute $278,000 more into their local economy than workers with only a high school diploma. They’ll also contribute $44,000 more in state and local taxes, and $771 more in annual charitable donations.
- Workers who earn a four-year degree can lift wages for other workers. It’s been found that a 1% increase in the college-educated workforce increased wages:
- 2% for those who did not complete high school
- 3% for high school graduates
- 2% for those who completed some college
- Bachelor’s degree holders average $1,304 per year in charitable donations, compared to the $533 contributed by those with a high school diploma—a good example of how a degree can help you have a more positive impact on your local community/economy.
- 3% of bachelor’s degree holders volunteer for local causes and organizations, compared with 17.4% of high school graduates and 28% of those with some college.
Random Facts
- According to the Center for Disease Control’s National Center for Health Statistics, women with college degrees have an 8 in 10 chance of their first marriage lasting 20 years—double the odds for women with high school diplomas.
- The average rate of return for those who earn a bachelor’s degree is 14%—better than the return on investment for stocks (which average 7%) or bonds (average 3%).
- A Business Insider/Morning Consult survey showed that 64% of millennial graduates who had paid off their student loans felt earning their degree was worth it. 48% of those still paying off their loans agreed.
- The three states with the narrowest salary gaps between college graduates and high school-only graduates are North Dakota (38%), Vermont, (42%) and Montana (50%). The three states with the widest salary gaps are Washington, DC (167%), California (133%) and New York (103%). Michigan’s salary gap is 93%.
Of course, statistics don’t tell the whole story. Because while you certainly could step straight out of high school into the high-paying job of your dreams, the odds are slim unless your dream job is an electrical power-line installer or a construction rigger. Both are honorable jobs performed by hard-working people every day, but the fact is they’re tough and physically demanding in a way that not everyone is cut out for.
However, statistics can tell you enough of the story to help you realize that maybe college is the place you want to be after all. Not just so you’ll earn more money—although that’s definitely a nice incentive—or get a cushy job in a comfortable air-conditioned office.
College is where you go to find yourself—and more often than not, the you who comes out with your degree, ready to take on the world, is not the same you who went in four years earlier. During those years, you’ll find friends, mentors, knowledge and inspiration that will help you lay the foundation for a happy, secure and fulfilling future.
And trust us, there’s nothing more priceless than that.
If you’re searching for the you that you want to be, we invite you to learn more about Rochester University in your college search. Here at Rochester University, you’ll achieve the academic excellence, global awareness, character and leadership you need to succeed in a changing, exciting and inspiring world.
Sources:
“How Much Is a College Degree Worth?” by Alison Doyle, thebalancecareers.com, June 25, 2019.
“How does a college degree improve graduates’ employment and earnings potential?” by the Association of Public & Land-Grant Universities, aplu.org, undated.
“Pay gap between college grads and everyone else at a record,” by Christopher S. Rugaber, usatoday.com, January 12, 2017.
“The Economic Impact of College Degrees,” by Abi Tupa, collegepossible.org, August 23, 2018.
“Is College Worth It? Going Beyond Averages,” by Douglas Webber, PhD, thirdway.org, September 18, 2018.
“New York Fed Says College is ‘Worth It’ Albeit With Caveats,” by Shelly Hagan, Bloomberg.com, June 11, 2019.
“Going to college is one of the best investments you can make—even if it doesn’t feel like it,” by Andy Kiersz, businessinsider.com, June 6, 2019.
“Nearly half of indebted millennials say college wasn’t worth it, and the reason why is obvious,” by Hillary Hoffower, businessinsider.com, April 11, 2019.
“College grads still earn more than workers with no university degree. This map shows the states with the widest salary gaps,” by Allana Akhtar and Andy Kiersz, businessinsider.com, July 15, 2019.
“20 jobs you can get with a high school diploma,” by CareerBuilder, careerbuilder.com, June 23, 2017.
FAQs
able to recover from economic recessions faster. more confident in their ability to retire comfortably. have the financial security to save for retirement versus living paycheck to paycheck.
What makes University of Rochester unique? ›
The University of Rochester offers a variety of unique interdisciplinary academic opportunities for students. These include a tuition-free fifth year of study, music lessons at one of the world's best music conservatories, and dedicated research initiatives within the humanities and social sciences.
Is a college education still worth the investment? ›
Bachelor's degree holders generally earn 75% more than those with just a high school diploma, according to “The College Payoff,” a report from the Georgetown University Center on Education and the Workforce — and the higher the level of educational attainment, the larger the payoff.
Why choose University of Rochester? ›
One of the world's leading research universities, Rochester has a long tradition of breaking boundaries—always pushing and questioning, learning and unlearning. We transform ideas into enterprises that create value and make the world ever better.
Why is college more important now? ›
More Opportunities, Less Debt
Of the jobs created in the United States in the past few years, 9 out of 10 went to individuals with a college degree. By 2030, it's projected that 40 percent of all California job openings will require a degree.
What are the benefits of attending college? ›
Benefits of Going to College
- Discover Your Interests. College tends to be a time full of discovery. ...
- Increased Job Opportunities. Many jobs require a college degree. ...
- Higher Potential Earnings. ...
- Lower Unemployment Rate. ...
- Job Satisfaction and Security. ...
- Improved Skills. ...
- Personal Development. ...
- Networking.
The University of Rochester combines great academics, especially when it comes to STEM and Business, with a beautiful campus and an incredibly diverse student body. One in three student is international, there's a lot of different organization and clubs that allows everyone to find their place and people on campus!
What are the student benefits at University of Rochester? ›
Unique benefits and extras
These offerings include assistance with college education expenses or purchasing a home in Rochester, access to family care services, options for supplemental insurance coverage of various kinds, help with financial planning, and plenty of discounts for businesses and services.
Is University of Rochester good value? ›
University of Rochester's ranking in the 2022-2023 edition of Best Colleges is National Universities, #36. Its tuition and fees are $61,678. The University of Rochester describes itself as one of the smallest and most collegiate schools among the nation's top research universities.
Why is a college education worth the investment? ›
According to the Bureau of Labor Statistics, graduates with a bachelor's degree or higher had median usual weekly earnings of $1,556 when working full-time, compared to just $866 for high school graduates with no college studies. In this way, a college degree can almost double your earning potential.
According to the Bureau of Labor Statistics, workers with higher levels of education “typically earn more and have lower rates of unemployment compared with workers who have less education.” Over a lifetime, reports show that college graduates will make 84 percent more than those with a high school diploma.
What does going to college mean for your future? ›
It prepares you, both intellectually and socially, for your career and your adult life. The benefits of a college education include career opportunities like better paying and higher skilled jobs, but studies have shown that it also leads to overall happiness and stability.
Is University of Rochester a little ivy? ›
The University of Rochester is yet another New Ivy located in New York state. Located on Lake Ontario, Rochester is a mid-sized city and allows students to have both a city and rural college experience.
What major is University of Rochester known for? ›
The most popular majors at University of Rochester include: Social Sciences; Biological and Biomedical Sciences; Engineering; Health Professions and Related Programs; Business, Management, Marketing, and Related Support Services; Psychology; Visual and Performing Arts; Computer and Information Sciences and Support ...
Is University of Rochester better than RIT? ›
For the best national university rankings: U of R ranked #36, tying with Boston College. RIT ranked #105.
What are the three reasons college still matters? ›
Andrew Delbanco, a well-known author, wrote an article titled “3 Reasons Why College Still Matters” in which he argues that college still matters because of its economic advantage, political involvement, and the advancement of the community as whole.
Does college lead to a better life? ›
confidence, a better sense of independence, and stronger feelings of control over their lives. ⌘ College graduates tend to be more resilient and less depressed.
What is the most important for college? ›
Courses and Grades
A student's grades in college-preparatory classes remain the most significant factor in college admission decisions. Highly selective colleges look for students who: Complete core academic requirements.
What are 3 benefits of college? ›
11 college benefits to consider
- Higher income. Having a college education can increase your earning potential. ...
- Employment benefits. ...
- More job opportunities. ...
- Job security. ...
- Job satisfaction. ...
- Networking. ...
- Personal development. ...
- Career advancement.
Pursuing a college education also expands your access to opportunities by connecting you to a lifelong network of colleagues, advisors, professors, and mentors. Over the course of your career, this network can open doors and connect you to industry leaders with whom you can share ideas and explore new ventures.
People with college degrees are more likely to be satisfied with their jobs. They are more likely to read to their children, which helps their kids be better prepared for school than other children. People with degrees are also healthier.
What is University of Rochester looking for in a student? ›
Highly trained admission professionals assess their academic achievement, extracurricular engagement, and ethical character, in order to admit a diverse group of students who will work to make each other, the University, and the world ever better in alignment with Rochester's mission and values.
What kind of student goes to University of Rochester? ›
Someone who is incredibly focused, can learn independently, interested in research, and has a strong sense of their career goals. U of R is particularly strong in the sciences, music, and research. The school courages students to pursue their studies beyond undergraduate studies and give back at a global level.
Are students happy at University of Rochester? ›
As a result, students are always vibrant, active and happy! Students definitely have school pride, except for one aspect, the Rochester winter. Personally, I love the University of Rochester because of the neat and tight community.
How much does university at Rochester pay? ›
Average University of Rochester hourly pay ranges from approximately $13.22 per hour for Courier Driver to $33.65 per hour for Registered Nurse Manager. The average University of Rochester salary ranges from approximately $32,000 per year for Shipping and Receiving Clerk to $251,000 per year for Medical Director.
What GPA do you need to get into University of Rochester? ›
SAT evidence-based reading & writing: 680-750. SAT math: 710-790. ACT composite: 31-34. Average high school GPA (recalculated): 3.76.
What is the acceptance rate for University of Rochester? ›
Is University of Rochester an elite university? ›
The University of Rochester (located in Rochester, N.Y.) is one of our nation's leading private universities. Highly collegiate in character among members of the... The University of Rochester (located in Rochester, N.Y.) is one of our nation's leading private universities.
Is University of Rochester a top university? ›
University of Rochester is ranked #36 out of 443 National Universities. Schools are ranked according to their performance across a set of widely accepted indicators of excellence.
How generous is University of Rochester? ›
The total cost of attending University of Rochester is around 71,000 $. The average financial aid package at the U of R ranges from 50k to 55k. The average percent of need met is 97%. Additionally, U of R offers many scholarships that extend to even cover a full ride.
Quote by Benjamin Franklin: “an investment in education gives the best returns”
What is college return on investment? ›
Calculating the ROI of a College Degree
The most effective way to calculate the return on investment of your college degree is to take future earnings over a set period of time (say, 20 years) and subtract the initial cost of attendance.
What does it mean to say that education is a good investment? ›
What does it mean to say that education is a good investment? education costs money but usually results in a higher income/better benefits in the long run.
Is college worth it for the future? ›
College is a good investment
By 2021, the difference had grown to 62 percent (and closer to 90% for workers with graduate degrees). Currently, California workers with a bachelor's degree earn a median annual wage of $81,000.
How will a college education change your life and your future? ›
A college degree opens up more opportunities, even in fields that aren't in your major. Improve Discipline and Develop Strong Character. Obtaining a degree takes discipline and a will to succeed. By getting your degree, you overcome procrastination and learn to do what it takes to reach your goal.
How has college influenced your life? ›
College has helped you become self-aware.
In college, you get to explore YOUR interests. You've gotten to take classes that are more relevant to what you want to do with your life - and this has contributed to you getting to know yourself better.
Is University of Rochester a Tier 1 school? ›
No, the University of Rochester is a Tier 2 school.
What is the lowest Ivy League school? ›
Princeton. Princeton is commonly regarded as the “cheapest Ivy” thanks to its extensive financial aid offerings.
What is the hardest ivy to study in? ›
Harvard University
Harvard is the oldest institution of higher education in the US and consistently ranks #1 hardest Ivy League to get into. Founded in 1636, Harvard offers students a world-class education from some of the most brilliant professors in the world.
Is University of Rochester stressful? ›
According to the 2022 National College Health Assessment results: 81.2% of University of Rochester students reported moderate or severe distress levels within the previous 12 months.
A Rochester degree does not come easy. Meliora promotes high expectations, seriousness of purpose, and a rigorous approach to learning. We attract students who are smart, self-directed, intellectually curious, and often highly quantitative.
What is the rank of Rochester University in world? ›
Rankings. University of Rochester is ranked #170 in Best Global Universities. Schools are ranked according to their performance across a set of widely accepted indicators of excellence.
Is NYU better than Rochester? ›
I'd say that in most disciplines, NYU probably is more prestigious than the University of Rochester. For undergraduate studies, the two are rated about equally by US News & World Report. (#30 for NYU; #33 for Rochester).
How prestigious is Rochester Institute of Technology? ›
It has a total undergraduate enrollment of 14,000 (fall 2021), its setting is suburban, and the campus size is 1,300 acres. It utilizes a semester-based academic calendar. Rochester Institute of Technology's ranking in the 2022-2023 edition of Best Colleges is National Universities, #105.
What effect does college have on one's future? ›
It prepares you, both intellectually and socially, for your career and your adult life. The benefits of a college education include career opportunities like better paying and higher skilled jobs, but studies have shown that it also leads to overall happiness and stability.
How does college benefit you and your future career is college worth the costs? ›
According to the Bureau of Labor Statistics, graduates with a bachelor's degree or higher had median usual weekly earnings of $1,556 when working full-time, compared to just $866 for high school graduates with no college studies. In this way, a college degree can almost double your earning potential.
Why might going to college be a good financial decision despite the cost? ›
Increased Earning Potential for College Graduates
Studies show that those with a high school diploma or GED earn approximately $36,000 per year, and those with a bachelor's degree earn a median salary of approximately $60,000. That's almost double the yearly earnings!
Do we really need college to be successful? ›
If you're wondering if college is necessary to have a successful career, it depends on what you want to pursue. You don't need a Bachelor's degree to succeed in most careers. Instead of four-year degrees, more companies are looking at a candidate's skills and potential.
Will going to college make you more successful? ›
The evidence that a college degree significantly improves one's employment prospects and earnings potential is overwhelming. Bachelor's degree holders are half as likely to be unemployed as their peers who only have a high school degree and they make $1.2 million in additional earnings on average over their lifetime.
How will college help me achieve my goals? ›
A college degree opens up more opportunities, even in fields that aren't in your major. Improve Discipline and Develop Strong Character. Obtaining a degree takes discipline and a will to succeed. By getting your degree, you overcome procrastination and learn to do what it takes to reach your goal.
Education offers an opportunity to escape poverty. Therefore, it is no surprise that earning a college degree improves your long-term economic outlook. Those that earn a college degree tend to be more involved in their communities. This has a wide-reaching impact in helping to strengthen local communities.
What is the value of having a college education? ›
People with college degrees are more likely to be satisfied with their jobs. They are more likely to read to their children, which helps their kids be better prepared for school than other children. People with degrees are also healthier.
Why is going to college an example of opportunity cost student success? ›
Because you chose to go to college instead of working, your opportunity cost is actually the sum of your college expenses plus the money you could have earned had you chosen not to work.
Why do you want to go this college? ›
College authorities want to know more about your academic interests and commitments. Talk about the specific educational, research, and other academic opportunities offered by the college that appeal to you. Expand on this idea by talking about how these opportunities help support your future goals.
What other value does college have besides any monetary benefits? ›
Networking. Part of learning about new ways of thinking and living includes the people you meet in college. That comes in many forms. One is diversity: your classmates will not all be like you, but you will have to interact with them, do projects with them, talk with them, and learn to work with them.
