Is a Four-year Degree Worth It?

The statistics are pretty convincing; College graduates can expect to make an average of $1 million more than high school graduates over their working life. But what about those students who invest in a four-year degree and never complete it? And what about graduates who go on to work in jobs that don’t require a degree? Was their investment in education well spent?

Perhaps not. Sadly, more than 40 percent of freshmen at four-year universities fail to graduate in four years. And if these students took out loans to pay for their education, they’ve accumulated college debt without gaining any boost in earning power.

Fortunately there are many careers that still pay a good salary and require a year or two of vocational training or an associate’s degree.

According to the U.S Census Bureau, the average weekly income for workers with a Bachelor’s degree is $987. But workers with an associate’s degree can expect an average of $740 a week, well above that of high school graduates at a mere $604 a week. And some associate degrees pay as much as four year degrees. For example, associate degrees in drafting, electronics or heating and refrigeration bring in salaries in the same range as bachelor’s degrees in fields like education, foreign language and natural science.

Want to learn more about your education options? Take a look at some of these resources:

America’s Most Overrated Product: The Bachelor’s Degree The Chronicle of Higher Education May 2 2008