Perspective students on their way to college know that they are going to school to get a degree and earn more money; but a new study shows that even students who drop out of college still make more than those who have no college experience.
On average, college graduates make about $500,000 more during their lifetimes than those without an undergrad degree.
A new study by The Hamilton Project, a division of the Brookings Institution , says that even a partial college education is still worth the investment.
According to Huffington Post , those with a partial college education make an average earning that amounts to $100,000 more over a lifetime than for those who only finished high school.
Huffington Post also reported the following:
“It is vastly better to get a college degree,” said Adam Looney, policy director at The Hamilton Project, the Washington, D.C.-based think tank that authored the report.
“But I think the evidence says that fears of dropping out, that there are big downside risks to trying it and not finishing it, I think those are overblown.
“For people who are interested in college, who have ambitions of going and have the ability and qualifications to succeed, I think the evidence suggests it’s an extremely good deal right now.”
So is it worth it to follow through on getting a degree? Of course it is. MsnNow states that the average $500,000 a lifetime for those with a degree is “an excellent return of investment even considering skyrocketing tuition.”
Another Source reported that Michael Greenstone and Adam Looney (both authors of the study) noted that:
“According to April 2013 Bureau of Labor Statistics data, the unemployment rate for individuals age 25 and older with just a high school diploma was 7.2 percent, while for individuals with an associate’s degree, the rate was 5 percent. For graduates with a bachelor’s degree or higher, unemployment was only 3.6 percent.”
The study also found that “even taking into account the cost of education, lost earnings while in school and opportunity costs of not working, it was still worth it to attend even part of a two- or four-year program.”
So is investing in some college better than none? It would seem so, though finishing the degree still is your best bet.
[Image via Shutterstock/ Minerva Studio ]
