The Degree You Choose Could Boost Your Income – Infographic
Many prospective students look at the price of college tuition and quickly decide against enrolling. Even though the average tuition in the United States rose by only 2.3 percent in 2013 – the smallest increase since the seventies – U.S. News reports that what students pay for an education is still rapidly increasing. However, if you’re looking to enroll in an undergraduate degree, you shouldn’t overlook the impressive return on investment (ROI) an education gives you.
In spite of the burgeoning cost of a postsecondary degree, this impressive ROI for an advanced education makes the endeavor well worth the expense. While the initial cash outlay may seem steep, an online degree will more than pay for itself in the long-run, because those with advanced degrees have higher earning potential. Read on to find out why online degrees make for a sound investment.
College Education Return on Investment
As you can see from the infographic below, people with advanced degrees make substantially more money than those with high school diplomas or even associate's degrees. College graduates can expect to make at least 50 percent more than those with less education, according to the Wall Street Journal. What's more, the Federal Reserve Bank of New York reports that degrees are paying for themselves faster than ever — the average graduate recoups school attendance costs in ten years, and that includes four years of lost earnings while in school.
Employability Increasingly Hinges on a College Education
According to Georgetown's Projection of Jobs and Education Requirements Through 2018, 35 percent of job openings in 2018 will require a bachelor's degree, and another 30 percent will require some college or an associate's degree. In other words, by 2018, 65 percent of job openings will require college education of some kind.
Additionally, the Bureau of Labor Statistics (BLS) reports that the United States will see 20.5 million new jobs open up by 2020, and specialized occupations will experience the highest growth. The BLS estimates that 88 percent of detailed professions will experience employment growth, with positions requiring a master's degree seeing the most growth. Jobs requiring only a high school diploma will see the slowest growth from 2010-2020.
While the cost of tuition is undoubtedly intimidating, statistics continue to show that postsecondary education is worth the expense. Students who earn an online degree can expect to earn higher salaries that pay for the cost of the degree quickly. Graduates also open a whole world of job opportunities reserved for those with advanced education.
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