We’re all aware that the higher degree you earn, the more
income you’ll make over a lifetime. A recent infographic by Pennsylvania HigherEducation Assistance Agency (PHEAA) brings this point home by visualizing the differences.
While the contrasts in salary are clear when looking at it
from an annual perspective, the gap is magnified if you consider what these
numbers mean over a lifetime. For example, a high school graduate will earn
$976, 550 over a 30 year career span. Compare that with an associate’s degree
and the earnings jump to $1,196,520, and for those who go on to compete their
bachelor’s degree the lifetime salary jumps to $1,619,280.
But annual salary isn’t the only financial benefit for
getting a college degree. College graduates are much more likely to be employed
throughout their lifetimes. This is particularly true during slow economic
periods and recessions. From 2007 – 2011 during the Great Recession, the highest
unemployment rate for high school graduates stood at 11% while the unemployment
rate for college graduates was half of that at 5.5 percent. As of September
2014, the unemployment rate for college graduates had dropped to 2.9 percent.
*Click here to enlarge.