A resolution honoring Ohioan and Olympic athlete Jesse Owens has been approved by the U.S. Senate.
College Degrees Bring More Debt, Higher Wages
Chances are that if youâ€™ve nailed a college degree to your wall recently, youâ€™re also nailed with debt.
But some new research from the Federal Reserve Bank of Cleveland says degree earners are still better off in the long-term than those without a diploma.
The study examined households of people in their 20s where at least one member had a college degree and compared them to households where no one had more than a high school education.
Not surprisingly, the college grad households had more debt – $15,000 more. Dan Carroll co-authored the study. Heâ€™s with the Federal Reserve in Cleveland.
â€œWhile $15,000 difference is a significant amount of money, thatâ€™s actually still relatively small compared to the expected difference in lifetime earnings between someone with just a high school degree and someone whoâ€™s completed a college degree,â€ says Dan Carroll of the Federal Reserve in Cleveland. He co-authored the study with colleague Amy Higgins.
Their research shows that adults 30 and over with a college degree earn about $17,000 more a year than those who didnâ€™t go to college. As Carroll suggests, it opens more doors down range.
â€œYouâ€™ll likely have access to senior level positions later in your career that you might otherwise be prohibited from. Those senior positions can pay quite a bit more.â€
Thatâ€™s true in the main scheme of things, but other studies highlight caveats. Recent analysis by The Economist magazine points out â€“ not all degrees are equally useful. A lot depends on where you went college, how much you paid, what you studied, and what career field you ended up in.