| In order to be competitive in your chosen field, | | | | When considering an investment in your higher |
| you've decided you need a four year degree. What is | | | | education, you must factor in all of your education |
| the average income for high school and college | | | | expenses. This includes tuition, room, board, travel, |
| graduate? Measured in 2006 dollars, the median | | | | books, lab fees, food and other expenses. What |
| earnings for adults' ages 25-34 who worked full time | | | | school you choose is another important factor. Is |
| throughout a full year increased as education level | | | | spending $100,000 versus $25,000 for a bachelor's |
| increased this pattern held true for males and female | | | | degree a huge benefit? Do you really want to |
| across all ethnicities. | | | | graduate college $100,000 or more in debt before |
| Will my degree payoff? | | | | starting your new career? To pay off your debt of |
| The earnings difference between those with at least | | | | $100,000, you will pay $1,000 per month and it will |
| a bachelor's degree and those with less education | | | | take you until you are 32 to 35 years old to pay off |
| increased dramatically between 1980 and 2006. | | | | your education. This assumes a 2-3% interest rate. |
| However, between 2000 and 2006, there was | | | | During those 10 years, chances are you will be |
| generally no measurable change. | | | | putting a huge strain on your finances. Most likely, |
| The average high school graduate will make about | | | | you'll have to put off the purchase of a home, |
| $700,000 to $1,000,000 on his/her lifetime versus a | | | | delaying building equity in your house you couldn't buy. |
| bachelor's degree which will generate $1,400.000 to | | | | It will also put a strain on your ability to invest in your |
| $2,100,000. This will have a huge effect on your | | | | company's 401k or other retirement vehicles. |
| lifestyle. While money can't buy you love, obtaining a | | | | ROI on your degree |
| good career will open you to more opportunity. You | | | | What is the best return on your investment? Since |
| will have the ability to save more for retirement | | | | the first two years of your education will consist of |
| through a 401k or Roth IRA. You will have the means | | | | mandatory classes such as gym, Math and English 101 |
| to purchase a house in a good neighborhood allowing | | | | etc, some may consider going to a state school or |
| you to build up equity and home ownership. | | | | community college. This is especially beneficial in case |
| Your major will influence your lifetime earnings | | | | you're still exploring your major and career choices. In |
| Now that we've established the importance of a | | | | most cases, you can transfer those basic courses |
| degree, what career path you choose is vital. The | | | | over to your next college. After all, when your |
| average liberal arts major will take home $30,600 | | | | employer is looking at your resume, they'll be looking |
| while the first year chemical engineer will bring in over | | | | where you've graduated from, not the road you |
| $60,000. Start thinking as your college education not | | | | took to get there. |
| only as an investment in knowledge but in your | | | | Weigh your educational options and spend your |
| retirement as well. | | | | dollars wisely. The time you take to plan now, will |
| Are you prepared for school expenses? | | | | pay dividends well into your future. |