Earnings Over a Lifetime Soar with Education
If you have ever wondered how much higher education is worth in dollars, the answer is a master’s degree is worth $1.3 million more over a lifetime than a high school diploma according to the Census Bureau from the Commerce Department.
The report found that within a working lifetime of an adult, a high school graduate will earn on average $1.2 million, a bachelor’s degree $2.1 million and a master’s degree $2.5 million. Those people holding a doctorate degree will earn $3.4 million on average while people with professional degrees average out at $4.4 million.
Throughout one’s adult life, the more education one receives the more one will make with the biggest payoff at the highest level of education, says one of the authors of the report. An adult’s working life was based on the period from the age of 25 through age 64.
It was also found that Americans are staying in school longer than any other time in history. The report also discovered that more U.S. women than men have earned bachelor’s degrees since 1982, but that a man earns $2 million more than females throughout their working lives.
Today nearly 9 of 10 high school students graduate from high school and around 6 in 10 of these students go on to higher education the next year. Students know the value of getting a college degree and the stats certainly show this.
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