<p>"The good news is that college pays off, Millar concludes, citing data from a variety of government and private sources.</p>
<p>The average take-home pay of college graduates is nearly twice that of their high school counterparts $38,950 versus $21,500. Even factoring in student-loan payments, college graduates make more in their first year of work than those with only high school diplomas. And history shows that the college graduate can expect his or her income to increase 2.2% annually over a lifetime compared with 1.9% for someone with only a high school diploma.</p>
<p>The advantage of college shows most clearly in the vastly different unemployment rates of the two groups: 4.4% in November for those with college degrees compared with 9.6% for those with only high school diplomas (and an abysmal 13.8% for those who never finished high school).</p>
<p>The college graduates' earnings would exceed the high school graduates' by more than $1 million over 40 years. Financially speaking, college is worthwhile as long as the total four-year cost is less than $715,000 which, at least at the moment, it is.</p>
<p>"The bottom line of this analysis is that college pays, literally and figuratively," Millar writes."</p>
<p>Using averages hides a large overlap. What about the average income for grads of unselective lower tier colleges or even better–median incomes. I have no doubt that grads of the Top 200 colleges still do relatively well. What about those from the bottom 1500??
What about those with some solid vocational training during or after high school versus college.</p>
<p>I don’t see this as an either-or situation. A lot of solid vocational training is offered at community colleges. Some majors at four-year colleges also are pre-professional in nature, as are many master’s degree programs.</p>
<p>The biggest advantage is “some college” over “no college”, as opposed to “college graduate” over “some college”. Or at least those are the numbers I’ve seen.</p>
<p>“Some college” could very well include non-degree study at a community college that prepares one for a much better job and career than what a high school graduate with no additional education or training would be able to get.</p>
<p>Pre-professional is not the same as vocational in my book. Vocational is either done during HS or in 1-2 year program after HS either at a CC or Votech school. Many HSs have very good vocational programs.</p>
<p>I think a lot depends on the student’s attitude. I told my kids I wasn’t pay that kind of money for a glorified vacation. What’s the old wheeze? “If you don’t know where you’re going, 'tis better to choose a reasonably-priced conveyance.” Wait a minute … that doesn’t sound right.</p>
<p>Or both! There’s still an advantage to getting an AAS/AOS after the HS programs. One of my sons did a HS program and was earning $10-12/hour by the time he graduated with basic certifications. He had no trouble finding jobs but every semester in the 2 year program expands his skill set and his ability to gain additional certifications. He’s fairly confident that his rate will be in the $18-20/hour range when he graduates and that the additional degree will help him with promotions down the road.</p>
<p>I kinda view college as a finishing school; a way to mature and take “responsibility”.
College gives structure, a level of expectations with consequences, gradual independence. Some are more ready than others. Some are less ready. Chose your measuring stick.</p>