<p>This is an important article which explains why simple comparisons of the incomes of college graduates and high school graduates may overstate the advantages of college attendance.
Some factors not mentioned could understate the benefits of college:</p>
<p>(1) The jobs held by college graduates may be more pleasant than those of high school graduates on average. Even if the average college grad earned the same as the average coal miner, he would do so through less arduous work.
(2) College graduates have lower unemployment rates.
(3) A college degree increases the chance of marrying someone with a college degree, who earns more and is more likely to come from a well-off family.
(4) College graduates may be more likely to have jobs with substantial non-cash benefits such as health insurance.</p>