The Evidence is Clear - College Is Worth It
The Federal Reserve Bank of New York has published data showing the employment rates and lifetime earning of recent college graduates compared to their peers who opted not to go. Take a look at what we found.
Today, the NY Federal Reserve Bank published dataset shows us how much a college degree impacts the lives of students who pursue higher ed. The evidence is clear:
College Is Worth It.
Young Workers = Non College Educated Persons Aged 22-27
Recent Grads = All persons with a Bachelors Degree or Higher Aged 22-27
College Grads = All Persons with a Bachelors Degree or Higher
What it means for you:
It means that when times get tough as shown during the 2008 recession and during the pandemic where unemployment was at an all time high for young people (aged 22 - 27), people with ANY bachelors degree did better on average than their peers who did not have a diploma - meaning they were able to stay employed at a greater rate than those who did not.
Having a bachelors degree means an average gain in earnings of $2.3 million over your lifetime, and it allows you to access more jobs and more flexible options in your early twenties when many in the valley choose to have a family or build their career.
What it means for your family:
In 2023, recent college graduates ages 22-27 earned $24,000 more per year than 22-27 year old's with only a high school degree. To put it into context, the average family of 4 in the valley has a household income of only $44,307 (2022 dollars - Census.gov). The opportunity cost is evident especially when there are so many free resources (like us) and scholarships that help you graduate debt free.
What it means for our community:
It means we have a chance at ensuring our community is resilient during economic downturns. Students who have a college degree remain competitive in the job market and are more likely to stay employed during economic downturns like the 2008 recession and the early days of the pandemic.
Show this chart to anyone who tells you college isn't worth it
Source:
Federal Reserve bank of New York
U.S. Census Bureau and U.S. Bureau of Labor Statistics, Current Population Survey (IPUMS).
Jessica Dickler
Moral of the Story?
College is key to ensuring that our community is resilient to economic changes, and the unexpected. Reach out and tell us about whether you think college is worth it!