Review: Education Pays 2006, published by the College Board

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Forty-six percent of bachelor’s degree recipients between the ages of 35 and 44 working full-time in 2005 earned at least $60,000. Only 12 percent of high school graduates earned $60,000 or more.

Note: there are graphs associated with the items I will that I will be discussing. If you wish to view the graphs and the full article, download the College Board: Education Pays 2006 Update here.

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Besides the evidence that the College Board presented, I found that this is especially true from my experience. For example, the most money I made when I was a high school graduate was $11.00 per hour without benefits. Take note that I started this per hour rate at $7.50 and I was not able to get $11.00 per hour until two years later after they factored in my work experience and associates degree.

Now, compare the above situation to this: When I graduated from college, my first job offered me $21.00 per hour (initial rate) with very competitive benefits which include retirement fund matching (they match the dollar amount you contribute to your fund), health care, gym membership, etc. The difference of $10.00 between the two wages made a huge difference in my quality of life not to mention the additional perks that I received from the company benefits.

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The College Board also talks about the benefits of an educated workforce to both our society and our personal lives. For example, the growth in per capita income is higher in areas where there are more people who have college degrees. In economics, 'per capita income' is a common measure of economic growth and development which means that college degree holders directly aid in making the local economy better. In addition, parents who acquired higher education are also more likely to to participate in their children's extracurricular activities whether they are social or cultural. This situation will more likely result to their kids becoming more aware of current events and more open to social and cultural differences.

Based on the evidence and examples above, we can see that a society that is composed of people who have higher education degrees are more likely to be better off compared to those that have lower levels of education. Acquiring higher education does not only benefit the individual economically but it also benefits the family and society in which the individual resides in. Overall, higher education makes the quality of life better for everybody.