With all the recent talk about college student debt and loans, here is a brief snippet of positive news.
The average student with college debt owes about $12,800 according to the Federal Reserve Bank of New York, with total student debt in the U.S. topping the $1 trillion mark.
A recent study conducted at Georgetown University shows that managing the high costs and earning a college degree is still much more cost-efficient than dropping out.
The study found that a bachelor’s degree can be worth $2.8 million throughout an individual’s life. People with a college degree also earn 84 percent more in their lifetime than those with just high school diplomas. Those without college degrees contribute less to the economy and, in turn, lower the standard of living.
Earning a degree also boosts the employment prospects for individuals according to data from the Department of Labor. The unemployment rate for high school graduates without a college education in February was 9.2 percent, while the rate for college graduates was 4.3 percent.